Commercial lines: the softening, carrier by carrier
One line per carrier, using its most representative commercial segment; the matrix below lists every disclosed segment for the same carriers, with the plotted one tagged "charted". Each line is that carrier's own disclosed metric, so levels are not directly comparable across lines; the shape is the story. The blue line is the cross-carrier median, a directional reference rather than an index.
Commercial renewal price change, by carrier
Percent change on renewed business, quarterly, 1Q23 to 2Q26
Hover a line for the carrier and metric. Metric types differ by carrier and are listed in the matrix below; the median is computed across different metric definitions and is directional only.
Personal lines: the great repricing rolls over
Personal auto and homeowners pricing peaked in 2024 at levels the commercial market never approached, and has decelerated every quarter since.
Personal lines renewal price change, by carrier
Percent change on renewed business, quarterly, 1Q23 to 2Q26
Reinsurance: the renewal rounds turn
US and Bermuda reinsurers quantify renewal pricing only on earnings calls, but Europe's two largest disclose it in their own releases, risk-adjusted, round by round. Both series crossed from hard-market increases to accelerating declines, and the 2026 mid-year rounds fell faster than January did.
Reinsurance renewal price change, by round
Risk-adjusted percent change on renewed business, per official releases
Metric definitions differ: Munich Re reports a risk-adjusted price change; Hannover Re an inflation- and risk-adjusted price change on renewed business. Mid-year windows also differ (Munich Re: 1 July; Hannover Re: 1 June and 1 July). Every figure below links to the official disclosure it was taken from.
| Reinsurer | Round | Price change | Volume change | Window |
|---|---|---|---|---|
| Munich Re | Jan 2023 | 2.3% | 1.3% | 1 January 2023 renewals; volume EUR 15.3bn |
| Munich Re | Jan 2024 | 0.3% | 3.5% | 1 January 2024 renewals; volume EUR 15.7bn |
| Munich Re | Jan 2025 | -0.6% | -2.4% | 1 January 2025 renewals; volume EUR 15.6bn |
| Munich Re | Jan 2026 | -2.5% | -7.8% | 1 January 2026 renewals; volume EUR 13.7bn |
| Munich Re | Mid-year 2026 | -5.5% | -9.1% | 1 July 2026 renewals; volume EUR 2.9bn |
| Hannover Re | Jan 2023 | 8% | nd | 1 January 2023 treaty renewals |
| Hannover Re | Jan 2024 | 2.3% | 6.9% | 1 January 2024 treaty renewals; renewed volume EUR 10.2bn |
| Hannover Re | Jan 2025 | -2.1% | 7.6% | 1 January 2025 treaty renewals |
| Hannover Re | Jan 2026 | -3.2% | 3.3% | 1 January 2026 treaty renewals |
| Hannover Re | Mid-year 2026 | -4.5% | 12.3% | 1 June and 1 July 2026 treaty renewals |
The disclosure matrix
Every carrier from the charts, expanded to all of its disclosed segments; rows tagged "charted" are the ones plotted above. Every figure is clickable and opens the SEC filing it was extracted from. Hover a cell for the companion disclosures (rate-only component, retention) where the carrier provides them; hover a metric chip for its definition. "nd" means not disclosed that quarter.
| Carrier / segment | Disclosed metric | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 |
|---|---|---|---|---|---|---|---|---|---|
| Commercial lines | |||||||||
| TRVTravelers Business Insurance charted | Renewal premium change | 10.5% | 9.6% | 9.2% | 7.7% | 7.1% | 6.1% | 5.8% | 4.8% |
| SIGISelective Standard Commercial charted | Renewal pure price | 9.1% | 8.8% | 9.1% | 8.9% | 8.9% | 7.5% | 7.1% | 6.5% |
| SIGISelective Excess & Surplus | Renewal pure price | 8% | 8.2% | 8.7% | 9.3% | 8.3% | 7.8% | 4.1% | 3.4% |
| THGHanover Core Commercial charted | Renewal price change | 12.9% | 11.8% | 11.1% | 10.7% | 9.9% | 9.4% | 8.6% | 7.8% |
| THGHanover Specialty | Renewal price change | 10.1% | 9.5% | 8.4% | 7.8% | 8.3% | 6.4% | 4.6% | 3.6% |
| CNACNA Commercial | Renewal premium change | 8% | 7% | 7% | 6% | 6% | 5% | 3% | 2% |
| CNACNA P&C Overall charted | Renewal premium change | 5% | 4% | 6% | 5% | 4% | 4% | 3% | 2% |
| CNACNA Specialty | Renewal premium change | 2% | 3% | 4% | 4% | 4% | 4% | 5% | 4% |
| HIGHartford Middle Market charted | Renewal written price increase | 6.9% | 6.5% | 7% | 5.8% | 5.6% | 4.5% | 4.2% | 3.5% |
| HIGHartford Small Business | Renewal written price increase | 6.4% | 7.2% | 6.2% | 5.7% | 5.2% | 4.3% | 3.8% | 4.1% |
| WRBW. R. Berkley Total ex-comp charted | Average rate increase ex-comp | 8.4% | 7.7% | 8.3% | 7.6% | 7.6% | 7.1% | 7.2% | nd |
| Personal lines | |||||||||
| SIGISelective Standard Personal charted | Renewal pure price | 22.8% | 27.3% | 24.1% | 19% | 16.9% | 15.1% | 10.6% | 8.9% |
| THGHanover Personal Lines charted | Renewal price change | 15.4% | 14.2% | 13.1% | 12.3% | 10.5% | 9.2% | 8.4% | 8.7% |
| HIGHartford Personal Auto charted | Renewal written price increase | 20.8% | 19.1% | 15.8% | 14% | 11.3% | 10.4% | 6.8% | 5.5% |
| HIGHartford Homeowners charted | Renewal written price increase | 15.2% | 13.9% | 12.3% | 12.7% | 12.6% | 11.9% | 11.8% | 10.4% |
| ALLAllstate Auto (implemented) | Implemented rate change | 2.9% | 0.9% | 1.4% | 0.4% | 0.6% | 0.2% | 0% | 0% |
| ALLAllstate Homeowners (implemented) | Implemented rate change | 3.1% | 3.7% | 1.5% | 1.4% | 1.4% | 0.8% | 1.4% | -0.1% |
Charts above include the full history back to Q1 2023; the table shows the latest 8 quarters.
Disclosure watch
Pricing disclosures are voluntary, and they tend to go quiet when the number stops being favorable. Series that end before Q2 2026:
- W. R. Berkley Total ex-comp: last quantified for Q1 2026. Subsequent filings either omit the figure or describe it only qualitatively, so the series ends there.
One matrix, five metric definitions
These metrics answer different questions, which is why this page never averages them into a single "P&C rate index". Renewal premium change includes exposure; pure price and rate exclude it; written price sits in between. Read a series against its own history, not against its neighbors' levels.
- Travelers Renewal premium change Estimated change in average premium on policies that renew, including rate and exposure changes.
- Selective Renewal pure price Rate-only price change on renewals, excluding exposure change. The cleanest "rate" disclosure in the roster.
- Hanover Renewal price change Renewal price change including exposure; Hanover also discloses the rate-only component, shown in the drill-down.
- CNA Renewal premium change From the quarterly financial supplement, which separately discloses the rate-only component and retention.
- Hartford Renewal written price increase Combined effect of rate changes and individual risk pricing per unit of exposure versus the prior year.
- Allstate Implemented rate change Rate changes implemented during the quarter as a percentage of total prior year-end premiums written (Allstate Protection). A quarterly flow measure: near zero means little new rate was taken that quarter, not that prior increases stopped earning in.
- W. R. Berkley Average rate increase ex-comp Average rate change across the book excluding workers compensation.
Why it matters: in a decelerating market the gap between premium change and rate change is where margin quietly leaks. A carrier holding renewal premium change flat while its rate component falls is buying growth with exposure, and the loss trend it prices against does not care which component paid for it.
Methodology and sources
- Source documents. 8-K earnings press releases, quarterly financial supplements and prepared-remarks exhibits, plus 10-Q disclosures, all retrieved from SEC EDGAR. These are public records; every figure on this page links directly to the document it was extracted from.
- Extraction. Carrier-specific parsers built against each carrier's actual disclosure language. When a carrier rewords or drops a disclosure, the cell shows "nd" rather than an estimate. Nothing on this page is modeled, interpolated or imputed.
- Comparability. Each series keeps the carrier's own metric definition (see above). The chart median is computed across different definitions and is presented as a directional reference only.
- Coverage. 7 carriers whose filings quantify renewal pricing on a consistent quarterly basis: Travelers, Selective, Hanover, CNA, Hartford, Allstate, W. R. Berkley. Carriers that discuss pricing only qualitatively (for example in ranges like "mid-single digits") are excluded rather than approximated.
- Reinsurance rounds. Bermuda and US reinsurers quantify renewal rate change only on earnings calls, so the reinsurance panel uses the renewal price changes Munich Re and Hannover Re publish in their own media releases and financial reports. These figures are curated by hand each renewal season and verified verbatim against the cited official page before being added; reinsurers whose releases stopped quantifying price (SCOR since 2026) or quantify it irregularly (Swiss Re) are excluded rather than approximated.
- Update cadence. Refreshed after each quarterly earnings season, roughly February, April, July and October; reinsurance rounds are added in February (January renewals) and August (mid-year renewals).
- Related. The P&C hub tracks reported results (combined ratios, underwriting income) from the same filers; this page tracks the pricing that will earn through into future quarters. See also the ACA Filing Assumptions Benchmark for the health-side equivalent built from CMS rate filings.