Commercial property/casualty premium increases in the second quarter 2024 were flat or down from the previous quarter for all lines of business—evidence of a softening insurance market, according to The Council of Insurance Agents & Brokers (CIAB) quarterly survey.

Premiums across all account sizes increased an average of 5.2 percent during the second quarter, down from an average increase of 7.7 percent in the first quarter, according to CIAB’s survey results. This was the 27th straight quarter of average premium increases but “signs of softened property and casualty market conditions were evident,” CIAB said.

“Notably, four lines recorded lower premiums this quarter: workers compensation, cyber, D&O, and employment practices liability,” said CIAB.

Workers compensation and cyber premiums decreased 2.2 percent and 1.7 percent, respectively, during Q2. Directors & officers liability was down 1 percent while employment practices was down 0.1 percent.

For cyber, Q2 marked the first time since the last quarter of 2018 that premiums decreased, and results were far from the average premium increase of 34.2 percent seen for the line in Q4 2021. CIAB said respondents noted a “general sense that an injection of fresh capital and competition pushed carriers to compromise on premium increases.” Forty-six percent of survey takers reported an increase in capacity for cyber in Q2.

Q2 was the first since Q4 2022 that another line of business other than commercial property had the highest average increase. That distinction belonged to commercial auto with a 9 percent average increase, just beating out commercial property’s 8.9 percent increase.

Despite the signals of a softening market, CIAB said respondents still put high premiums and future premiums increases as their clients’ top concern.

This article was originally published by Insurance Journal. Reporter Chad Hemenway is the National Editor of Insurance Journal.