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North America commercial property insurance rates fall most in a decade

Willis said rates for large and complex property insurance programs dropped 14.5% on average in Q2 2026, with shared and layered placements down 23.4%.

Reported · Written up by our desk · Property Insurance

North America commercial property insurance rates fell at their sharpest pace in about a decade as the market’s prior hard pricing gave way to a softer cycle, Willis said in its Insurance Marketplace Realities report, according to Artemis.

Artemis reported that Willis found rates for large and complex property insurance programs declined by an average of 14.5% in the second quarter of 2026, accelerating from an 8.4% fall in the prior year. The broker also said shared and layered placements saw larger reductions, with rates down 23.41%, versus 14.57% in Q2 2025.

Willis attributed the broad softening to treaty reinsurance, describing renewal-date declines in 2026 that it said reflect abundant capacity and capital levels in reinsurance flowing through to primary property markets.

Looking ahead, Artemis said Willis expects future rates to be down around 5%, after noting the market has moved from the 2018 through 2024 hard market toward pricing last seen in 2019.

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