| Trend | Range | |
|---|---|---|
| Single carrier programs |
|
–5% to –15% |
| Shared & layered programs |
|
–15% to –25%+ |
Key takeaway
Softening market: Downward pressure on property renewal rates continues to build across most segments of the market. Average composite Q4 2025 renewal pricing for WTW’s Large & Complex property portfolio declined by 11.57%, compared with a 3.14% decrease in Q4 2024. The effect is most pronounced on multi carrier shared and layered programs, which experienced average reductions of 18.7% in Q4 2025 on placements with five or more carriers, versus 11.55% in Q4 2024. Single carrier programs are also seeing increased rate compression, with average decreases of 7.1% in Q4 2025 compared with a 2.34% rate increase a year earlier. In addition to pricing improvements, insurers are increasingly willing to enhance terms, conditions, deductibles and wordings as competition intensifies and carriers seek to preserve market share.
Disclaimer
WTW hopes you found the general information provided here informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
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