We are pleased to share with you an insightful insurance market update from our esteemed US member McGriff Insurance Services. This comprehensive report encapsulates the latest developments across various sectors including Property, Liability, Cyber, and Personal Insurance, sector-specific changes, key trends and emerging risks, providing a nuanced overview of the dynamic insurance landscape in the United States.

Here is a brief summary of the latest developments:

The Commercial Property and Automobile insurance markets are challenging, as insurers continue to manage frequent and severe losses. Commercial Property rates increased an average of 18.3% for Q2 2023, according to The Council of Insurance Agents & Brokers (CIAB). Commercial Auto rates increased on average 10.4%.

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