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2024 P&C Rate Predictions
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Overview
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Woodruff Sawyer predicts single-digit rate increases in 2024 for P&C rates, with analysts expecting modest rate increases due to resilient building materials and construction practices. However, insurance buyers may not see significant premium relief until 2025. The guide also highlights challenges in the casualty market due to litigation activity and suggests exploring workers' compensation programs for potential rate reductions.
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How might the exploration of workers' compensation programs influence the overall insurance market?
How might the predicted rate increases impact the insurance industry and its customers?
What strategies could insurance companies employ to mitigate the impact of litigation activity on their rates?
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