For much of the past decade, the commercial auto insurance market has been especially challenging for both insurers and insureds, characterized by significant underwriting losses, plummeting profitability and continued rate hikes. In 2024, commercial auto insurance premiums had some of the highest increases across all lines of insurance, with average increases between 9% and 9.8% in the first two quarters of the year. What’s more, as of 2024, insurers have experienced combined loss ratios above…

Following years of rising claim frequency and severity, as well as poor underwriting results, the general liability insurance market showed signs of improvement in 2024. Rate increases for general liability customers moderated, and many insureds saw premium hikes below 10%—a vast improvement over the double-digit rate increases from previous years. For most policyholders, price increases in 2024 remained in the 4%-5% range. However, like other segments in the commercial insurance space, hard market conditions are…

In recent years, the commercial property insurance market has been characterized by rising premiums and years of double-digit rate increases. 2023 was one of the more challenging years on record, and the segment saw average rate hikes above 20% for the first time in more than 20 years. Moving into 2025, the market appears to be stabilizing, and most renewals with favorable loss histories will see single-digit rate increases; non-catastrophe (CAT) exposed assets with good…

You may have noticed changes in the Virginia workers’ compensation market. May we meet to help control your work comp costs and explore solutions that may not have been presented to you in the past? Why should you meet with Dominion Risk Advisors to evaluate your work comp program? Expertise in the Contracting Industry: We are engaged in the industry including through the AGC, NUCA, and the Homebuilders. We understand where a contractor can take…