WTW’s Specialty Insurance Marketplace Survey compiles risk-adjusted rate change data across $250 billion of gross written specialty insurance premium over a ten-year cycle. Data are contributed directly by clients in London, Bermuda and U.S. excess and surplus markets, enabling consistent benchmarking of new business and renewals.

In 2025, the survey’s insurance rate index fell 5% gross of claims trend and 8% net of claims trend, unwinding rate adequacy gains back to 2021 levels. This marked the first year since 2018 when new-business rate adequacy trailed that of renewals.

Data for January 2026 renewals reveal a further 10-point decline in the index to 2020 pricing, with 75% of the 42 material classes reporting rate decreases compared with 30% in 2024. This rapid softening signals a swift market correction.

Property and Energy lines saw the steepest rate cuts, followed by Marine, Financial Institutions and Professional Liability due to benign catastrophe experience and stable frequency/severity trends. General Liability and Medical Malpractice bucked the trend, driven by social inflation concerns and expanding litigation funding.