LOS ANGELES - eTradeWire -- The year 2024 was marked by heavy property loss at historic loss levels. The weather was largely responsible for a great share of losses, which affected homeowners, auto as well as commercial auto and business property insurance coverage. Some P&C players left states considered high risk, namely California. Not only has property insurance become expensive, it is completely inaccessible to some.

In 2024, insurers played catch from high costs associated with supply chain shortages caused by the COVID pandemic. With rising interest rates, business insurance rates went up too, largely due to commercial property losses caused by severe weather, as well as a rise in business auto claims.

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How Much Did Business Insurance Rates Rise in 2024?
According to the MarketScout Market Barometer, U.S. commercial property/casualty insurance rates rose 3.8% towards the end of 2024, compared with 5.6% in 2023.(3) See how rates may rise or fall in 2025:

Cyber Attacks and Cyber Liability Insights
In 2024, there was a 30% increase in cyber attacks, many of them on businesses of all sizes, in the past year.(14)

The good news is that for many businesses, cyber insurance costs will drop significantly in 2025, if they implemented guardrails to secure their organization in previous months.

For the full article with important rate changes, visit https://smartfinancial.com/state-of-business-insurance