The Softening Insurance Market
How the Right Broker Drives Real Savings
Overview
The commercial insurance market is shifting, with premiums across property and casualty lines either flattening or declining in the second quarter of 2024. The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey reveals that average premium increases slowed to 5.2%, down from 7.7% in Q1. While this marks the 27th straight quarter of increases, it also highlights signs of a softening market—an opportunity for businesses to secure better terms.
Notable Market Trends
- Decreasing Premiums Across Key Lines: Workers’ compensation and cyber insurance experienced significant decreases of 2.2% and 1.7%, respectively. Directors and Officers (D&O) liability saw a 1% reduction, while employment practices liability dropped slightly by 0.1%. While these changes may seem modest, skilled agents can often negotiate reductions that exceed these averages, delivering even greater value.
- Historic Milestone for Cyber Insurance: Cyber premiums declined for the first time since 2018, a dramatic shift from the 34.2% average increases seen in Q4 2021. An influx of capital and heightened competition are driving this change.
- High Premiums Persist in Certain Lines: Commercial property and auto insurance remain challenging, with average increases of 8.9% and 9%, respectively. The best way to address this is by having a solid plan in place to reduce risks through telematics and a strategy to actively monitor performance metrics.
While market conditions are improving, some businesses may still face high premiums due to factors beyond market dynamics. This is where the expertise of the best brokers makes all the difference.
The Role of Smart Agents in a Softening Market
Market conditions alone don’t guarantee lower premiums. The expertise and strategic problem-solving of your broker are critical in turning these trends into savings. The best agents don’t just react to market changes—they actively drive reductions through their access to competitive markets and tailored solutions. At Tower Street Insurance, we’ve been at the forefront of securing significant savings for both new and existing clients, even in the face of broader market challenges. For example, Tower Street recently achieved a remarkable renewal reduction, lowering a client’s costs from $3.2 million to an impressive $1.77 million, thanks to meticulous risk reduction and strategic market positioning.


“Insurance savings aren’t just about the market—it’s about the broker who knows how to seize the opportunity.”
How Tower Street Leads the Way
- Unmatched Market Access: We work with top carriers, leveraging our relationships to uncover competitive options others might miss.
- Innovative Problem-Solving: We craft creative, tailored solutions to address unique challenges and risks, ensuring optimal outcomes for every client.
- Proven Results: Despite what some agents and publications suggest about persistent high premiums, our clients consistently benefit from meaningful savings and enhanced coverage.
Success for New and Existing Clients
- New Clients: Many businesses come to us after experiencing little to no savings with other brokers. Our proactive approach often reveals cost-saving opportunities that others overlook, resulting in better coverage at reduced premiums.
- Existing Clients: At Tower Street Insurance, we don’t rest on past successes. Through proactive risk management and regular market reviews, we consistently deliver savings year after year, even in traditionally challenging lines. For example, one client recently renewed their property policy with a $50K premium reduction, while another saw their renewal costs drop by an impressive $150K. As the soft market begins to emerge, we’re helping our clients take full advantage of these opportunities.
Why Your Broker Choice Matters
While softening premiums are encouraging, navigating the market effectively requires more than industry knowledge—it demands strategic market access and relentless problem-solving. At Tower Street, we combine these strengths to deliver unparalleled value to our clients.
Take Advantage of the Softening Insurance Market with Tower Street Insurance

As the insurance market shifts, now is the perfect time to assess your coverage and explore opportunities for savings. At Tower Street Insurance, we specialize in tailoring solutions that meet your business’s specific needs, helping you secure better terms and lower premiums in this evolving market. Have questions about how the softening market impacts your business? Contact us today for a personalized consultation. Let us show you how the right broker can turn market trends into real savings for your business. Call us at 469-788-8888 or email us at admin@towerstreetinsurance.com for expert guidance. Get a Free Quote to see how we can help you save while staying protected. Choose Tower Street Insurance—where expertise meets opportunity.