The pace of US commercia property price cuts has stopped accelerating, while casualty lines are moving in different directions, according to The Baldwin Group's third-quarter Market Pulse report.
Commercial property pricing fell 8.0% in the third quarter, almost unchanged from an 8.1% decline in the second quarter. It was the sixth consecutive quarter of decreases, but the first in which the decline didn’t deepen.
“Property is no longer getting softer faster, but it is still delivering real opportunity for buyers who come to renewal with current valuations and strong loss control documentation,” said Leslie Nylund, national managing director of broking and insurance company partnerships at Baldwin.
Increases in primary casualty lines continued to slow. Commercial auto pricing rose 2.9%, down from 4.5% in the second quarter and 5.7% in the first. That is the lowest quarterly reading since Baldwin’s index began in the third quarter of 2021. General liability rose 3.5%, the third straight quarterly slowdown since a peak of 9.3% in the fourth quarter of 2025.
Excess pricing moved the other way. Umbrella pricing rose 5.6%, up from 5.0% in the second quarter, although still below the fir...