The 2024 Market Trends Survey—conducted across six Northeastern states—collected responses from 118 insurance professionals to gauge shifts in premiums, underwriting guidelines, remarketing efforts and nonrenewals across major lines of business. The survey, targeting trends in personal auto, homeowners, commercial property and commercial liability insurance, and specialty lines, offers a snapshot of evolving market dynamics in these regions.
New business premiums by line of business
Survey respondents reported new business premiums for 2024 distributed across several ranges for each major line of insurance:
Personal auto. New business premiums in personal auto insurance skewed toward lower percentages of total business. Most respondents (37%) allocated 5-10% of their business to personal auto, with 20% in the 26%+ range, suggesting a moderate emphasis on personal auto for new business.
Personal homeowners. For homeowners insurance, 36% of respondents reported that 5-10% of new business premiums came from this line. Additionally, 18% of respondents allocated over 26% of their new business to homeowners insurance, indicating a steady inclusion of this line in their portfolios.
Commercial property. New business premiums in commercial property are similarly concentrated, with 33% of respondents reporting 5-10% increases, and a notable 16% of respondents indicated an increase in the 16-25% range, reflecting a balanced approach in commercial property premiums.
Commercial liability. Commercial liability premiums were more evenly distributed. However, the largest group (30%) of respondents allocated 5-10% of their new business here, with 14% of respondents allocating more than 26% of new business here, underscoring its significance in portfolios.
Specialty lines. Specialty lines, which include high-risk or specialized policies, accounted for a smaller share in new business premiums, with 10% of respondents at less than 5% and a small portion (8%) of respondents at more than 26%. Notably, most (85%) respondents did not include specialty lines in their new business premiums.
Changes in new business premiums
Respondents also provided insights into changes in premium rates for new business across each line:
Personal auto. Most respondents (64%) saw increases in personal auto premiums, while 42% of respondents reported no change, signaling a consistent upward trend.
Personal homeowners. Homeowners premiums experienced similar increases, with 63% of respondents noting premium hikes.
Commercial property. Commercial property saw relatively fewer increases; 68% of respondents reported no change, and only 12% of respondents saw increases, while 38% of respondents experienced decreases.
Commercial liability. Sixty-two percent of respondents reported increased commercial liability premiums, marking this as a growth area.
Renewal premiums
When asked about premium trends in renewals, respondents reported the following breakdowns:
Personal auto. Renewal premiums increased for 94 respondents, while 19 of those who took the survey saw no change.
Personal homeowners. Like auto insurance, 97 respondents experienced increases in homeowners renewals.
Commercial property. Ninety-seven respondents also reported premium increases in commercial property, making this line notable for its consistency in renewal price hikes.
Commercial liability. Renewal premiums rose for 95 respondents, with only 22 of those who took the survey reported seeing stability in this area.
Remarketing efforts
According to the data generated by the survey: Remarketing activity reflected a need for adaptability in placing commercial business:
Extent of remarketing. Thirty-five percent of respondents remarketed over 26% of their books of business, while 25% of respondents remarketed 16-25% of their books of business, which illustrates the ongoing challenges of finding optimal carrier placements for commercial clients.
Change from last year. A significant number of respondents (94) indicated an increase in remarketing, suggesting growing pressure to seek better options in response to premium changes and underwriting shifts.
Underwriting guidelines becoming more restrictive
The survey results also seem to indicate that underwriting guidelines have tightened, particularly in personal lines:
Personal auto. Thirty-nine respondents described moderate restrictions, while 34 of the survey takers labeled restrictions as significant.
Personal homeowners. Homeowners guidelines saw even more scrutiny, with 41 or respondents reporting moderate restrictions, and 40 respondents noting significant restrictions.
Commercial property. Commercial property experienced moderate restrictions for 45 respondents, and significant restrictions for 40 of the survey takers, aligning with a stable but stringent underwriting environment.
Commercial liability. A notable 53 respondents saw moderate restriction increases in commercial liability, underscoring its evolving risk profile.
Nonrenewals and cancellations
According to the survey results, nonrenewals showed modest changes, with many respondents noting similar levels as in previous years:
Personal auto. While 35 respondents observed no significant change, 25 of respondents noted moderate nonrenewal rates, and 14 respondents indicated significant cancellations—marking this as a mildly volatile area.
Personal homeowners. Homeowners nonrenewals leaned toward stability, with 20 survey takers reporting no change and 37 respondents citing moderate nonrenewals.
Commercial property and liability. Nonrenewals were most stable in commercial property, as 24 respondents reported no change, although 40 respondents did note minor increases. Commercial liability also remained consistent with only minor fluctuations.
Business placed through wholesalers
According to this year’s survey, the percentage of business placed through wholesalers also saw shifts:
Placement rates. Thirty-nine respondents placed 5-10% of their business through wholesalers, while 17 respondents placed 16-25% of their business through wholesalers.
Change from last year. Sixty-three respondents noted an increase in wholesale placements, indicating a growing reliance on wholesalers—possibly due to rising specialization needs or challenges in underwriting for standard markets.
The takeaway
This year’s survey suggests that while premium increases and underwriting tightening continues, agents actively are remarketing and relying more on wholesalers to navigate these challenges.
The 2024 Market Trends Survey reflects a slow—but steady—hardening of the market, particularly in personal and homeowners lines, and it offers valuable insights for agents seeking to adapt to these trends.
Be sure to watch for the 2025 Market Trends Survey launching in May 2025.

Shirley Albright, CPIA, CISR
Shirley Albright, CPIA, CISR, joined PIA in 1983 and has worked in many facets of the association over the years. In 1995, she was an integral part of establishing the Industry Resource Center to include the development of the software system to record and track all incoming and outgoing inquiries. She quickly moved from industry resource representative to assistant director and eventually to her current position as director. Currently, Shirley oversees the daily operations of the Industry Resource Center to include the triage of thousands of incoming member inquiries. Her other accomplishments include obtaining her New York state property/casualty broker’s license, CPIA and CISR designations.