Property insurance is one of the first segments to show clear signs of softening. Renewal rates declined by 8% in the second quarter of 2025, following a 5.5% drop in the first quarter. Workers’ compensation continues to perform strongly, supported by a $16 billion reserve surplus that enables insurers to maintain rate stability and attractive terms. However, excess casualty remains an outlier, with rates still climbing amid concerns over social inflation, large verdicts, and loss frequency.