Departures & returns

Economic uncertainty remains a defining feature of the risk landscape, and a key concern for insurers and buyers. Inflation and unemployment are creeping upward again, while interest rates are edging lower, creating mixed signals for 2026. Against this backdrop, insurers are leaning into fundamentals and showing increased discipline in underwriting, pricing, reserving, and portfolio management across all lines. For buyers, not much has changed: Liability remains a challenging market. Competition continues to fuel favorable conditions for buyers in property, workers’ compensation, and cyber. In D&O, rates for public companies are flattening, and signs of a more challenging market are appearing for private companies and nonprofits. The EPL market is firming. Pricing for fidelity/crime and fiduciary liability is stable.