Commercial property, at 7.05%, also remains firmly in positive territory. While February’s figure is slightly lower than January’s 7.22%, it extends a multi‑year run of elevated property pricing driven by inflation in repair and replacement costs, higher reinsurance expenses and a run of heavy US catastrophe losses. For property‑heavy or catastrophe‑exposed accounts, brokers continue to report challenging renewals in which valuation adequacy, deductibles and sublimits are as important as the top‑line rate.
