J.P. Morgan P&C Insurance Commercial Multi-Peril Price Tracker: 2Q26

Research evidence excerpt

J.P. Morgan P&C Insurance Commercial Multi-Peril Price Tracker: 2Q26

J P M O R G A N North America Equity Research

16 July 2026

J.P. Morgan P&C Insurance

Commercial Multi-Peril Price Tracker: 2Q26

Ahead of 2Q26 earnings, we are providing an update on pricing trends and Insurance - Life & Nonlife

ACcompanies’ competitive position in the commercial multi-peril (CMP) insurance Pablo S. Singzon

market. CMP pricing trends continue to be fairly stable in the context of the broader (1-212) 622-2295

commercial market, but there has been a modest deceleration since 2023. pablo.s.singzon@jpmorgan.com

Kevin Wijendra

• Stable pricing overall, but slight pullback in recent years likely a signal of (1-212) 622-7054

incremental competition. We are presenting a new data set that we have kevin.wijendra@jpmorgan.com

compiled for the industry and for leading CMP insurance carriers (ranked by J.P. Morgan Securities LLC

2025 net written premiums). The data is based on decision dates by insurance

regulators, so there will be a lag before these rate changes flow into premium

numbers (updated pricing goes into effect at new business and renewal

effective dates after the disposition date, and then written premium takes close

to a year to earn through). Also, these changes are based on blocks of business

that are re-priced — the impact on in-force premiums will be smaller since not

all policies are re-priced. For CMP, we found that on average, only about 30%

of available premiums are subject to price changes in any given year, which is

much lower than the 70% ratio for personal auto. Turning to the data, the CMP

market continues to experience decelerating price increases, with year-to-date

pricing on total premiums up 1%, compared to +2% in 2025 and +3% in 2024.