| Coverage Type | Trend | Range |
|---|---|---|
| Favorable Risks | ||
| Casualty |  |
Flat to +6% |
| Property |  |
–10% to –20% |
| D&O/Management liability |  |
–5% to Flat |
| Employment practices liability | |
Flat to +5% |
| Wage & hour | |
+5% to +10% |
| Cyber |  |
–5% to +10% |
| Lawyers (E&O and ML/EPL) | |
Flat to +5% |
| Challenging Risks | ||
| Casualty | |
+5% to +20% |
| Property | |
Flat to +12.5% |
| D&O/Management liability | |
Flat to +5% |
| Employment practices liability | |
+5% to +15% |
| Wage & hour | |
+10% to +20% |
| Cyber | |
Flat to +10% |
| Lawyers (E&O and ML/EPL) | |
+10% to +20% |
Key takeaway
Bermuda enters the close of 2025 with a market that combines steadiness in financial lines, cautious easing in casualty and sharp adjustment in property. Predictability in D&O, Cyber and EPL continues to anchor financial lines, while Wage & Hour and Lawyers E&O remain pockets of pressure. Casualty, although still priced firmly, shows the first signs of moderation in years, with appeals softening nuclear verdicts and new entrants hinting at capacity growth. Property stands apart as the most dramatic shift, with abundant capital, aggressive competition and double-digit decreases for clean accounts redefining the market dynamic. Together, these developments underscore Bermuda’s ability to provide stable execution for complex risks while adapting quickly to shifting global conditions.
Financial lines
Financial lines in Bermuda remain stable, with capacity broadly intact and competition keeping D&O and Cyber rates flat to modestly down. The real story in Fall 2025 is less about broad market shifts and more about contrasts within the portfolio: predictability in some classes, continued pressure in others and product innovation that sets Bermuda apart.
Casualty
Rate trends: Casualty rates are rising by +3% to +15%, with variation by risk profile. Low-hazard, non-loss-affected accounts are experiencing smaller increases (0% to +5%), and in some cases, flat renewals are being achieved. Higher-risk or loss-affected classes remain elevated (+5% to +20%). Importantly, escalation is beginning to moderate as nuclear verdicts are appealing downward. The pace of settlements, driven by reputational and social inflation pressures, continues to amplify severity, but the last two months have shown the first signs of stabilization since 2019.
Property
Property conditions in H2 2025 remain highly favorable for insureds, with competition intensifying and meaningful rate relief available across most classes. Capacity is ample, with carriers actively pursuing growth, which is creating broader coverage terms and more flexible structures.
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