According to Leibrock, pricing has already fallen back to “roughly 2019 or 2020 levels.” But his concern is not simply that premiums are declining. Historically, property market cycles have followed a familiar pattern: when conditions soften, prices typically fall first. Coverage enhancements, broader policy wording and reduced deductibles tend to emerge later once rates reach a floor. This time, Leibrock argued, both developments are occurring at once.
