The insurance market in 2024 is expected to continue experiencing economic pressure, as it did in 2023. As always, the reinsurance market serves as a strong indicator of the market climate for the end consumer. On the whole, reinsurance renewals were described as being less contentious compared to a year ago, although results will vary significantly depending on underwriting performance. Insurers that demonstrate strong underwriting discipline will be positioned to renew their reinsurance treaties with only modest changes in terms and conditions. On the other hand, insurers with poor underwriting results may struggle to attract competitive reinsurance support, jeopardizing their market relevance.
Looking ahead, we are prepared to face varying degrees of volatility depending on the market segment. Certain lines of business, such as auto and commercial property, continue to perform poorly and are expected to face challenging conditions. However, workers’ compensation and environmental liability, for example, continue to perform well, are flush with capacity, and should continue their trend of stable, competitive market conditions. Meanwhile, the market for umbrella/excess liability and cyber coverage has largely stabilized after a period of volatility and market correction.
Contact your Baldwin Group Construction Practice advisor today for the full copy of our State of the Market, including more detail on the trends driving these and other lines of construction insurance.
For more information
We’re ready to help when you are. Get in touch and one of our experienced Baldwin advisors will reach out to have a conversation about your business or individual needs and goals, then make a plan to map your path to the possible.
This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. The Baldwin Insurance Group Holdings, LLC (“The Baldwin Group”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. The Baldwin Group does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, The Baldwin Group does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.
