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State of the Market

2024 Construction State of the Market Outlook – Executive Summary

The Baldwin Group
Updated: April 23, 2024
1 minute read

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.

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