Skip to content
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.


Tags in this resource

Construction construction insurance contractor state of the market
Related Insights

Stay in the know

Our experts monitor your industry and global events to provide meaningful insights and help break down what you need to know, potential impacts, and how you should respond.

Provide a Safe Working Environment
Preventing workplace violence Workplace violence is an unfortunate reality for many businesses, and it can take many forms, including physical...
Risk Mitigation
You’ve Decided to Repurpose Your Commercial Property – Now What?
Know and protect your evolving risk We’ve talked about the risks associated with repurposing your commercial property and how vital...
Navigating Coverages
Managing the Loss of Homeowners Insurance
Manage the potential loss of homeowners insurance A homeowner’s insurance policy helps provide financial security against damage to your home...
Management Liability
Instill Confidence with Thorough Due Diligence
Private Equity Insurance and Employee Benefits M&A Due Diligence Navigating the art of the deal As the economy continues to...
Strategy
Are Your Business Insurance & Employee Benefits Teams Talking? They Should Be
Build an effective insurance strategy with confidence Ensuring the long-term success and safety of your business means regularly managing multiple...
Let's make it possible

Partner with us to build solutions that align with your business, individual, or employee needs and open new possibilities for your future.

Connect with us