What's Driving an E&S Property Boom?
Published on February 14, 2024 • Insurance Business
The non-admitted insurance market is experiencing a property premium boom, and natural catastrophe exposed states are leading the charge but are by no means the only contributors in a hard market.
Stamping offices across the US reported 2023 surplus lines property premiums written growth of 31.8%, or $5.84 billion, far outstripping 2022’s 25.9% increase. Property now accounts for a third of surplus lines business written across the 15 reporting states.
Insureds turn to the surplus lines market when standard market insurance availability is tight. It may come as little surprise then that natural catastrophe prone states that have tussled with capacity crunches led the charge in terms of actual premium added.