RPS: 2024 Q3 State of the Property Market
The property insurance market in 2024 has seen a significant shift towards a buyer's market, with rates steadily decreasing across most asset classes compared to 2023. However, the market remains fragile, with the potential for a major storm or catastrophe event to reverse the current trend, and while most clients are benefiting from better terms and lower rates, some accounts with poor loss performance are still facing challenges.
2023 Habitational State of the Market – Casualty
The habitational insurance market is facing a multitude of hurdles when it comes to casualty placements. Casualty markets in the habitational space have been adjusting prices due to increased loss activity and the continued impact of social inflation. Within this landscape, property owners, insurance companies, and brokers are confronted with a new reality. There are few markets offering General Liability (GL) coverage. It’s also difficult to find markets willing to participate in the lead $5M of excess coverage, making the marketplace even more challenging. To succeed in this demanding market, one must strike a careful balance between innovation, robust risk assessment, and adaptability.
January 2024 Property Renewal Pricing Analysis and Trends
The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients.
