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E&S property market turns buyer-favorable as capacity expands
Premiums in the US E&S market totaled about $100 billion in 2024, near 9% of total US P&C premiums, as competition among insurers and MGAs grows.
The US excess and surplus, or E&S, property insurance market has entered one of its most buyer-favorable cycles in years, driven by surplus capital, stronger underwriting performance, and increased competition among insurers and managing general agents, according to Insurance Business.
Insurance Business said E&S premiums reached roughly $100 billion in 2024, representing close to 9% of the US property and casualty, or P&C, market, a mix that is giving buyers more leverage to negotiate pricing, coverage structure, and terms.
Its 2026 RPS US Property Market Outlook also highlights where brokers may find the most opportunity, including lines spanning construction and manufacturing, hospitality, commercial real estate, and public entities, while noting that discipline still matters even as the market becomes more competitive.
The outlook flags two outliers where insurer capacity remains more selective, data centers and wildfire-exposed property, suggesting negotiation room may be tighter in those areas.