A recent analysis by S&P Global Market Intelligence reveals that the pace of growth in the U.S. excess and surplus lines market slowed to 13.4% in 2024, down from 14.5% a year earlier.
While growth stayed up in double digits in both years, the jumps paled in comparison to a 32.3% rate of growth recorded in 2021, according to the S&P GMI “2025 U.S. Excess & Surplus Market Report” published earlier this month.
Source: S&P Global Market Intelligence “2025 U.S. Excess & Surplus Market Report”
“The E&S market continues to grow at a faster pace than the U.S. P/C industry as a whole, even as its pace of expansion slowed in 2024,” said Tim Zawacki, principal insurance analyst, S&P Global Market Intelligence. Earlier this year, S&P GMI reported that overall P/C premiums—across standard and E&S business—grew by 8% in 2024.
Focusing on E&S premiums, Zawacki noted that national growth in the E&S residential and commercial property lines moderated in 2024, increasing by 15.4%, compared to the over 20% year-over-year growth rates observed in each of the prior five years. “Weakness in commercial property rates in catastrophe-exposed geograph…