Amwins Releases State of the Market: A Focus on Builders Risk

News provided by

Jun 11, 2024, 11:39 ET

CHARLOTTE, N.C., June 11, 2024 /PRNewswire/ -- Today, Amwins, a leading distributor of specialty insurance products and services, released their comprehensive State of the Market report focusing on Builders Risk and providing up-to-date market analysis focused on current market trends, impacts to capacity and pricing and specific classes that are facing notable challenges.

"Our State of the Market report provides invaluable insights into the evolving landscape of Builders Risk insurance coverage," said Grant Chiles, executive vice president and national construction practice leader at Amwins Brokerage. "Our detailed analysis equips brokers and clients with the necessary tools to navigate the complexities of today's market, helping them secure the best possible terms and pricing for their clients' needs."

Market Overview

The first half of 2024 has seen a shift in market dynamics compared to the previous year, with increased capacity leading to more competitive terms and conditions. This growth in capacity, driven by both new market entrants and existing players willing to expand their share, has resulted in oversubscribed placements and improved negotiation leverage for brokers.

Key Trends and Insights

Regional Challenges: While overall capacity has grown, challenges remain in regions like New York for CAT coverage, and coastal areas continue to face sublimits on Named Windstorm (NWS) risks. High crime-score areas - such as the Bay Area/Oakland, Portland, downtown Los Angeles, Nashville and Phoenix - are seeing correspondingly higher rates and higher deductibles.
Economic Factors: Inflation, interest rates and labor shortages continue to influence the market, impacting project costs and timelines.
Segment-Specific: The wood-frame construction market has seen an increase in capacity (non-CAT) with many primary markets increasing their appetites and creating less need for multiple markets placements. Renovation projects remain difficult to place with new entrants targeting this space creating new opportunities for carriers.

"Our report is more than just a collection of data; it's a strategic tool for brokers to leverage in securing the best possible outcomes for their clients," added Chiles. "In today's competitive market, having access to such detailed, actionable intelligence can make all the difference."

To read the full report, please visit: Amwins State of The Market: A Focus on Builders Risk.

About Amwins
Amwins is the largest independent wholesale distributor of specialty insurance products in the U.S. dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services. Based in Charlotte, N.C., the company operates through more than 155 offices globally and handles premium placements in excess of $33 billion annually. For more information, visit amwins.com.

For further information contact:
Amwins
Lisa Kuszmar
Telephone: 704.749.2780
Email: [email protected]

SOURCE Amwins