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Is the Excess and Surplus Insurance Market Finally Leveling Out?

Apr 3, 2025

After years of breakneck acceleration, the excess and surplus (E&S) insurance market shows signs of a new era: sustainable, stable, and still highly relevant. As reported in a recent Insurance Insider US article, the E&S market reached $135 billion in insurance premium growth in 2024 — a 12.5% increase over 2023.

That’s a notable climb, but it also marks a slight deceleration from the previous year’s 14.4% growth. Compare that to the massive 32.3% jump in 2021, and a clear pattern emerges: the E&S insurance market is settling into a more measured rhythm. And according to a Jencap executive who reviewed the data, a “normalization” after years of property-fueled spikes is exactly what the industry needs right now.

So, What’s Changing — And What’s Not?

Property has been the headline grabber in recent years, with CAT losses, inflation, and market retrenchment all driving business into the E&S space. However, as the property market stabilizes, growth is now being powered by other lines. Other liability (occurrence) coverage nearly doubled since 2020, and commercial auto continues to see robust premium volume — proof that brokers are leaning on E&S solutions for complex and hard-to-place risks beyond property.

State-by-state trends reveal even more. California, New York, and Illinois posted the strongest growth rates in 2023, while markets like Texas and Florida, which had previously surged, appear to be plateauing. These shifts underscore just how dynamic and localized the E&S insurance landscape can be.

Keep Pace with Jencap

Rather than a slowdown, we see it as smart recalibration at Jencap. This is a chance to embrace precision over pace, focusing on long-term portfolio quality rather than short-term volume. Today’s E&S market is defined by disciplined underwriting, smarter analytics, and stronger carrier partnerships. The frenzy may be easing, but the fundamentals remain strong. E&S insurance continues to fill gaps left by the admitted market, providing essential coverage for high-hazard, emerging, or evolving exposures.

As the market matures, agents who understand how to navigate these changes — and who partner with a wholesaler that knows where the opportunities lie — will be better positioned to tackle what’s next. Whether it’s structuring coverage for evolving liability exposures, exploring options for tough commercial auto accounts, or finding capacity in an increasingly selective marketplace, Jencap has the insight and access to help you win.

Want to stay current with what’s ahead in E&S? Let’s talk.
The Jencap Property Insurance Team

The Jencap Property Insurance Team

Jencap’s property teams have extensive experience with all manner of occupancies and have unparalleled specialization in designing, implementing, and servicing complex property insurance and reinsurance programs. Our team welcomes the challenges presented by CAT-exposed properties, vacant buildings, offensive claims history, new ventures, and everything in between!

E&S insurance | Insurance premium growth | Excess and surplus insurance

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Put Jencap to Work For You

The property market has been plagued in recent years with ever-shrinking capacity and rising premiums. Now, more than ever, it’s vital to partner with a strong, national wholesaler who puts its size and reputation to work for you and your clients. By working with Jencap, you’re able to leverage the collective experience and industry expertise of an entire team. We’ll arm you with unparalleled market access, as well as the industry insights needed to navigate this challenging environment. No matter the risk, your clients can trust that with Jencap, they’ll be in the strongest position possible at the negotiating table.
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