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Best’s Market Segment Report: U.S. Surety Insurance Market Sustains Strong Underwriting Profits, as Premium Growth Remains Robust

By: via Business Wire

Increases in U.S. construction spending continues to fuel favorable results in the surety insurance segment, although an uptick in the loss ratio in 2023 and through third-quarter 2024 has led to firmer market conditions, according to AM Best.

The Best’s Market Segment Report titled, “US Surety: Continued Growth, Profits Create a Strong Market,” states that the segment’s underwriting income was $2.2 billion in 2023; however, it was a slight decrease from the previous year’s decade-high $2.3 billion result. The favorable results have been due to the rise in construction spending and in particular public infrastructure spending, which picked up significantly in 2023 and 2024. In 2024, the rate of growth in public construction spending outpaced that of private construction spending for a second straight year. Premium growth has been robust, nearly doubling from 2012 to 2023. In 2023, direct premiums written grew by 11.2%, and in the first nine months of 2024, by 10.5%.

However, the direct loss ratio of 25.0% during the first nine months of 2024 was the highest in five years, driven mostly by increased claims costs tied primarily to economic inflation, as well as other challenges contractors face, including a tight labor market. Although the loss ratio increases in recent years have been moderate, continued deterioration may hamper future profits. This also has led to firmer market conditions with tighter underwriting standards and increased risk selection.

“Rising losses have led carriers to tighten underwriting standards for certain bond classes,” said Robert Valenta, senior financial analyst, AM Best. “They’re looking at the key factors driving losses and using insights gained to enhance underwriting practices. Sureties are also monitoring contractor performance closely, particularly those that have had performance issues or are highly leveraged.”

The Infrastructure Investment and Jobs Act of 2021, the Inflation Reduction Act of 2022, and the CHIPS and Science Act of 2022 have significantly increased public sector spending, and the increases in construction spending has created many more opportunities for insurers providing surety coverage.

At the same time, according to the report, opportunities abound for surety writers in 2025. “The prospects for continued growth in the surety segment look promising, not only from infrastructure investments, but also with regards to technology advances and investments in digital platforms, which help streamline the bond issuance process,” said Christopher Graham, senior industry analyst, AM Best.

To access the full copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=351259.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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