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Best’s Market Segment Report: Demand for Specialized Expertise Drives Seventh Straight Year of Double-Digit Growth for U.S. Surplus Lines Market

By: via Business Wire

Total U.S. surplus lines direct premiums written (DPW) reached another record level at nearly $130 billion with a year-over-year increase of 12.3%, notching the seventh straight year of double-digit premium growth for non-admitted insurers, according to a new AM Best report.

The Best’s Market Segment Report, titled, “Market Need for Specialized Expertise Propels US Surplus Lines Market,” states that troubled property/casualty (P/C) coverage lines and challenging risk classes are providing key growth opportunities for surplus lines companies to impart creative coverage solutions.

Just one year after reaching the $115.6 billion threshold in annual DPW, the surplus lines market reached another peak level at $129.8 billion in 2024. The degree of year-over-year (YOY) growth in 2024 was lower than compared with 17.4% in 2023. According to the report, several segments have been key in contributing to the growth in premiums generated by surplus lines—or non-admitted—insurers in the three-year period, including lines that have been acutely impacted by post-COVID turbulence from macroeconomic pressures.

While the U.S. homeowners’ insurance segment remains a relatively small part of the overall surplus lines market, increased climate risk has fueled a growth in this business line for surplus lines insurers. “The increased volatility of weather-related catastrophes has caused homeowners’ insurance claims to increase across many states and regions,” said David Blades, associate director, AM Best. “When you couple this with the higher cost of raw materials to repair or rebuild homes and supply chain slowdowns, the combined effect has driven more homeowners’ business to the surplus lines market.”

AM Best has generated this annual report on the surplus lines market since 1994, and for much of the past three decades, the top 25 surplus lines groups, combined with the syndicates comprising the Lloyd’s market, have accounted for more than 70%-80% of the surplus lines market DPW. However, the top 25 surplus lines groups by DPW, including the Lloyd’s market, generated just over 65.8% of total surplus lines market DPW in 2024.

“This declining concentration at the top of the market reveals the impact new market entrants and companies with expanded surplus lines-focused strategies have had on the spread of surplus lines premium as these insurers gain traction in the market,” Blades said.

In addition to growth, surplus lines writers have posted more favorable underwriting results than the broader P/C industry. Insurers in this segment have been able to offset the broader market headwinds effectively via their core competencies of judicious risk selection and the inherent freedom to charge what they perceive as appropriate premiums, according to the report. They have also been able to meet market needs by coupling their risk selection and pricing strategies with the ability to craft coverage language to exclude or limit certain loss exposures as the insurers deem necessary, without the need for prior regulatory approval of their coverage forms.

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=357657.

AM Best will host a complimentary webinar on Wednesday, Sept. 10, 2025, at 11:00 a.m. (EDT), titled, “Inside Today’s Surplus Lines Market.” For more information or to register, please visit the event webpage.

Lastly, AM BestTV will be covering the upcoming Wholesale and Specialty Association’s (WSIA) Annual Marketplace, beginning on Sept. 14, 2025. Look for the WSIA-related playlist during the event under the “Event Coverage 2025” tab at www.ambest.tv.

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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