Strategies to Optimize Your Property Program in 2024

The property insurance market outlook for 2024 has shown signs of improvement with decelerated rate increases as compared to the last several years. This comes as positive news amid insureds’ fatigue of significant rate increases over multiple years, particularly in 2023, as insureds saw large jumps in their property insurance costs. Rate increases in 2023 were sometimes unbearable for insureds – dipping into an insured’s profitability and ROI.

In the first months of 2024, we are seeing carriers increasing their line sizes, although still not to previous levels. Expected new capacity is planned for the year, while most carriers appear to have growth goals for 2024, helping further expand competition among insurers. Reinsurance renewals for the first quarter of 2024 were more stable than we saw in 2023. Moreover, most property carriers experienced a year of profitability for their property lines due to rate adequacy and a less active hurricane season last year.

While the property insurance market shows signs of lighter conditions, it is vital to continue exploring non-traditional ways to purchase insurance. McGriff always aims to optimize your program structure and address the forces underlying the property market to enable you to move ahead confidently and as economically as possible.

In this article from McGriff's National Property Practice, learn more about how McGriff can help you optimize your property program in 2024.