In the first of a 3-part article series on the topic of “Insights for an Evolving Market”, the Financial Services Industry Group's Insurance sector looks at the excess and surplus market in the U.S.
The P&C insurance market has been showing solid premium growth, with almost a 10%1 growth rate in 2023 and through the first half of 2024. Personal lines, constituting around half of the total P&C market, are expected to continue to drive P&C market growth with the ongoing momentum coming from personal auto and property lines.
Meanwhile, challenges around underwriting profitability in personal lines in 2023 are not expected to disappear. Personal lines loss ratios were 68% in the first half of 2024 - 14 percentage points higher than the loss ratio ofcommercial lines2.
In this landscape, the excess and surplus (E&S) market seems promising with its double-digit growth rates, improving underwriting results and further penetration potential into personal lines.
Read the Full Article
1 Premium growth remained elevated at around 10% in 1H24, also driven by personal lines, but competition is building as more carriers reach rate adequacy.: US Property & Casualty outlook: strong winds, smoother sailing | Swiss Re
2 While net premiums written grew 10.0%, policyholders’ surplus grew at a lesser rate of 6.2%: 2023-annual-property-andcasualty-insurance-industries-analysis-report.pdf
The Spanish Banking Pulse Q4 2025
April 22, 2026
In this edition, we share results from our research examining 10 biggest Spanish banks (“top 10”) with regard to their activities within Spain and highlight key performance indicators of the Spanish banking industry.
The Mutual Holding Company Decision: Converting Structural Flexibility into Competitive Advantage
April 22, 2026
Mutual Holding Company (MHC) conversion has emerged as a credible strategic option, offering a way to address market headwinds without sacrificing mutual identity. However, structural change alone does not guarantee improved performance. Success depends on disciplined capital deployment, targeted technology and talent investment, and the governance capability to manage greater complexity.
Insurance agency compensation in focus
April 20, 2026
Agency distribution continues to be the main distribution channel for life insurance across Asia. However, traditional agency compensation models that rely heavily on large first-year commissions (FYC) are creating challenges such as low agent activation, weak customer persistency, and shrinking margins.
Alvarez & Marsal Releases FY 2025 KSA Banking Pulse
April 16, 2026
The latest edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse analyzes the FY 2025 performance of the kingdom’s ten largest listed banks. The year reflects resilience and rebalancing in the Saudi banking sector, with moderating credit growth alongside strong profitability, improved asset quality, and solid balance sheet strength, supported by a favorable macro-outlook and ongoing Vision 2030 momentum.
