With rates down and admitted markets still hesitant, E&S carriers are fiercely competing—especially in catastrophe zones. Judy noted a rise in coverage limits as pricing becomes more attractive.
Rates are softening—down roughly 10% since late last year—but Bianco notes that standard lines aren’t reclaiming much ground. Instead, E&S insurers are battling each other for business, especially in catastrophe-prone areas.
As competition intensifies in the commercial property insurance space, the sector is seeing increased movement as insureds jump from one E&S insurer to another.
“We’re seeing more competition from our peers,” Bianco says, “but we will continue to be guided by price adequacy.” She also highlights a surge in coverage limits being purchased, particularly for flood, quake, and wind, as pricing becomes more competitive.
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We will continue to be guided by price adequacy.
Judy Bianco Head of U.S. Open Market Property
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