Article ID: 3389b33ee17926ab3a3a8742fef9825a8fd0b0c927e152b34f18fe27b901190f
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E&S growth slows as property softens - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers E&S growth slows as property softens by Gavin Souter Auto liability , Current Issue , D&O , Excess and Surplus Lines , Property Aug 21, 2026 For years, the excess and surplus lines market outpaced the broader commercial insurance market, driven by hard-market pricing and tighter underwriting in the admitted market. That rapid expansion is slowing, reflecting broader trends in the property/casualty market. Business Insurance’ s latest rankings indicate a moderating market, with written premiums at the 10 largest property/casualty wholesalers rising 1.8% in 2025 and nonadmitted direct premiums at the 10 largest surplus lines insurers increasing by 3.3%. The broader market is following the same trend. S&P Global Market Intelligence estimates that U.S. domestic E&S direct premiums exceeded $100 billion for the first time in 2025, reaching $105.3 billion. But growth slowed to 7.8%, the first single-digit increase since 2018, as commercial property shifted from the market’s primary growth engine to a drag amid intensifying competition and falling rates. Homeowners business, however, continued to expand rapidly as capacity constraints in catastrophe-prone states pushed more risks into the nonadmitted market. The trends have continued into 2026, according to the Wholesale & Specialty Insurance Association’s August report on data from the 15 stamping-office states. Liability, non-professional, remained the largest surplus lines segment, accounting for 39.6% of premium, with volume up 11.2% to $18.8 billion. But property, the second-largest line, fell 13.7% to $13.6 billion, representing 28.5% of total premium. Residential homeowners and other personal property premiums increased 20.2%, while professional liability rose 15% and auto liability increased 15.8%. Overall premium volume across the states with surplus lines stamping offices rose 2.8% in the first half to $47.6 billion, well below the 13.2% increase recorded a year earlier. Policy filings, however, climbed 16.9%, indicating that submission activity remained strong despite slower premium growth. Florida, the second-largest surplus lines market after California, reported a 5.6% decline in premium despite a 14.4% increase in filings. Oregon posted the steepest premium decline, down 18.8%, while Idaho recorded the strongest growth at 25.5%. California’s premium increased 4%, well below the 16.1% gain reported at midyear 2025. 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