2024 Q1 Property Market Update Analysis

This document is a property market update for the first quarter of 2024, focusing on trends observed in the insurance sector. It outlines the challenges faced by insurance buyers, brokers, and underwriters over the past years, particularly in relation to the hard market conditions that have prevailed since late 2017. The update discusses the anticipated changes in the market, indicating that there may be more options for buyers and a fairer approach to renewals by carriers. It details the expected variations in renewal rates, which may include flat renewals, slight increases, and some decreases based on individual account circumstances. The document emphasizes the importance of understanding the unique characteristics of each property account and the impact of external factors, such as inflation and rising construction costs, on insurance valuations. Additionally, it presents insights into specific market segments, including named windstorm capacity in Florida and multifamily housing, while cautioning against assumptions of uniform rate relief across all sectors.