US Property Insurance Growth: Concentration of Market Value for MGAs and Wholesale Brokers
The US property insurance market has seen robust but uneven expansion in recent years, driven by factors like inflation, rising insured property values, and catastrophe risks. From 2022 to 2024, growth was heavily concentrated in just a few states, creating prime opportunities—and challenges—for Managing General Agents (MGAs) and wholesale brokers. These intermediaries play a pivotal role in underwriting and placing coverage for high-risk or specialized property lines, particularly in hardening markets where traditional carriers pull back.
Data from the Property & Casualty Line of Business (LOB) Performance & Market Trends dashboard reveals that homeowners multiple peril emerged as the powerhouse sub-line, fueling $16 billion in national growth—more than double the next closest category. This reflects surging demand for comprehensive residential coverage amid escalating repair costs and climate vulnerabilities. Fire insurance followed with $7.5 billion in added value, while commercial multiple peril (non-liability) added $6.2 billion.
For MGAs and wholesale brokers, this concentration means strategic focus on high-growth regions to deploy capacity, but with caution: Catastrophe-prone states amplify volatility, reinsurance expenses, and rate hikes, potentially straining portfolios.
Top States Driving Property Insurance Value Growth (2022–2024)
Just five states accounted for over $12 billion in absolute premium gains within a single sub-line, dwarfing contributions from smaller markets like Delaware, D.C., or Vermont (under $27 million each). The table below highlights the leaders, primarily in homeowners multiple peril, underscoring residential exposure as the growth engine.
| Rank | State | Key Sub-Line | Growth in Added Value | Notable Trends |
|---|---|---|---|---|
| 1 | Florida | Homeowners Multiple Peril | $5.2 billion | Coverage value surged 2.6x from $3.2B (2022) to $8.4B (2024); catastrophe risks (e.g., hurricanes) drive rate increases and MGA innovation in excess layers. |
| 2 | California | Homeowners Multiple Peril | $2.1 billion | Wildfire exposure and rebuilding costs fuel demand for wholesale placements; brokers target high-value coastal properties. |
| 3 | Minnesota | Homeowners Multiple Peril | $2.0 billion | Steady residential boom with lower cat risk; appeals to MGAs for stable, scalable underwriting. |
| 4 | Louisiana | Homeowners Multiple Peril | $1.9 billion | Gulf Coast vulnerabilities (hurricanes, flooding) create wholesale opportunities in surplus lines. |
| 5 | New York | Homeowners Multiple Peril | $1.0 billion | Urban density and aging infrastructure boost commercial fire/commercial multiple peril tie-ins. |
These hotspots represent about 75% of the top-line growth in property insurance, per the dashboard analysis. Florida’s dominance is particularly stark, as its explosive rise highlights how weather-related perils can supercharge premiums while testing intermediary resilience.
Implications for MGAs and Wholesale Brokers
- Opportunities: Concentrated growth signals where to prioritize capacity—e.g., Florida and California for cat-hardened programs, or Minnesota for lower-risk expansion. MGAs can leverage data-driven underwriting to capture underserved segments like high-net-worth homes or commercial retrofits.
- Risks: Volatility in the top states could lead to capacity flight if losses mount, pushing more business toward wholesalers for excess and surplus lines.
- Broader Market Context: Overall property-casualty premiums grew 10% in 2023, but MGAs outpaced at 13%, per industry benchmarks. With 2025 projections showing continued hardening (e.g., via increased reinsurance costs), intermediaries in these regions are poised to handle a larger share of placements.
This dashboard tool allows filtering by state, LOB, and timeframe, helping MGAs and brokers benchmark against peers and spot emerging trends like ADAS-integrated property coverage or climate-resilient builds. As the market evolves, staying ahead in these concentrated areas will be key to capturing value amid uneven national dynamics.