Staying ahead in today’s insurance marketplace requires sharp insights and the right tools. The 2026 State of the Markets at a Glance deliver insights into key industry trends, emerging risks, and actionable intelligence to help you navigate the marketplace with confidence. Whether you’re assessing market shifts, identifying new opportunities, or fine-tuning your strategy, our latest insights ensure you stay informed and prepared for what is ahead.
APARTMENTS + MULTI-FAMILY HOUSING
Market conditions for apartments and multifamily housing continue to vary by construction type, with underwriting outcomes primarily driven by whether projects are frame or commercial grade. Capacity remains abundant across both primary and excess markets. Commercial-grade construction continues to attract the strongest competition, broad capacity, and the most favorable pricing and terms, with rates remaining highly competitive.
For frame construction, rates have largely stabilized across venues, though underwriting scrutiny remains elevated due to ongoing concerns around arson and fire risk in urban areas, as well as potential water damage exposures. While these factors keep some markets cautious, overall capacity and interest remain strong. Looking ahead, rates are expected to remain stable to potentially decrease for proven builders operating in favorable venues.
CONDOMINIUMS
Primary market capacity remains limited, with underwriting highly dependent on detailed engineering and overall risk quality. Soil reports are critical, and several markets require third-party engineering reviews as part of their underwriting process. Carriers are also demanding strict risk management and warranty programs, and fewer markets are willing to underwrite wrap policies, further tightening primary options.
Excess capacity is available but typically offered in shorter limit increments, resulting in more layered towers. Capacity in Florida and Hawaii remains particularly constrained, with these regions experiencing the highest pricing due to elevated catastrophe exposure and regulatory considerations.
SINGLE FAMILY HOMES – FOR SALE
Market capacity remains limited, with carrier appetite largely dependent on the scale and structure of the program. Tract developments with multiple homes under construction generally attract broader interest, while standalone single-family builds face more selective underwriting and restricted market options.
OFFICE CONSTRUCTION
Office construction remains a highly desirable class, with abundant capacity available across the market and strong carrier competition supporting favorable pricing, broad terms, and flexible program structures for well-managed projects. While ground-up office construction was less common in 2025, in 2026 it continues to be viewed favorably by carriers. Office repurposing projects are more prevalent, with underwriting interest largely dependent on venue, the extent of structural modifications, and the ultimate end use of the property.
DATA CENTERS
Carrier appetite for data center projects varies based on size and end use, with underwriting selectivity driven by limited historical loss data, particularly as development accelerates alongside the AI boom. While several markets remain hesitant to participate in this class, those willing to deploy capacity are offering competitive pricing for well-structured risks with clearly defined characteristics.
These projects often present multi-faceted exposures, and while large-scale “mega-projects” are increasingly common, placement remains nuanced. Successfully securing coverage frequently requires careful alignment of carriers across multiple infrastructure components, including core and shell, power generation, and fit-out, underscoring the importance of thoughtful program design and targeted market selection.
BUILDERS RISK
Carriers remain focused on Change of Control (COC) exclusions within builders risk programs. When a primary wrap program provides a COC exception, markets will typically require review and confirmation of the Builders Risk “Leg 3” provisions to ensure alignment and continuity of coverage.
FLORIDA CONSTRUCTION
Market capacity remains limited, with pricing continuing to adjust in response to poor historical loss experience. Several carriers are unwilling to consider Florida construction risks regardless of construction type, resulting in a highly selective underwriting environment. Scrutiny remains focused on location-specific criteria, including proximity to the shoreline, sinkhole exposure, and other catastrophe-driven risk factors.
The Florida condominium construction market remains particularly distressed, with primary CIP premiums often beginning at $2M for many projects, largely independent of construction value. In this high-stakes environment, effective layering strategies and carrier quota share structures are critical to successfully assembling viable programs and managing overall cost.
NEW YORK CONSTRUCTION
New York labor law, particularly the Scaffold Law, continues to drive elevated pricing and limit overall market capacity for construction risks, with carrier appetite for liability remaining constrained. OCIP and CCIP programs are primarily placed with direct markets at the primary layer, while excess placements remain challenging due to limited capacity.
Owner and General Contractor Professional Liability coverage are available on both a primary and lead basis, supported by a small but competitive group of markets, though underwriting remains highly selective given the state’s legal and claims environment.
TEXAS CONSTRUCTION
Market capacity remains abundant, with broad carrier appetite across construction risks. However, nuclear verdict trends continue to influence excess pricing and limit the amount of capacity carriers are willing to deploy. Hail and wind exposures remain key underwriting considerations, often driving higher deductibles. Additionally, Underinsured Subcontractor warranty endorsements are commonly applied, reflecting continued focus on risk transfer, contractual controls, and downstream exposure management.
ENERGY INVESTMENTS + WESTERN US REDEVELOPMENT
Carriers remain cautious regarding the total capacity deployed on these projects, with overall market participation closely managed. Specialized underwriting is often required, as these large, high-value investments frequently fall between traditional construction and energy underwriting units. Capacity continues to be limited for wildfire-exposed risks, particularly in California, where underwriting remains highly selective due to elevated catastrophe exposure.
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