It's estimated that the industry will need to hire about 650,000 more employees just to keep pace with the demand for new construction, according to the Associated Builders and Contractors association. (pressmaster/Adobe Stock) It’s estimated that the industry will need to hire about 650,000 more employees just to keep pace with the demand for new construction, according to the Associated Builders and Contractors association. (pressmaster/Adobe Stock)

After more than two years of a turbulent P&C insurance market, mainly driven by rate increases and carrier-initiated displacement in the excess liability lines, the market has found more level ground. While there continued to be displacement in the first quarter of 2022, this time it came from brokers and insureds pushing to contain costs rather than carriers re-underwriting their books.

Between 2020 and 2022, there were more than 20 new excess casualty market entrants. These carriers — along with all the existing capacity with lofty growth goals — became more aggressive on new business deals.

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