Property insurance lines of business (LOBs) have seen uneven growth across US states, yet a handful of markets account for the lion’s share of new premium dollars. Drawing on the Property & Casualty LOB Performance & Market Trends dashboard, this article ranks the states and LOBs that have posted the largest absolute increases in property insurance value since 2022. The dashboard, today available for free, offers a critical lens for MGAs and wholesale brokers seeking to allocate capacity and target growth.
The data, collated by state and top-growing property LOB, show that just five states generated more than $10 billion in additional property insurance value within a single sub-line between 2022 and 2024. Homeowners multiple peril was the dominant driver in terms of state-level surges. The dashboard provides a granular view of these shifts, enabling intermediaries to benchmark opportunities and risks across regional markets.
Florida led all states by a considerable margin. There, homeowners multiple peril profits rose $5.2 billion, more than double the next highest state. California followed with $2.1 billion in homeowners' multiple growth, trailed by Minnesota ($2.0 billion), Louisiana ($1.9 billion), and New York ($1.0 billion). In Florida, the value of Homeowners multiple peril coverage rose from $3.2 billion in 2022 to $8.4 billion in 2024, a 2.6-fold increase over two years.
These figures underscore the outsized influence of catastrophe-exposed states, where inflation, reinsurance costs, and climate-driven losses combine to drive up both rates and total insured values. For MGAs and wholesalers, this concentration of growth signals both opportunity and heightened volatility.
Nationally, homeowners multiple peril accounted for $16 billion in growth, dwarfing other property lines. Fire insurance was a distant second, with $7.5 billion in added value, followed by commercial multiple peril (non-liability portion) at $6.2 billion. The dominance of homeowners multiple peril reflects both the scale of the residential market and the impact of recent market hardening.
The data also highlights outliers at the lower end: Delaware, the District of Columbia, and Vermont each saw growth of less than $27 million in their top property LOBs, underscoring the disparity in market size and opportunity.
This analysis is based on state-level growth in top property insurance LOBs from 2022 to 2024, as captured in the latest dashboard data. All figures are sourced directly from the Property & Casualty LOB Performance & Market Trends dashboard.
