Conning, a leading global investment management firm, today announced findings from its third annual Survey on AI & Insurance Technology, AI in Insurance: The C-Suite Verdict.

Significant shift toward customized insurance solutions fuels resilience and profitability amid evolving market dynamicsHARTFORD, Conn., Jan. 3, 2025 /PRNewswire/ -- The Excess and Surplus (E&S) insurance market has experienced unprecedented growth, achieving a remarkable 21% compound annual growth rate over the past five years and surpassing $104 billion in premiums in 2023. This sustained expansion underscores the market's resilience and adaptability, as it continues to outperform the admitted market by addressing complex, nonstandard risks that traditional insurers often reject."The E&S insurance market continues to exemplify resilience and innovation, navigating both cyclical and structural challenges with agility," said Lauryn Kothavale, a Vice President of Insurance Research at Conning. "Looking ahead, the growing demand for tailored coverage solutions highlights the sector's indispensable role in mitigating complex and evolving risks."The surge in demand for innovative and tailored insurance solutions has been a key driver of the E&S market's growth. Since 2017, a wave of new entrants has reinforced the sector's capacity to meet these challenges, demonstrating robust demand for its offerings. The market's ability to deliver bespoke coverage aligns perfectly with current trends, as policyholders increasingly seek customized solutions to address evolving risks.While the E&S market's growth has been impressive, it has not been without challenges