Insurance Market Conditions in 2024


From time to time, we like to give you an update on where we think the insurance market is in terms of development, innovation, and challenges and some ways 2024 is feeling similar to 2023 as the insurance industry continues to navigate a landscape shaped by global events, domestic trading conditions, technology, and regulatory developments.

About BLW

At BLW, it’s been an incredible few years and it’s easy to forget how far we’ve come and overlook the milestones we’ve hit. This growth has been fuelled by our commitment to providing personalised service and tailored risk management strategies.

Our team has worked tirelessly to secure comprehensive coverage for our clients, resulting in more policies underwritten compared to the previous year.

None of this would have been possible without the trust and loyalty of our valued clients and insurer partners. We extend our gratitude to every one of you for choosing BLW Insurance Brokers as your trusted insurance partner.

Challenges and Successes

While the numbers look great, it would be naïve to think that the challenges that defined 2023 – rising inflation, geopolitical instability, climate change impacts, and heightened cyber threats – haven’t carried forward, requiring brokers and insurers to review their strategies.

While our expertise in schemes and affinities continues to grow, both in terms of client numbers and our own depth of knowledge, one particular area we have really seen success is in the insurance and stewardship of historic properties.

We have worked closely on a number of projects, which tend to include an element of restoration and non-standard insurance requirements. By taking the time to understand the project in-depth and the nature of the risk, we’ve been able to give our expert advice on where insurance is and isn’t required. We look forward to seeing how these projects progress in the coming months, now the insurance element is in place and work can commence.

Looking Ahead to 2024

In 2024, the industry must confront a complex risk landscape while seizing opportunities presented by digital transformation and evolving consumer needs. We believe there are still some fundamental areas brokers need to focus on if they are to thrive in 2024.

Client Relationships

Risk management is an increasingly intricate job, but insurance is a people business, and our approach is built upon our dedication to nurturing enduring relationships with you, built on trust, personalised service, and expertise. At the core of our philosophy lies a customer-centric ethos, where we take the time to understand your specific requirements, concerns, and goals.

Challenges in 2024


Not having enough insurance cover continues to challenge the market, with built-in annual increases often not covering the leap in building rebuild costs, coupled with inflation and supply chain issues many property owners can find themselves underinsured. The cost-of-living crisis means many firms have had a sharp eye on the running costs. We can advise our clients so they understand their risk profile, control the level of the cover they have and keep premiums under control so that if there is a claim there aren’t any nasty surprises.

Protection Gaps

We know that areas such as climate resilience and AI are going to form part of our future risk management landscape and we are always keeping our finger on the pulse so we can advise our clients accordingly. The key area for 2024 is cyber insurance, making sure that clients are aware of the risk and can find the right level of protection. As cyber criminals become more sophisticated our clients must protect themselves with a mixture of risk management controls and insurance.

Technology and Market Conditions

We can’t escape the advances of technology, and while we know it has enormous benefits to the operating environment of insurance brokers, we don’t think that our clients should have to trade with us digitally unless it enhances their experience for example sending in a document or policy wording, but the fact remains that this is a people business, built on relationships and that is how we intend to keep it. We are not averse to the advances in technology, but it won’t be replacing us anytime soon!

The challenges posed by the hard insurance market of 2023 have rolled into 2024. A hard market is characterised by higher premiums, stricter underwriting standards, and reduced capacity and is often attributed to an increase in large loss events, regulatory changes, and underwriting adjustments.

“We take the role of buying insurance on your behalf as a privilege and aim to do so in a way which is as smooth and stress-free as possible. You can rest assured that BLW is dedicated to being more than just a broker – we are a trusted partner, committed to enabling your success by helping vital risk transfer solutions that underpin your economic environment and empower your business to thrive.” – Brett Sainty, CEO

There is no doubt that 2024 promises to be a year of continued adaptation, resilience, and customer-focused solutions. As we look ahead, we remain committed to delivering unparalleled service, innovative solutions, and a client-centric approach that sets us apart in the industry.

If you’d like more information on anything you’ve read in this article, then please contact us on 01702 543306 or visit us at