The Baldwin Group, a US-based insurance distribution and risk management firm, has published its Q1 2026 Property Market Pulse report, outlining pricing movements and underwriting conditions across its property insurance portfolio.
Based on trends identified within the company’s own book of business, the report highlights a continuation of softening market conditions as insurers compete aggressively for business amid strong capacity levels and favourable reinsurance conditions.
The report notes that The Baldwin Group’s property pricing index fell to -7.1% during the first quarter of 2026, compared with -4.7% in Q4 2025.
According to the company, this represents the fourth consecutive quarter of negative pricing movement and the most significant decline recorded since the index moved into negative territory. The data reflects high-level pricing trends observed throughout The Baldwin Group’s portfolio rather than individual account performance or exposure-specific rate changes.
The Baldwin Group states that the current environment is particularly beneficial for well-documented accounts with favourable loss histories. In many cases, insureds are using lower pricing levels to strengthen programme structures by restoring coverage limits, negotiating improved deductible arrangements and securing broader policy terms that had previously become difficult to obtain during the hard market cycle.
Despite increased competition, the company emphasises that underwriting scrutiny remains in place. Insurers continue to examine insurance-to-value calculations, rebuild cost assumptions and catastrophe exposure carefully, especially as material cost inflation linked to tariffs and ongoing labour shortages continue to affect reconstruction costs and extend repair timelines following losses.
Within the market, shared and layered property programmes recorded the sharpest pricing reductions at -20.8%, while single-carrier placements declined by -11.25%, according to The Baldwin Group’s findings.
The company attributes the current competitive environment to a combination of favourable insurer investment performance, stable underwriting results and comparatively low catastrophe activity over the previous year. While The Baldwin Group expects soft market conditions to continue into the second quarter of 2026, it notes that the upcoming storm season and mid-year reinsurance renewals remain the main factors that could influence pricing direction over the remainder of the year.
The report also states that improved reinsurance market conditions and lower levels of natural catastrophe losses are encouraging insurers to expand their underwriting appetite and consider risks that may previously have sat outside standard underwriting guidelines. According to The Baldwin Group, this is resulting in broader terms and increased willingness among insurers to deploy additional capacity.
The Baldwin Group advises organisations approaching renewal to ensure property valuations, building schedules and loss-control information remain accurate and up to date in order to achieve the best possible outcome under current market conditions.
In the report’s introduction, The Baldwin Group explains that the publication is intended to provide a detailed overview of high-level pricing trends within The Baldwin Group’s book of business by quarter since 2021 and describes it as a guide to understanding insurance pricing movements and the wider factors affecting premium costs. The company also notes that the report should not be considered individualised financial advice.
Regarding methodology, The Baldwin Group states that the findings reflect trend data drawn from its collective book of business as of 21 April 2026. The company adds that all figures have been normalised to remove outliers and are not intended to represent rate or exposure data directly.
