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Big I’s 2015 Market Share Study: Growth & opportunities for independent insurance agents
/ Categories: Marketing & Sales, Trends

Big I’s 2015 Market Share Study: Growth & opportunities for independent insurance agents

The 2015 Market Share Study from the Independent Insurance Agents & Brokers of America was recently released and it offers a snapshot of the overall health of the independent agency system, with "many positive signs of strong overall health and considerable growth opportunities for independent agents and brokers."  The report shows growth of $25 billion in 2013, noting that this is the third year in a row that that all property‐casualty insurance premium lines grew. The report says that, "At both the state and carrier level, independent agents and brokers (IAs) were well poised to capture their share of the market or more."

 

Here's the press release from IIABA:

Study Reveals Stability and Growth in P-C Insurance Market

"The Market Share Study revealed that at both the state and carrier level, independent agents and brokers were well poised to capture their share of the market or more. Also, IAs grew faster than the overall market and thus increased market share in about half of the states and the District of Columbia. Furthermore, several IA carriers increased their market shares by substantial amounts. However, there was a significant divergence between the national and regional carriers in terms of growth."

  • IAs still control a majority of the entire p-c market, writing nearly 57% of all premiums.
  • IAs write nearly 35% of all personal lines premiums.
  • IAs still dominate commercial insurance sales, writing nearly 80% of a market that has grown by more than $35 billion over the last three years.
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    Here are two media reports on the study:

    Insurance Journal, Andrew G. Simpson

    Independent Insurance Agents Defying Doomsayers

    According to analysts, technologists, aggregators and others, the independent agency system is in trouble.

    Somebody forget to tell independent agents.

    Or more to the point, the doomsayers perhaps didn’t notice that independent agencies have been adapting and getting more into specialization. Or that they are employing technology along the lines suggested in order to succeed in the changing market. They may have dismissed the notion that not all trends are working against agents, including the finding that a majority of those who buy direct eventually return to their independent agent. Or the critics may be unaware how young agents are changing the business.

    They may also have missed the latest agency profitability report.

     

    PropertyCasualty360, Melissa Hillebrand

    Study: Independent agents continue to outperform captives, direct writers in key markets

    "Independent agents and brokers still control a majority of the entire P&C market, and wrote nearly 57% of all premiums. When only considering commercial lines, independent agents hold a significant advantage over direct writers, taking 80% of the market for $210.9 billion. Since 2010, this segment has grown by $35 billion."

     

    Access the full report

    If you want to dig further behind the numbers to learn more about specific lines or carriers, the full 40-page report can be viewed here: 2013 Property ‐ Casualty Insurance Market (PDF)

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