US personal lines insurers faced a challenging operating environment over the past ten years, but a new study by Conning identifies a select group of personal lines competitors, distinguished by sustained growth and profitability during this period.
"For personal lines insurers, the past ten years included the profitable growth period of 2003 to 2007, followed by the recession and elevated catastrophe activity from 2008 to 2012," said Alan Dobbins, analyst at Conning. "In analyzing the performance through these years, we identified 18 standout companies, which led their peers in both growth and profitability over the past five-year and ten-year measurement periods."
The Conning study, "Growth and Profit Leaders in Personal Lines Insurance" analyzes personal lines company performance over the past decade to identify the personal lines growth and profit leaders in the industry. The study then establishes the key characteristics of this group, identifying similarities and differences among the market leaders. Overviews are provided for each of the companies appearing on Conning's 2013 list of growth and profit leaders in personal lines insurance.
"The personal lines growth and profit leaders are a diverse group, ranging in size from below $100m premium to some of the largest national insurers with premium exceeding $10bn," said Steve Webersen, director of research at Conning. "Distribution channels for the group include independent agency, general agency, direct response, and affinity group marketing. Yet our analysis indicates that specialization is a strong common thread. At least half of the members of the group have clearly identifiable product or customer segment specialties, and a number of others have a regional specialization, sometimes in addition to a product niche."
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