The Independent Insurance Agents & Brokers of America(IIABA or the Big “I”) has released the results of the 2013 Market Share Study(based on 2011 data) which reveal that after years of market contraction, all property-casualty insurance premium lines grew. The study also showed that independent agency and brokers (collectively “IAs”) were well positioned to capture a substantial piece of the market going forward.
This is the 17th year the Big “I” has contracted with A.M. Best Company to supply it with year-end industry market share and company expense data. The Big “I” analyzes this data annually to assess the state of the independent agency system.
“The Big ‘I announced that, despite the market fluctuations and challenges of recent years, the independent insurance agency system remains stable, strong and growing,” says Bob Rusbuldt, Big “I” president and CEO. “Many carriers that weathered the storm of market contractions for several years were able to successfully bounce back.”
The market share study revealed that many regional and national IA carriers expanded their market shares by impressive double digits and that overall IA shares grew in several states. More good news also showed that regional IAs outpaced market growth in many business lines across the country.
“This annual study provides the most accurate picture of what is occurring with property casualty insurance distribution because it separates out the direct response companies from the captive agency companies,” notes Madelyn Flannagan, Big ‘I” vice president of agent development, education and research. “Unique to the Big ‘I’ study, A.M. Best separates out the affiliates of groups which use different distribution systems and places these affiliates in the appropriate distribution category wherever the company group uses separate affiliates for this purpose.”
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