More Homeowners Shop for Coverage but Most Stay Put
A record 6.8% of all home insurance customers are actively shopping for new policies in 2024, yet only 2.2% of homeowners switched policies as a result.
Industry Trends
Up to 10 Named Storms Forecasted During ‘Supercharged September’
Following a brief lull in tropical activity in the wake of Hurricane Ernesto, the conditions are now primed for a series of back-to-back storms over the next few weeks in the Atlantic.
Reconstruction Costs Accelerated 5.2% Year-Over-Year
Both residential and commercial property saw total reconstruction costs increase from July 2023 to July 2024.
In-Force Flood Insurance Declines as More Move to Risky Areas
As thousands more people move in rather than out of fire- and flood-prone areas, independent agents have an opportunity to counter the decline in flood insurance coverage.
Auto Insurance Rose 15% in First Half of 2024
Underwriting losses of $17 billion last year drove 2024’s first half-increases, according to data analysis from Insurify, which predicts rates will increase a total of 22% by the end of the year.
Big ‘I’ and Reagan Consulting Release 2024 Best Practices Study Update
Best Practices agencies achieved record-breaking growth, delivering the best results seen in the entire 31-year history of the Best Practices Study.
Earn-Out Evolution: How Have Sellers Performed Post-Closing?
A survey from Reagan Consulting examined how earn-out structure has evolved and why sellers have been achieving better post-closing results.
What Agency Staff Like Most About Their Jobs
The majority of professionals within the insurance industry remain passionate about the industry itself and about helping the people they serve, according to a Vertafore report.
Big ‘I’ Releases 2024 Market Share Report
Independent agency market share holds steady in the hard market and continues growth in personal lines.
Auto Claims Severity Up Significantly Since 2020 With No Sign of Slowing
Risky driving patterns continue to rise with instances of speeding, driving under the influence and distracted driving all increasing in 2023, according to LexisNexis.
