Industry Trends

Continued wage growth across major trades reflected ongoing skilled labor shortages, capacity limitations and a demand for specialized construction services.

Almost 2 in 3 independent insurance agents used AI on the job at least a few times in the past year, making agency governance all the more crucial.

Best Practices agencies continue to deliver excellent profitability above pre-pandemic historical averages, even as organic growth slowed due to a softening property & casualty market.

Personal auto and homeowners helped propel the property & casualty market to a $61.2 billion underwriting profit and a combined ratio of 93. However, commercial auto and liability lines continue to face challenges.

After several years of hard market conditions, agencies are renewing emphasis on retention—and those making the most progress are not relying on renewal conversations alone.

The solution enables carriers to proactively deliver renewal quotes directly within Applied Epic before agencies begin the remarketing process. 

Local catastrophes caused intense regional volatility, according to Verisk, but overall lower claim volume contributed to the property & casualty industry’s strong first-quarter results.

The independent agency channel maintains a strong position amid improving underwriting results.

The Hanover survey points to a coverage confidence gap between what consumers say they value in homeowners coverage and what they have taken the time to verify.

While claims declined, roof losses continue to grow more severe and less predictable, driven by aging housing stock, widespread hail exposure and rising replacement costs, according to Verisk.