Industry Trends

In the current hard market environment, independent agents are proactively shopping ahead for their clients more than they have in the past.

An estimated 39 million U.S. homes are underinsured compared to the risk they actually face from weather events, such as hurricanes, wildfires and floods, according to the First Street Foundation.

Best Practices agencies continue exceptional organic growth and invest in young producer development, according to the latest study update.

As personal auto insurance rates continue to accelerate upward, some drivers are taking to the market to find cheaper rates—while others are choosing to drive without coverage.

Rising loss costs, above-average catastrophe activity, and the struggling personal lines segment—especially homeowners insurance—were factors listed as contributing to the losses.

The severe flooding in the Southeast U.S. brought by Hurricane Idalia highlights the importance of flood insurance.

Poor personal lines underwriting performance is the key driver for deteriorating results, with a personal auto combined ratio forecast of 109.5 for 2023.

With the consumer price index for auto insurance rising 17%, shopping rates were driven by consumers searching for lower premiums, as well as an increase in new car sales.

National Oceanic and Atmospheric Administration (NOAA) forecasters are predicting 21 named storms, of which up to 11 could become hurricanes.

The global average breach cost reached $4.45 million, with detection and escalation the most expensive component—indicating a shift toward more extended and complex investigations.