Industry Trends

Adapting to changing customer needs through product expansion is the primary way agencies are strategizing to grow in 2022.

Since June, three states have placed restrictions on carriers’ ability to limit or deny homeowners insurance coverage based on ownership of specific dog breeds.

Liberty Mutual Insurance is launching a digital agency called Comparion, which will offer auto, home and small commercial insurance options from Liberty Mutual and more than 50 other national and regional carriers.

Coalition announced two new insurance products to help protect the leaders of small and midsize businesses.

The case is raising concern within the insurance industry as doubts remain as to whether there could be coverage under the personal auto policy.

Commercial lines and personal lines clients need their insurance agents’ advice on a wider variety of business solutions, including retirement, banking benefits and cybersecurity, according to Nationwide.

The industry has placed a renewed focus on the independent agency channel, according to a study by the Big “I” and J.D. Power.

Commercial rates saw an increase of 6.8% at third quarter of 2021, while personal lines saw average increases of 6.6%.

Despite heightened cyber concerns, less than half of business leaders have adopted basic preventive measures, according to the Travelers Risk Index.

As baby boomers move from home ownership to renting, only half stay loyal to their insurer, according to a survey by J.D. Power​.