Industry Trends

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​.

Two-thirds of independent agency owners believe workplace flexibility is here to stay, according to The Hanover Insurance Group’s survey.

Property damage and business interruption losses may contribute more heavily toward overall financial losses, with insured losses estimated to be between $15 billion and $25 billion.

Nearly 1 in 3 small business insurance clients said they had to exert a great deal of effort to interact with their agent, up from 1 in 10 a year ago.

AM Best rating actions for p-c carriers increased in the first half of 2021 with 10 upgrades and nine downgrades in the commercial lines segment and 16 upgrades and six downgrades in the personal lines segment.

​Last year, the insurance industry witnessed three major InsurTechs go public. This week Hippo joined Lemonade, Metromile and Root on the New York Stock Exchange. Here’s how it’s going.

The need for cyber risk mitigation is profound, but only 12% of Americans have purchased a person cyber insurance policy in the past year, according to a Chubb survey.