Industry Trends

Today, Nationwide released results of a survey that pinpoints opportunities for agents to help strengthen and grow their business in the current environment.

In response to COVID-19, Liberty Mutual announced updated guidelines for their 2020 commercial lines profit-sharing agreement and will waive the 10% written premium growth requirement to earn a profit-sharing bonus.

The “Small Business Comeback Act” would create the Small Business Recovery Fund to provide federal grants for operational expenses to help businesses reopen and stay open during the COVID-19 pandemic.

The second quarter of 2020 saw rate increases in the composite property-casualty sector as well as most other sectors. Meanwhile, personal lines rate increases remained steady at 3.5%.

On July 1, Nationwide made history by completing its transition to operate as a fully independent agency carrier.

With high levels of community involvement even before the coronavirus pandemic, many independent insurance agents are the first to meet their community’s needs caused by a crisis.

More carriers and Big “I” partners responded to support their policyholders and communities.

The New York State Department of Financial Services recently issued an emergency regulation that—unless modified—will likely require action by every insurance agent holding a resident or nonresident license in that state.

In response to the coronavirus pandemic and the challenges presented to insureds, Travelers, Liberty Mutual and Progressive have announced measures designed to help those hit hardest by economic uncertainty.

The model proposes a broad range of new obligations for insurance agents and includes a handful of provisions that are particularly concerning. Big “I” members and state associations are urged to monitor any developments closely and weigh in as necessary.