The start of 2024 brought some good news with property & casualty premium growth, but also highlighted historic increases in auto insurance rates and the changing landscape of agency errors & omissions coverage.
As 2023 faded into the rearview mirror, January brought some good news—the property & casualty's premium growth prompted a forecast of an end to the hard market … eventually. Meanwhile, Independent Agent also covered historic increases in auto insurance rates and the changing landscape of agency errors & omissions and its implications.
Independent Agent magazine is the authoritative source of information for professionals who sell insurance for independent agencies. Whether it's a seasoned agency principal, producer, or account representative, Independent Agent helps agency employees increase sales and deliver an industry-leading customer experience.
In addition to thought-leading analysis of industry trends and market conditions, Independent Agent covers p&c coverage changes and new products, interprets legislative issues, and delivers the strategies managers need to grow their agencies.
Here are the five most-read articles on iamagazine.com in January:
5) What Happens When Homeowners Prospect Lies About Owning Pit Bulls?
By Big “I" Virtual University Faculty
In the event of a claim—dog-related or otherwise—would the carrier be able to declare the policy void back to inception due to fraud or material misrepresentation by the applicant?
4) 3 Ways to Address the Changing Landscape of Agency E&O Exposure
By Olivia Overman
The agency E&O environment has become more complicated, and the result has led to several implications for independent agencies.
3) 2024 Outlook: Premium Growth Drives Hard Market Recovery
By Will Jones
The outlook for the U.S. property & casualty insurance industry is more favorable than 2023, with expected strong premium growth and easing inflation pressures, according to Swiss Re.
2) How the Hard Market and Talent Shortages Compound Agency E&O Exposures
By Olivia Overman
Agency E&O coverage has been impacted by the hard market, with premiums increasing over the past few years, and a difficulty in replacing waves of retirees with younger workers.
1) Auto Insurance Rates Rose 20% Last Year
By AnneMarie McPherson Spears
It's the biggest jump since 1976 and the 16th consecutive month of annual gains exceeding 10%, according to the Bureau of Labor Statistics.
Compiled by AnneMarie McPherson Spears, IA news editor.