From the hardest market cycle in a generation to one company's largest-ever underwriting loss, here are March's top five most read articles.
If April showers bring May flowers, March storms have had an impact as well. Inflation and escalating claims costs have led to a less-than-sunny property-casualty market, which spelled bad news for many this month—especially Jake from State Farm.
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 March:
5) Builders Risk Insurance: Why Timing Is Everything
By Mary Stiglic
Whether you are securing coverage for personal lines or commercial lines clients, agents servicing course of construction accounts must grasp the importance of timing.
4) 'Worrying Sign' as Homeowners Repair, Claim Times Increase but Digital Usage Declines
By Olivia Overman
Severe events, inflation and supply chain-related concerns coupled with the strain on digital tools has led to increased dissatisfaction among homeowner clients.
3) Does Uninsured Motorist Property Damage Coverage Apply to Unscheduled Trailer?
By Big “I" Virtual University Faculty
An insured vehicle is pulling an owned, non-insured trailer. An uninsured motorist ran a stop sign and broadsided the trailer pulled by the insured vehicle.
2) Perfect Storm Creates 'Hardest Market Cycle in a Generation'
By Will Jones
Rising economic and social inflation, supply chain constraints, catastrophic weather driving up losses, and historic cost increases for reinsurance has led to significant pressure on the p-c industry.
1) Auto Claims Consign State Farm to Its Largest-Ever Underwriting Loss
By Olivia Overman
State Farm's record underwriting loss was due to rapidly increasing claims severity and significant additions to prior accident year incurred claims.
Compiled by AnneMarie McPherson Spears, IA news editor.