News

New Big “I” survey reveals that only 3 in 10 Americans (31%) review or shop for insurance each year, with many waiting until premiums increase, major life changes occur, or coverage issues arise.

The study tracks agent sentiment across multiple categories, including ease of doing business, communication practices and claims handling.

Small commercial customers are more likely than ever to consider moving their business to another insurer at renewal, according to J.D. Power.

Nationally, homeowners insurance rates jumped 11.4% in 2024, with double-digit increases reported in the last two years.

More than one-third of U.S. personal auto insurance customers are dissatisfied with their insurance and those with higher overall lifetime value profiles are most likely to leave, according to J.D. Power.

A record 6.8% of all home insurance customers are actively shopping for new policies in 2024, yet only 2.2% of homeowners switched policies as a result.

The newly expanded resource—which builds upon the toolkit first published in July 2023—covers a wide range of updates and strategies for navigating the challenges posed by the hard market.

The increase in auto insurance shopping is prompted by soaring auto insurance costs, with a 22.2% year-over-year increase in the average cost of auto insurance through the end of February.

Client communication, retention, technology and team morale are among agents’ top priorities in adapting to the hard market.

As auto insurance shopping rates rose during the fourth quarter of 2023, carrier retention rates dropped.