Abstract
The U.S. commercial property/casualty insurance industry functions in a highly
competitive marketplace. While the overall cost of coverage declines, the cost
of property coverage in catastrophe-prone areas is rising. Government and the
industry are grappling with regulatory reform and insurance programs to
address the huge loss potential of such catastrophes. The industry faces
challenges in maintaining profitability as catastrophes become more frequent
and more costly.
This report reviews issues in the commercial insurance industry, providing
answers to the following questions:
- How is the commercial agency force segmented among key characteristics,
including agent demographics and agent-company relationships?
- Which factors most influence agents in their selection of commercial
insurers for their clients?
- How has commercial insurance pricing and profitability changed during the
past several years? What is the industry outlook?
- What are the potential costs of future catastrophes? How can the insurance
industry and government address these risks?
- How have specific commercial lines, such as commercial auto, workers'
compensation and medical malpractice, performed in recent years? What issues
challenge the profitability of these lines?
- How are the industry and specific insurers applying technology to obtain a
competitive advantage?
This report looks at the broader issues in the marketplace for commercial
insurance, including performance measurables; trends in the occurrence of
catastrophic events and resulting losses; regulatory and legislative
developments; market size and segmentation; and agency issues. In addition, an
exclusive Mintel survey looks at agent attitudes and behavior towards selling
commercial insurance. The data shows that while agents most value coverage
customization, there are many additional factors that influence what products
agents offer to their clients.
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