After three straight years of contraction, brokers saw commercial property/casualty lines grow by 5 percent in 2011, according to a recently released report on the 2011 P&C market by the Independent Insurance Agents & Brokers of America Inc.
The commercial lines market experienced the most gains, an indication that economic activity appears to be picking up, according to the IIAB.
Independent agents controlled about 78 percent of the commercial lines P&C market in 2011, writing $11.4 billion more in total premiums of $239.4 billion in 2011 than the prior year, the report stated.
All channels saw premium growth, with regional agency writers slightly improving their market share at the expense of other channels, it stated.
Regional independent agents wrote $4.3 billion more than the prior year, while national independent agents premiums grew by $4.1 billion, according to the report, which also found exclusive agents (captives) writing $1.7 billion more and direct response carriers -- which control less than 1 percent of the market -- increasing premiums by $88 million.
As for the workers' compensation business, independent agency carrier premiums grew by $2.7 billion, or 8.7 percent, with $1.8 billion of the increase going to national agencies and $1 billion going to regional agencies. Exclusive agents grew by $360 million. The total direct premium written in 2011 was $41.7 billion, according to the IIAB.
--By Anne Freedman
May 1, 2013
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