To say that small insurers have been hard hit by the recession is an understatement. Representing approximately $71B in direct premiums, the sector faces constraints affecting long-term growth. As most analysts will agree, the small insurance business market has been squeezed in a contraction not seen in decades, and in spite of expectations to the contrary, the market has not regrouped in 2010.
Personal and commercial lines insurers are doing their best to respond to several business factors out of their control, such as a reduced construction market, a commodity strategy used by larger insurers that sets them apart as the low-cost provider, a reduced ability to access affordable capital, and market conditions that continue to favor large insurers.
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