Following the recent recession, there are pockets of significant opportunity and accelerated growth for the U.S. insurance industry, but a proactive approach is mandated to realize that premium growth. This comes from "The Uneven Economic Recovery and Its Impact on the Commercial Insurance Market," an article by MarketStance, a resource for demographic data as well as analytical services for the U.S. insurance industry.
According to the article, which provides an overview of the recent recession and details about how this economic downturn differed from past recessions, soft demand for coverage will continue for several more years due to the recovery's tepid pace. Further, MarketStance found that due to pronounced differences in the geographic experience of the recession, state, county and even ZIP code-specific planning, marketing and underwriting may be necessary for P&C insurers going forward.
"Our research shows that unlike past recessions, this most recent one affected all classes of business and lines of coverage being written by commercial insurers," says Fritz Yohn, founder, MarketStance. "There was no 'safe place' to be in the insurance industry this time around."
Yohn also says that regardless of their business models or go-to-market strategies, using economic forecasting can become a “game-changing competitive advantage for carriers of all sizes in all markets."
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