After years of market contraction, all property/casualty insurance premium lines grew, and independent agencies and brokers (IAs) are well positioned to capture a substantial piece of the market going forward, according to the Independent Insurance Agents & Brokers of America’s (IIABA) “2013 Market Share Study.” The study, based on 2011 industry market share and company expense data supplied by A.M. Best Company, reveals that many regional and national IA carriers expanded their market shares by double digits, overall IA shares grew in several states and regional IAs outpaced market growth in many business lines across the country.
“This annual study provides the most accurate picture of what is occurring with property casualty insurance distribution because it separates out the direct response companies from the captive agency companies,” said Madelyn Flannagan, IIABA VP of agent development, education and research. “A.M. Best separates out the affiliates of groups which use different distribution systems and places these affiliates in the appropriate distribution category wherever the company group uses separate affiliates for this purpose.”
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