In spite of dramatic economic challenges and a decade of decline in the number of agencies, the insurance distribution network has stabilized, with smaller agencies focused on personal lines faring better than their larger counterparts focused on commercial lines. These are among several findings of the “2010 Agency Universe Study” (AUS). Released by Future One, a collaboration of the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) and leading independent agency companies, the study of the independent agency system is one of the most comprehensive to date.
“The 2010 Agency Universe Study reflected the combined effect of the recession which began just as the 2008 study was underway, a prolonged soft insurance market and declining revenues,” says Robert Rusbuldt, Big “I” president & CEO. “Despite all of these challenges, many new agencies are forming, typically with a more diverse and younger leadership, demonstrating the strength of the independent agency system and the potential for growth.”
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