Small insurers are seizing the chance to address consumers’ unmet needs, giving the market segment a sizable share of the overall property/casualty market and strong positions in some specific market niches, according to a new study by Hartford, Conn.-based Conning Research & Consulting.
“Although some may tend to focus on consolidation news and efficiencies of scale, small insurers as a group continue to maintain a sizeable share of the property/casualty market,” said Clint Harris, analyst at Conning Research & Consulting. “As they form and expand to serve unmet needs, small insurers have earned strong positions in some specific markets. Small insurers can pose a significant competitive threat to large insurers because of their ability to build entrenched insurer-client relationships in certain market segments and their ability to develop rapidly in markets with constrained capacity.”
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