Insurance: Program Business Study Findings Released - Supportive Insurance Services

The Target Markets Program Administrators Association (TMPAA) released the report and results of its ground-breaking research to document the size, characteristics, growth and other base-line information about the program insurance market. The first-ever “The State of Program Business Study” was presented at the Association’s 11th Annual Summit in Scottsdale, AZ.

Respondents to the survey reported that the program business continues to grow despite falling rate levels as a greater number of program administrators saw premiums rise in the past year. With program administrators seeing increasing value in placing specialized risks, survey respondents are optimistic about prospects for future growth.

The study pegged the program administration market at $17.5 billion in premiums. It is composed of about 750 program administrators and involves an estimated 1,750 individual programs.

Interestingly, program administrators and insurers are in sync when it comes to their view of the components crucial to establishing a successful program. On top of both group’s list is underwriting profitability. Other key factors for the two groups are gross written premium, commission rate and growth rate.

The research study and survey was conducted by Advisen, the commercial insurance research and data analytics firm. The analysis included a survey of program administrators, carriers and managing general agents. Additional data and information was drawn from the Advisen databases of retail brokers, managing general agents, underwriters and wholesale brokers.

Argo Group International Holdings Ltd. sponsored the research effort. Argo Group, a carrier member of TMPAA, is an international underwriter of specialty insurance and reinsurance products in areas of the property and casualty markets. It operates niche insurance programs in the United States through its Commercial Specialty business segment.

Click here to access the TMPAA Program Business Study Findings.

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