The size of the Business Owners Package (BOP) market, long only guessed at by the property/casualty industry, has been quantified by MarketStance, a provider of business demographic and market data, as part of the inclusion of BOP premium estimates in the company’s industry database.
MarketStance says that its BOP data provides the first-ever quantification of this market segment, which totals an estimated $17 billion in premium and represents 52 percent of the commercial multi-peril market as recorded in the MarketStance data.
The newly released MarketStance Version 5.1 provides premium estimates for the BOP policies written on small business and provides the information by territory to the county or ZIP code level, by business class and by account size.
The new BOP data are part of a data and analysis tool on the U.S. market for insurance. The MarketStance database also includes information on the commercial property, liability, automobile, workers compensation, boiler and machinery and inland marine markets.