The Independent Insurance Agents and Brokers of New York (IIABNY) said agents in the state fare better than peers in other states when it comes to keeping a share of the P&C market, according to a study.
IIABNY analyzed 2009 premium data provided from A.M. Best and found the state’s independent producers have market shares greater than the average state in personal insurance and average for commercial insurance.
IIABNY found that insurance companies selling policies through independent agents and brokers had a 38 percent share of the premiums in New York in 2009 — about four percentage points better than the national average of 34.3 percent. In commercial insurance independent agency companies had a 79 percent market share in New York, which is the national average.
For personal and commercial insurance combined, independent agency companies had a 2009 market share of 62 percent in New York, well above the national average of 56 percent.
“This study proves that New York independent insurance agents and brokers are doing a great job at meeting the needs of their clients,” said Richard A. Poppa, president and chief executive officer of IIABNY. “Their competition spends hundreds of millions of dollars each year on advertising. Independent agencies don’t have marketing budgets anywhere near that size, yet they still write larger shares of the business in New York than do their peers in the average state.”
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