Property & Casualty Insurance Agency Management Statistics

Steve Goldstein
Steve Goldstein
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Property & Casualty Insurance Agency Management Statistics 2023: Facts about Property & Casualty Insurance Agency Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Property & Casualty Insurance Agency Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Property & Casualty Insurance Agency Management Statistics 2023

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Property & Casualty Insurance Agency Management “Latest” Statistics

  • One in ten insurance brokers majored in social studies. Majoring in communication studies, 7.38%, and receiving degrees in teaching, 4.82%.[1]
  • According to the BLS, employment possibilities for insurance agents will increase by 5% during the ten-year period ending in 2029, which is a bit higher than the average growth for all professions.[1]
  • Insurance brokers who were just beginning out at the 10th percentile earned no more than $27,180, while those at the 90th percentile who were more seasoned made more than $125,190.[1]
  • The employment of insurance sales agents is anticipated to increase by 6% between 2021 and 2031, which is approximately average for all professions.[2]
  • By using Layr, P&C brokers may provide 100% online insurance from the time of application to the time of renewal.[3]
  • Premiums for life insurance are $1,595, 11.5% in premiums, deposits for annuities 30 premiums for accidents and illnesses.[4]
  • 6.83% of the workforce in 2019 was White (non-Hispanic), 10.9% of people were Black, and 11.7% were White (Hispanic).[5]
  • According to estimates, the total income for the insurance agent and broker sector increased by 2.7% in 2020.[5]
  • 500,000 medium-large agencies and larger agencies with revenues of $1.25 million or more accounted for 17% of the 24% of total revenue.[5]
  • Labor will be the largest spend for a new insurance agency since it accounts for an average of 35.9% of a company’s income.[5]
  • According to the national average for all professions, the insurance agent industry is anticipated to continue seeing stable growth of 7% during the next ten years.[5]
  • The industry is anticipated to expand faster than the U.S. average in 2019; the workforce of insurance agencies was projected to rise by 5.49% over the next ten years, as opposed to a national growth rate of 3.71%.[5]
  • In the U.S., they oversee 80% of business insurance policies whereas corporate agents oversee 80% of personal insurance policies.[5]
  • Insurance can now issue the first quotations to clients in under two minutes, and the typical time for issuance and binding has been reduced by 50%.[6]
  • The insurer hopes to significantly simplify and enhance the agent experience by reducing manual inputs by up to 90%.[6]
  • Loss ratios may rise by three to five even for the top insurers. Thanks to computerized underwriting, new business premiums rise by 10% to 15% and retention in lucrative categories rise by 5% to 10%.[6]
  • Up to 95% of policies may go through straight-through processing without any participation from underwriters.[6]

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