U.S. commercial lines direct written premiums will cross the $300 billion mark in 2020, hitting a projected $309 billion, up from $298 billion in 2019, according to the latest figures from ISO MarketStance.
It’s a big number and one that reflects the underlying strength of the commercial insurance market.
Powered by housing demand in both single- and multi-family markets, 2020 small commercial premium growth will be led by construction, with small commercial construction premiums growing 2-3 percent ahead of all other small commercial lines.
But just because the tide is rising, doesn’t necessarily mean it will carry your boat along with it.
To capitalize on the growth in commercial business and thrive in today’s uncertain economy, you need the right information to help unearth growth opportunities and better understand your current market position across all commercial lines.
Big opportunity meets big data
When sizing up the market for commercial insurance in 2020, not all niches are created equal. By tapping into an industry-leading suite of products such as MarketStance Commercial Insight you can:
- Align product and distribution with superior market opportunities
- Tune underwriting appetite to future line of business, industry, and territory forecasts
- Support strategies with best-in-class commercial market information
To learn more about how MarketStance can help you find profitable avenues for growth in commercial insurance lines, please visit www.verisk.com/insurance/products/iso-marketstance/
And if you’re attending the 2020 NAMIC conference, don’t miss Eric Price-Glynn’s presentation, “Predicting and Learning from the Last Construction Downturn” on Thursday, March 5 from 2:45-3:45.