Competition Ramps Up in Small Business Insurance Market
May 03, 2019
Conning—Competition Ramps Up in Small Business Insurance Market
HARTFORD, CT, May 2, 2019—The small business insurance market has grown at a faster rate than the commercial insurance market between 2015 and 2017, and several major carriers have shown a renewed interest in small commercial insurance, creating a more crowded marketplace, according to a new study by Conning.
“The small business market is one of the most competitive insurance sectors in the U.S.,” said Bill Burns, a Vice President, Insurance Research at Conning. “Our analysis of the market indicates market share leaders in small business insurance have 5% to 6% of the market, rather than 9% to 10% as in some of the other commercial lines or the 20% share of the personal lines market leader.”
The Conning study, “Small Business Insurance: Competition and Innovation” reviews the small commercial insurance marketplace, including carrier market share, drivers, and projections. The study also analyzes innovative developments and new business models for the market, through independent research and executive market surveys.
“The small commercial insurance sector has become a competitive laboratory for innovative business models and distribution approaches, driven by technology,” said Steve Webersen, Head of Insurance Research at Conning. “Carriers, distributors, and new InsurTech entrants are all developing digital solutions for engaging with small business owners, putting pressure on traditional insurers to expand their capabilities. Winners will incorporate predictive analytics as well, bringing speed to risk assessment, underwriting, and claims services in a cost-effective manner.”
“Small Business Insurance: Competition and Innovation” is available for purchase from Conning by calling (888) 707-1177 or by visiting www.conningresearch.com.
Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.