2021: Personal Lines State Environment Annual - 2021 Edition
Conning’s Personal Lines State Environment Annual provides a detailed look at the premium growth outlook in each of the states (and the District of Columbia). The review focuses on the unique characteristics of each state that cause its outlook to diverge from Conning’s national forecast. We review historical performance, legislative and regulatory changes, as well as economic and demographic trends, with an eye on the key drivers of state premium growth and profitability.
This annual review focuses on growth and profit drivers of the 51 personal lines insurance markets. Chapter 2 summarizes our methodology, which is linked to our national forecast product. Chapter 3 then provides the 51 insurance market environmental summaries, along with Conning’s line-of-business premium growth and profitability outlook scores
Table of Contents:
Individual State Environmental Analyses
- States with Significant Rank Improvements
- States with Significant Rank Declines
It is critical to the planning function to understand how and why state insurance market performance varies. A company’s plan should include a sense of expectations for profitable growth in a given territory or for a given line of business. Developing informed assumptions for an assessment of growth expectations is a critical element of the plan. Monitoring performance involves not only recording performance via the bottom-line metric, but also monitoring performance of the underlying assumptions. Understanding variances in assumptions is critical to developing a more robust plan.
The states are regulated differently and are influenced by different economic, demographic, weather, and other variables that drive premium growth and profitability. A detailed understanding of state differences should guide a company’s strategy.