2015 Personal Lines Consumer Markets Annual: Trends Shaping Tomorrow's Clients
Conning—Insurers Challenged by Consumer Market Transformation
(Hartford, CT) June 2, 2015—Insurers must actively plan now for the emerging changes in the U.S. consumer market brought on by significant demographic and behavioral shifts, according to a new study by Conning®.
“The U.S. consumer market is undergoing significant change in its social and economic structure with far-reaching implications for personal lines insurers, for their products, and for their distribution strategies,” said Alan Dobbins, a director of property casualty insurance research at Conning. “There are four major areas driving the demographic changes—population growth, population aging, a shift in the geographic distribution of the population, and ethnic/racial diversity. The confluence of these forces will dramatically change the personal lines market, both for national and regional insurers.”
The Conning study, “2015 Personal Lines Consumer Markets Annual: Trends Shaping Tomorrow’s Clients” reviews the overall consumer demographic landscape and behavioral changes, and develops a view as to how these pressures may impact the personal lines market. The study reviews key niche segments as well, including high net worth, nonstandard auto insurance risks, seniors, the youth market, and the rapidly growing Hispanic market.
“Behavior patterns of the U.S. consumer are also changing, driven by technological, economic, and cultural forces, with the potential to influence exposure growth and consumer spending patterns,” said Steven Webersen, Head of insurance research at Conning. “As consumer markets evolve and changing needs and preferences emerge, the large personal lines insurers have become more focused on individual customers than on the total market. Advancing technologies and the ability for insurers to identify preferences and purchase patterns have facilitated this shift in focus, and will eventually enable forward thinking smaller carriers to follow suit.”
“2015 Personal Lines Consumer Markets Annual: Trends Shaping Tomorrow’s Clients” is available for purchase from Conning by calling (888) 707-1177 or by visiting the company’s web site at www.conningresearch.com.
Conning (www.conning.com) is a leading investment management company for the global insurance industry, with more than $94 billion in assets under management as of March 31, 2015 through Conning, Inc., Conning Asset Management Limited, Cathay Conning Asset Management Limited, Conning Investment Products, Inc. and Goodwin Capital Advisers, Inc. Conning’s unique combination of asset management, risk and capital management solutions and insurance research helps clients achieve their financial goals through customized business and investment strategies. Founded in 1912, Conning is focused on the future, providing clients with innovative solutions, leveraging its global capabilities, investment experience, and proprietary research. Conning is headquartered in Hartford, Connecticut, with additional offices in New York, London, Cologne, and Hong Kong.