HARTFORD, Conn., Jan. 13, 2014 /PRNewswire/ -- The varied pace and character of the economic recovery have changed the outlook for personal lines insurers at the state level, and insurers may wish to reassess their geographic footprints, according to a new study by Conning.
"In this period of uneven economic recovery, understanding the outlook for personal lines insurance markets at the state level is critical for insurers' planning purposes," said Alan Dobbins, analyst at Conning. "States were affected very differently by the recession and are still experiencing significantly disparate rates of recovery. We have developed an analytical framework to allow insurers to benchmark state performance more readily, looking closely at growth, market concentration, demographic and economic data, among other variables."
The Conning study, "Personal Lines State Environment Annual" analyzes and presents data for each state for the period 2008-2012, including historical growth, market concentration, demographic and economic data, and distribution dynamics. Conning utilizes this data to develop a premium growth outlook for each state.
"We review both state premium development over time and demographic and economic data in order to build our rankings of state growth expectations by product," said Steve Webersen, director of research at Conning. "Changes in underwriting performance and exposure outlook by state drive most of the significant changes in state rankings since our last report. Once insurers assess the new state landscape, they can better position themselves for future growth."
"Personal Lines State Environment Annual" 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 almost $83 billion in assets under management as of September 30, 2013 through Conning, Inc., Conning Asset Management Limited, Cathay Conning Asset Management Limited, and Goodwin Capital Advisers, Inc. The company'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. The company is headquartered in Hartford, Connecticut, with additional offices in Purchase, London, Cologne, and Hong Kong.
Contact: Michael Warner