HARTFORD, Conn., Nov. 17, 2014 /PRNewswire/ -- The small business market for insurance is likely to see significant change leading to consolidation in coming years, according to a new study by Conning.
"Conning estimates overall small business market premium at $91 billion in 2013," said Clint Harris, author and consultant to Conning. "When we subtract specialty and high-hazard business we estimate the principal small business market premium at $58 billion, or 20 percent of the property-casualty commercial market premium in the U.S. This significant market segment is a focus for both large and small insurers, yet our analysis indicates that no firm currently has more than six percent of the market."
The Conning study, "The Small Business Sector for Property-Casualty Insurance: Market Shift Coming" reviews the small commercial insurance marketplace, including carrier market share, drivers, and projections. The study also analyzes distribution issues and strategic directions for the market.
"While we have seen consolidation in personal auto benefiting a relatively small number of carriers in recent years, the shift has not been nearly as dramatic for small commercial," said Steve Webersen, director of research at Conning. "However, larger insurers in small commercial have made significant market share gains in the last five years. Leading companies are positioning themselves for further market share gains by investing heavily in technology and analytics to meet the evolving needs of an increasingly sophisticated customer."
"The Small Business Sector for Property-Casualty Insurance: Market Shift Coming" 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 $92 billion in assets under management as of September 30, 2014 through Conning, Inc., Conning Asset Management Limited, Cathay Conning Asset Management Limited, 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.