NU Online News Service, April 5, 12:38 p.m. EDT
Independent agents continue to lose personal lines market share to direct writers, and combating that means conveying to customers the unique abilities producers bring to the table, says the chairman of the Independent Insurance Agents & Brokers of America.
Mike Miley, client executive for the independent agency Gibson based in South Bend, Ind., and chairman of the IIABA, points out that there is $280 billion in annual premium in the personal lines marketplace. Independent agents now have 32 percent of that market but are losing their share at a rate of 1 percent a year. That translates into a loss of $2.8 billion in premium, which equates to $300 million in lost commissions to independent agents.
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