Not too many years ago, “green” looked like the new black for property-casualty insurance agents. Now, many see green in shades of gray due to the slow economy, lack of capital investment and no definitive compass to where green growth will occur and how it will be sustained.
American Agent & Broker asked readers to weigh in on the green insurance products market. The vast majority of agents—86 percent—said they are not targeting green insurance products for future growth. And 83 percent say they have not seen increased demand or need for green products from clients in the past year. Still, agents were nearly evenly divided when asked whether the promise of green growth has been “oversold,” indicating that while demand is low, many still see its untapped potential (see the survey sidebar).
Brian McCarthy, CEO of Energi, sums it up this way: “Right now, the (green) train is going 20 mph. When capital comes into the market, that train could be going 110 mph. Increased cost of energy could add some political velocity.”
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