With $30.1 billion in program business premium revenues in 2013--a 9.8% increase over $27.4 billion in 2012--the financial performance of this commercial insurance market segment continues to outpace the overall property-casualty marketplace, according to the Target Markets Program Administrators Association (TMPAA)'s annual "State of Program Business Study," released at TMPAA's 14th Annual Summit in Scottsdale, AZ.
More than 60% of the 285 TMPAA program administer members responded to the survey, which focused on the size, growth and profitability of the program business marketplace, as well as underwriter compensation and social media marketing strategies.
Among the key findings:
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