Program business continues to be a large part of the overall commercial insurance marketplace, with $32.3 billion in premiums in 2014, according to the Wilmington, Del.-based Target Markets Program Administrators Association's State of Program Business Study 2015.
This represents an increase of 7.4% from the year previous. In fact, program business is growing more quickly than the overall commercial insurance sector, which increased 1.7%, according to the study. Overall, the number of insurance programs increased slightly to about 2,100 programs and to about 1,000 program administrators.
Among the study’s findings, the number of administrators who reported increases in premiums rose from 52% in 2010 to 82% in 2014. Of those who reported increases, 36% say gross revenuesrose 1% to 10%, a quarter saw increases between 10% and 25%, and 16% say gross revenue increased more than 25%.
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