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Commentary

A new era in commercial and specialty insurance

New research shows how changing demographics, behaviors, technology and markets are creating a dramatic shift in P&C insurance.

By Denise Garth | Updated on July 14, 2017

When people hear about property and casualty (P&C) insurance, they often think of the highly-marketed personal lines brands like State Farm, Geico, Allstate or Progressive.

The reality is that commercial lines have the edge in P&C dominance. In the U.S. Market, 2015 P&C commercial lines direct written premium (DWP) was $295B, representing 50.6% of the total P&C market. The Insurance Information Institute expects overall personal and commercial exposures to increase in the 4.0% to 4.5% range in 2017, but cautioned that continued soft rates in commercial lines could cause overall P&C premium growth to lag behind economic growth. These numbers reflect to a great extent the range of “traditional” P&C products that have been in the market for years or decades.

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