Interest rates have risen significantly over the last year, from 0.08% at the end of 2021 to 3.08% at the end of Q3 2022. (Credit: Murrstock/Adobe Stock)
Agents and brokers saw their first drop in organic growth in almost two years in Q3 2022, according to the Reagan Quarterly Market Update, but growth still sat at 9.5%, well above the 4.7% growth seen in Q3 2020. Q3 2022 also ranked as the quarter with the second-highest reported organic growth since the Growth and Profitability Survey began in 2008. The highest organic growth in that time period was recorded in Q2 2022 (10.2%).
Commercial lines saw more growth (11.8%) in Q3 2022 than personal lines, however personal lines saw its highest quarterly organic growth rate (5.9%) since the survey began. The report attributes this increased personal lines growth to brokers working to round out accounts and create stronger relationships with clients.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
