With so many insureds looking for ways to cut costs – and potentially shopping for new carriers in an effort to do so – it's integral independent agencies find ways to stand out in the crowd. Photo: Photocreo Bednarek/Adobe Stock
According to the 2023 Independent Insurance Agent Survey produced by NU Property & Casualty and the National Association of Professional Insurance Agents (PIA), independent agencies saw an increase in agency production and gross income in the previous 12 months. Just over 25% of agents said their overall insurance production had increased by more than 10% during that period, and around 23% said their production increased 6% to 10%. Only around 15% of agents reported decreased production.
This does not, however, mean the tough economic climate hasn't weighed on independent agencies. More than one-third of respondents said their clients have decreased coverage in order to save money.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
