Commercial Lines

Ample capacity remains for new business in the insurance marketplace, but catastrophe losses are beginning to strain rates and increases are likely in some sectors, according to a report released by Marsh.

With April designated as Community Banking Month, agents and brokers should seize the opportunity to ensure that their community banking customers carry the broad coverage needed to confront today’s emerging liability risks and weather any economic storm.

Culture is the foundation of any insurance agency or brokerage firm. No matter how good your services and products, your employees or your people, without a strong culture your firm will never fully succeed.

Tom Suter, vice president of strategy and managing partner for Naviant, a Minneapolis-based technology consulting firm, says agencies need to find a way for the younger generation to tap into what he calls the experienced principals’ “fountain of knowledge.”

One issue of concern to both agents and customers is the future of the National Flood Insurance Program (NFIP)—still a subject of debate in Congress.

On the final day of the conference, agents met to hear a panel discussion with three insurance-industry CEOs and the president of the Insurance Information Institute on the state of the industry.

Independent insurance agencies hold a significant asset on their balance sheets: the (often significant) cash in their bank accounts.

Attorneys general, insurance industry executives and self-proclaimed consumer advocates who want to modify compensation for insurance agents and brokers don’t know what they are talking about, according to free-market advocate, Eli Lehrer.