March may be in like a lion and out like a lamb, but the crisis in the personal lines segment continues as costs from catastrophes rise steeply.
In March, Independent Agent magazine covered the steep cost of increasing catastrophes on the property & casualty industry, especially in the homeowners market. March may be in like a lion and out like a lamb, but the crisis in the personal lines segment has tempestuous and wide-reaching consequences, highlighting the growing importance of personal umbrella coverage.
Independent Agent magazine is the authoritative source of information for professionals who sell insurance for independent agencies. Whether it's a seasoned agency principal, producer, or account representative, Independent Agent helps agency employees increase sales and deliver an industry-leading customer experience.
In addition to thought-leading analysis of industry trends and market conditions, Independent Agent covers p&c coverage changes and new products, interprets legislative issues, and delivers the strategies managers need to grow their agencies.
Here are the five most-read articles on iamagazine.com in March:
5) Personal Umbrella: A Look at the Volatile and Growing Market
By Olivia Overman
The harsh reality of unprecedented losses and unprofitability in homeowners and auto insurance means the extra protection provided by personal umbrella coverage is growing more and more necessary.
4) 3 Common Myths About Coverage for Dirt Bikes
By AnneMarie McPherson Spears
As the dirt bike market grows, independent agents can debunk consumer misconceptions about coverage.
3) High Net-Worth Homeowners Face Headaches Amid a Lack of Capacity
By Will Jones
Affluent homeowners face issues because of an aggregation of high-value homes in areas that are becoming riskier due to changing weather patterns.
2) Broken Home: The Availability and Affordability Crisis in the Homeowners Market
By Will Jones
While the hard market has cut deep into nearly every insurance market, the scale and magnitude of its impact on the bread and butter of personal lines has turned what was once a simple product into a nightmare.
1) U.S. P&C Underwriting Losses Hit 10-Year High of $38 Billion
By AnneMarie McPherson Spears
In addition to $65 billion in CAT losses, AM Best analysts also said both economic and social inflation played large roles in property & casualty losses.
Compiled by AnneMarie McPherson Spears, IA news editor.
