With a faster rate of growth than the overall property/casualty insurance market, the commercial program business segment can deliver true benefits for a carrier that dedicates the time and resources to understand and serve this segment.
Executive Summary
Success in the program business segment requires a long-term view, Munich Reinsurance America's John Willemsen says. In this article, Williemsen provides more advice for carriers, referencing some key takeaways from a recent Target Markets Program Administrators Association survey.But, like other areas of the insurance business, the program space requires expertise and focus for both carriers and program administrators (PAs) to be successful.
The Target Market Program Administrators Association (TMPAA) “2013 State of Program Business Study” estimated that programs accounted for $27.4 billion in annual premium in 2012 or roughly 10 percent of the overall commercial P/C premium in the United States.
