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Survey: Agents Report Recession Not as Disruptive as Initially Predicted

Main Street businesses may still be trying to recuperate from the recession, but independent insurance agencies report that it has not been as disruptive as...
August 18, 2009

Main Street businesses may still be trying to recuperate from the recession, but independent insurance agencies report that it has not been as disruptive as initially predicted, an exclusive survey reveals.

The survey - "How Independent Agents View Carriers: The Super-Regionals" - polled nearly 1,100 agents in all 50 states, and asked 100 questions about various aspects of their relationships with the carriers they represent, and ranked those responses in 24 categories. It's the first survey of its kind that focuses on agents' views of "super-regional" carriers, which form the middle ground between national and local insurance companies. The survey was conducted by Channel Harvest - a partnership between Aartrijk and Campbell Communications - and sponsored by Insurance Journal.

Only about 20 percent of agents said they had seen major increases in policy cancellations or non-payment, with most seeing only minor increases. About half (54 percent) said these problems should return to normal within 12 months. More than half of agents said that their customers are taking less drastic cost-saving actions, such as increasing deductibles. In general the effect on the insurance industry is probably less severe than other industries are experiencing.

Survey: Agents Report Recession Not as Disruptive as Initially Predicted (Insurance Journal 8/11/09)