Commercial and Small Business Insurance - US - October 2010
Commercial and small business insurance companies are very motivated, or so it appears, to put on the pressure to not only perform, but to compete effectively at this time. Their pieces of the pie have been shrinking due to the slumping economy beginning in late 2007.
The Commercial Property & Casualty business overall lost $17 billion in net written premium in 2009, after sustaining losses in 2008 as well. Workers’ Comp, a line that represents about $5 billion in premium, has been badly bruised by the economic downturn. Basically, all lines and nearly all insurers have reported losses of at least some magnitude during 2009.
This report will address the current overall economy as it relates to the insurance business and their commercial customers. It also reviews in depth the different marketing strategies employed by the larger insurers in the Commercial market.
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