The past decade was volatile for personal lines insurers. However, during this period, 19 companies were standouts, leading their peers in both growth and profitability, according to a recent study by Conning Inc., an investment management company for the global insurance industry.
Conning found that successful insurers gained market share while maintaining profitable. And while no one route to success is apparent from the review, the most common feature of the top personal lines companies in the past 10 years is a specialty focus.
"As we analyzed these personal lines insurer results it becomes clear that, regardless of the significant market share advantage of large companies, size by itself does not appear to translate into a key differentiator for success. However, more than half of the members of the successful group have clearly identifiable product or customer segment specialties, while others have a regional specialization, sometimes in addition to a product niche," said Alan Dobbins, Director, Insurance Research at Conning, Inc.
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