A dearth of catastrophic storms over the past three years–with one or two exceptions–has left the insurance industry with unused underwriting capacity, excess capital and falling premium rates. The economic recession we're in will also undermine agency growth opportunities by forcing many customers to cut back their operations or go out of business.
As traditional sources of property-casualty revenue remain relatively flat, the most successful agencies are navigating this period of slow growth by finding new sources of business. They are looking to stock their proverbial “shelves” with an expanded array of new insurance coverage and financial products for their clients.
Property-casualty agencies are turning to the world of life insurance and financial services, incorporating other products such as individual life insurance, employee benefits (including group life and disability coverage, health and dental insurance), investment services and retirement planning.
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