A new McKinsey & Co. report indicates that one positive factor in the U.S. property/casualty market is small business insurance, which generally serves businesses with up to 100 employees and $100,000 in annual premiums. The report, “Small Commercial Insurance: A Bright Spot in the U.S. Property-Casualty Market,” also cautions that the market is likely to face intense competition over the next few years, and carriers would do well to take action now and position themselves appropriately. One element of this positioning relates to the online sale of insurance, which the report says is especially popular among small business owners.
Read more about the report and access relevant charts via Property/Casualty 360 here.