A new report from Conning Inc. claims that specialty P/C insurers, including workers’ compensation providers, are now a dominant force in the market and generate more than half of the industry’s premiums. According to the report, two-thirds of individual insurance companies are specialists, accounting for about 56 percent of total direct premiums written. In 2011, 40 percent of the industry’s premium consisted of specialty business. The company defines the sector as including product specialists (areas including workers’ comp, medical professional liability or private passenger auto), high-risk specialists (including nonstandard risks, higher-hazard risks, customized products) and customer niche specialists (groups such as AAA or farm bureau members).
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