Small Commercial Insurance Market: Opportunities to Compete

PR Newswire

HARTFORD, Conn., March 13, 2024 /PRNewswire/ -- The small business sector remains a highly competitive market for property-casualty insurers. Small business is often referred to as the backbone of the U.S. economy, accounting for more than 90% of all domestic enterprises. Small businesses continue to evolve and have bespoke needs that small commercial market (SCM) insurers must meet, ranging from multiple distribution avenues to product needs and digital capabilities.

A new Conning report, "Small Commercial Insurance Market: Opportunities to Compete", provides an analysis of trends in the small commercial market, focusing on insurance industry developments and important trends in the customer base. The analysis uses data from 2022 statutory reports to size the insurance market, with data and events through 2023 to assess key developments in the customer base.

Subjects covered in the report include small business insurance market characteristics and sizing, the general state of small business in the U.S., trends in small commercial insurance distribution, and an assessment of the near-term opportunities and concerns.

The small commercial market remains intensely competitive without a dominant market share leader. "In addition, the target customer base includes a diverse array of businesses—differing considerably by size, operations, client base, and risk management needs," said Alan Dobbins, a Director of Insurance Research at Conning. "This opens opportunities for insurers to craft distinctive offerings for different segments—opportunities to differentiate and create unique value for their clients."

The Conning report, "Small Commercial Insurance Market: Opportunities to Compete", the tenth in a series focused on the small commercial insurance market, is available for purchase from Conning by calling (888) 707-1177 or by visiting https://go.conning.com/2024-Small-Commercial-Report.html.

ABOUT CONNING

Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.