Insurance agents looking to grow their businesses often overlook the excess and surplus (E&S) insurance market. This sector of the market includes customers who are typically turned away from traditional policies, such as standard property and casualty or business owner’s coverage. In 2018 alone, E&S line premiums in the U.S. totaled $31.4 billion, up 11.3% from the prior year. What’s more is that several states experienced record-breaking premium totals, including Nevada and Washington, which were each up 23%. As a whole, premiums have increased by 48% in the past 10 years.
Customers who can’t get access to traditional coverage may be required to self-insure or go without insurance – greatly increasing potential exposure. The E&S market fills this void, allowing agents and brokers to grow their capacity and revenue and capture more of the insurance market.
Want to see the rest of this article? Download our free eBook!