|NEWS RELEASE – FOR IMMEDIATE RELEASE
Contact: Nicole Vasile
THE COUNCIL COLLABORATES WITH EY TO PUBLISH NEW REPORT ON THE STATE OF COMMERCIAL INSURANCE
Washington, D.C. – July 27, 2022 – The Council of Insurance Agents & Brokers (The Council), in collaboration with global professional services firm, EY, today released The State of Commercial Insurance. This new report shares insights from the primary players in the commercial insurance ecosystem – carriers, brokers and policyholders (employers). The Council and EY conducted a survey of stakeholders to examine current industry trends and challenges they face. The outcome is a rich analysis of how each group is addressing pressure points such as evolving customer preferences and digital transformation; systemic risks, including environmental, social, and governance (ESG); premium pricing; overall macroeconomic conditions; and geopolitical risk.
“This study was unique in that we’ve never had the opportunity to compare investment strategies, business priorities and industry perceptions from these three cohorts side-by-side,” said Ken A. Crerar, President/CEO of The Council. “As we continue to navigate challenges resulting from the pandemic, this research from The Council and EY can act as a springboard for brokers, carriers and policyholders to level set on expectations and have deeper, more productive conversations about the future.”
Findings from The State of Commercial Insurance report include:
“EY and The Council leveraged our collective industry knowledge and longstanding business relationships to gather candid, accurate feedback from carriers and brokers with significant market share,” said Laura Hollerich, EY Americas Insurance Distribution Leader. “There are so many more topics to explore in the area of commercial insurance brokerage, and we’re excited to offer more insights in the future as the industry continues to grow and evolve.”
Respondents of the online survey represent 47% of carriers from the top 20 insurers and 42% from the top 50 based on asset size; 55% of the top 20 U.S. brokers and 30% from the top 50; and 35% of the top 20 international brokers.