Delaware-based industry body Target Markets Program Administrators Association (TMPAA) said Monday that over the last four years, total program business insurance revenues have nearly doubled, from $17.5 billion in commercial insurance
premium revenue in 2010 to $32.3 billion in 2014.
In the last 12 months alone, program business premium revenues have increased by 7.4% as the commercial property casualty insurance program speeds ahead of the overall property casualty insurance markets. By comparison, the overall commercial insurance
industry posted a 1.7% increase during the same time period, TMPAA said.
“The State of Program Business Study,” conducted by the research firm Advisen among more than 200 program administrators and program carriers, was presented at the Association’s 15th Annual Summit in Scottsdale, AZ this week.
Heidi Strommen, president of ProHost USA and current president of TMPAA, said that in the face of the many challenges facing program administrators, such as the use of predictive analytics and the establishment of start-up insurance programs, “We are able to maintain our fast-paced growth despite signs of a softening market.”