Insurance: Leading through disruption

This presentation, given by Insurance Information Institute CEO Sean Kevelighan, Chief Economist Steven Weisbart and Chief Actuary Jim Lynch, to the U.S. Department of the Treasury Federal Advisory Committee on Insurance (FACI), discusses the unique and strong position the insurance industry plays as a leader in the U.S. economy.

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Background on: Buying Insurance

Overview

Insurance is generally bought directly through an insurer or through independent agents and commercial brokers who provide access to the products of several insurers. Direct writers dominate auto and homeowners insurance sales, while commercial insurance is more commonly purchased through independent agents or brokers.

Insurance distribution channels and processes are being transformed by technology advances and market pressures such as changing buyer behavior; new products; consolidation; expense pressures; growth challenges; and new non-traditional entrants.

Facts + Statistics: Distribution channels

Life insurance distribution channels

Life insurance was once sold primarily by career life agents, also known as captive agents, representing a single insurance company, and by independent agents, representing several insurers. Now, life insurance is sold directly to the public by mail, telephone, and the Internet. Independent insurance agents have the largest share of the market, followed by affiliated agents.

Facts + Statistics: Insurance company rankings

 

Top 10 Writers Of Property/Casualty Insurance By Direct Premiums Written, 2022