Independent Insurance Agents of Nebraska has released the next quarterly premium summary of the Nebraska property and casualty (P-C) insurance marketplace as a benefit of your Big “I” membership.
This report for the second quarter of 2021 gives you a nearly real-time sense of the developments with premiums in your marketplace.
IIAN has invested in this service, with information organized by Paul Buse of Real Insurance Solutions Consulting, LLC, to keep you informed. This can empower you in discussions with your prospects and insureds that you belong to a professional trade association that assures you have this sort of marketplace information.
You should also know the Nebraska annual P-C report for 2020 is available to you as members and can provide additional insights on loss ratios and trends, commissions and top insurers in each line of business.
The data in the chart above shows that P-C premiums in Nebraska during Q2 were rising, but slightly slower than the U.S. average. Also in Q2, independent agent premium growth rates were higher than direct or captive-exclusive agent competitors.
Nebraska Total Quarterly Premiums vs. U.S.
Quarter-to-quarter patterns between Nebraska and the U.S. premiums can be seen in the above bar charts.
The tables below the bar charts make comparisons on rates of change more precise, with exact percentages given. These tables, and those throughout this summary, allow comparisons by 3 measures of growth.
Those 3 measures of growth are: (1) between the most recent quarter and the quarter of the prior year; (2) a rolling 12 months; and (3) the average for 4 years.
Nebraska Quarterly Premiums by Distribution Styles
The bar charts above show the quarterly direct written premiums broken out into the distribution style for each policy-issuing insurer.
The tables below the bar charts give comparisons of Nebraska percentage growth rates to U.S. percentage growth rates.
The distribution styles above are based on “Marketing Types" reported by insurers to A.M. Best. The IA (Pure+MGA+Mixed) is the combined average of the Independent Agents (Pure), MGA, and IA-Mixed and closely follows the premiums given by A.M. Best in their Market Share Reports for independent agents.
Nebraska Admitted, Excess & Surplus Lines, and Risk Retention Groups
The bar charts above show the Nebraska quarterly direct written premiums broken out into the predominant regulatory regime applying to the insurer. The premiums shown in the bar charts are the sum of the individual insurers as classified as Admitted (the most closely regulated for solvency, rates and forms and generally covered by the state guaranty fund), E&S (Excess & Surplus lines or Non-admitted and less regulated), or Risk Retention Groups (commonly called an “RRG" and subject to a combination of federal and state rules and regulation).
Note the vertical axis for each bar chart varies in the maximum dollars, as the intent is to show relative changes in premiums and quarterly differences. If a single maximum were used for the vertical axis in each bar chart, then premium variations would be less visible, or not visible at all, for the E&S and RRG aggregated premiums.
Below the bar charts are the Nebraska and the U.S. percentage growth rates. The 3 measures of growth (2Q-to-2Q, Rolling and Average) are provided for comparison.
Nebraska and U.S. Growth Rates-Compared
The above comparison of Nebraska to U.S. percentage growth rate data is a combination of the previous data in this report by distribution style, and predominant regulatory regime, but with rates of growth in premiums shown side-by-side for a different perspective. The actual percentages contained in the bar charts are also beneath it in tabular form to provide you with more detail.
How is this data compiled?
The source of the data presented in this summary is A.M. Best and its Financial Suite. That is a system that allows various standard and custom reports. A.M. Best obtains the data from the financial statements filed by each domestic insurance company with its state regulator.
This summary takes custom data extractions for the last four years plus one additional quarter for data submitted by all insurers for Nebraska.
This data is combined with attributes of insurers like marketing type and licenses and uses it to aggregate premiums in a way independent agents can use to understand market conditions in Nebraska.