property_and_casualty_insurance_us_2009

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Property and Casualty Insurance - US - 2009
Description: About this report This report provides an overview of the Property & Casualty insurance industry. The two major lines of Property & Casualty insurance are the focus of this report - private passenger auto insurance and homeowners/renters insurance. General trends affecting the industry are discussed, including the factors impacting growth in market share and industry profitability. Readers of this report will learn: - How insurance companies are spending advertising dollars to gain more market share - The way the global economy is effecting consumers desire to save money - How recent catastrophic events have effected this portion of the insurance industry

Contents:

Contents Scope and Themes What you need to know Consumer survey data Online surveys Greenfield Online Experian Simmons National Consumer Studies Abbreviations and terms Abbreviations Terms Executive Summary Industry overview Current profitability of P&C insurers and the housing bubble Impact on Property & Casualty insurers Figure 1: Financial results for property & casualty insurers, 2006-08 Effects of 2008’s Hurricanes Ike and Gustav Consumers become Smart Shoppers Agents see their role as trusted advisor Competition for premium dollars has heated up Increases in ad expenditures and messages greet the new consumer Market Size and Forecast Key points Overview Figure 2: Property and casualty insurance premium written by line, direct written premium, 2007 Auto insurance direct written premium declined in 2007 Figure 3: Private passenger auto direct written premium at current and inflated prices, 1993-2007 Auto insurance has become less expensive over time Figure 4: Average auto insurance expenditure by state, 2006 Homeowners insurance growth in DWP has slowed considerably Figure 5: homeowners insurance direct written premium at current prices, 1993-2007 Figure 6: US median home price for existing single-family homes and homeowners insurance at inflated prices, 1999-2008 Figure 7: Average premiums homeowners and renters insurance, 2000-06 Combined ratios of personal lines Figure 8: Combined ratios for personal lines, 1993-2008 Figure 9: P&C industry combined ratio, 2001-08 Marketing Channels Key points Direct writers vs. agents Figure 10: Property & casualty insurance net written premium, by channel, 2007

More consumers are turning to the internet Figure 11: Online auto insurance activities, 2007-08 Figure 12: Online auto insurance activities, 2008 Marketing channels - consumer surveys Figure 13: How auto insurance was purchased, by age, May 2008 Figure 14: How homeowners insurance was obtained, by age, September 2008 Figure 15: How homeowners insurance was obtained, by age, September 2008 Figure 16: How homeowners insurance was obtained, by income, September 2008 Figure 17: How homeowners insurance was obtained, September 2008 Figure 18: How homeowners insurance was obtained, by age and ethnicity, September 2008 Marketing channels - agent survey Figure 19: Agent opinions on marketing channels, summary of top two boxes (agree, strongly agree), by gender and age, February 2009 Figure 20: Agent opinions on marketing channels, summary of top two boxes (agree, strongly agree), by agent longevity, February 2009 Agent Survey - Recruiting and Compensation Agents face many recruiting challenges Figure 21: Agent opinions on obstacles to the recruiting and retention of insurance agents, summary of top two boxes (agree and strongly agree), by gender and age, February 2009 Agents feel well-supported by their companies Figure 22: Employment status (independent contractor, independent exclusive agent, or employee), by gender and age, February 2009 Figure 23: Percentage of business that is any type of property & casualty (P&C) insurance (personal and/or commercial lines), summary of means, by gender and age, February 2009 Figure 24: Company(s) agent represents for property & casualty (P&C) insurance products (personal and/or commercial lines), by gender and age, February 2009 Figure 25: Longevity of agents, by gender and age, February 2009 Figure 26: Attitudes about whether company(s) supports agents, by gender and age, February 2009 Figure 27: Types of incentives and support received, by gender and age, February 2009 Figure 28: Attitudes about compensation structure(s) when compared to other companies, by gender and age, February 2009 Figure 29: Satisfaction with compensation structure(s), by gender and age, February 2009 Competition is a good thing Figure 30: Agent opinions on impact of industry developments, summary of top two boxes, (very positive effect and positive effect), by gender and age, February 2009 Figure 31: Agent opinions on impact of industry developments, summary of top two boxes (positive effect and very positive effect), by agent longevity, February 2009 Agents predict online marketing will be favorable for them Figure 32: Agent opinions on impact of future industry developments, summary of top two boxes (positive effect and very positive effect), by gender and age, February 2009 Figure 33: Agent opinions on impact of industry developments, summary of top two boxes (positive effect and very positive effect), by agent longevity, February 2009 Agents’ thoughts on regulation Figure 34: Agent opinions about state vs. federal regulation, summary of top two boxes (agree and strongly agree) by gender and age, February 2009 Figure 35: Agent opinions about state vs. federal regulation, summary of top two boxes (agree and strongly agree) by agent longevity, February 2009 Market Drivers Key points The U.S. population is projected to grow through 2012 and beyond Figure 36: U.S. population for adults, 18+, by age segment, 2002-12 Figure 37: U.S. population for adults, 18+, by age segment and owners of auto or homeowners insurance, 2002-12 Housing sales are down Figure 38: New private residential housing starts, 1994-2009 Figure 39: New private housing starts, March 2008-March 2009 Figure 40: Annual existing home sales, 1993-2008 Figure 41: Housing inventory and months supply, 1999-2008 Foreclosure rates are escalating. Sales of autos and light trucks have also slowed considerably. Figure 42: Annual auto and light truck sales, 1999-2009 Some have figured out ways to reduce costs for auto insurance.

There has been a spike in the number of catastrophes Figure 43: US insured catastrophe losses, 1992-2008 Leading Companies Key points GEICO, Farmers and Allstate made substantial gains Figure 44: Private passenger auto insurance top writers, by direct written premium, 2007 Leading homeowners insurers Figure 45: Homeowners Insurance top writers, by direct written premium, 2007 Brand Qualities Key points Brand differentiation is based on positioning Innovation and Innovators Key points Doing something green Mortgage protection plans Tracking teen drivers Advertising and Promotion Key points Overview Figure 46: Total advertising expenditures of the P&C insurance industry, 1999-2007 Television advertising State Farm Insurance Figure 47: State Farm Auto Insurance television ad, Girl turns into young woman while waiting to see if she can borrow dad’s car, 2009 Allstate Insurance Figure 48: Allstate television ad, in a recession, 2009 GEICO Insurance Figure 49: GEICO television ad, small gecko is shown standing on a desk, 2008 Figure 50: GEICO television ad, stack of money with eyes; he’ll be here waiting, 2009 Figure 51: GEICO television ad, cavemen bikers see billboard at bar, 2008 Viral videos Progressive Insurance Progressive Figure 52: Progressive Auto Insurance television ad, wife doesn’t know about husband’s toys, 2008 Figure 53: Progressive Motorcycle Insurance television ad, more like a 900 V twin, 2009 Hartford/AARP Figure 54: Hartford Auto Insurance television ad, people accomplish activities in various autos, 2009 Liberty Mutual Doing the right thing Figure 55: Liberty Mutual television ad, man goes outside to see wrecked car, 2008 Direct mail and print ads Competitors of State Farm in Florida Figure 56: AAA direct mail ad, 2008 Figure 57: Poe Agency Direct mail ad, 2008 Figure 58: People’s Trust Insurance Company direct mail ad, 2008 The price wars Figure 59: Allstate print ad, 2008 Figure 60: Allstate direct mail ad, 2008 Figure 61: Countrywide Insurance direct mail ad, 2008 Figure 62: Nationwide Mutual Insurance Direct Mail Ad, 2008 Figure 63: GEICO print ad, 2009 Mortgage Protection Plans Figure 64: American Bankers Insurance Company of Florida direct mail ad, 2008 Figure 65: Balboa Insurance direct mail ad, 2008 Going green Figure 66: AAA direct mail ad 2007 Figure 67: Allstate direct mail ad 2007 The Consumer - Ownership and Company Market Share Incidence of property & casualty insurance ownership Figure 68: Purchase incidence of property and casualty insurance, by age, September 2008 Figure 69: Purchase incidence of property and casualty insurance, by income, September 2008 Figure 70: Purchase incidence of property and casualty insurance, by race/ethnicity, September

2008 Figure 71: Purchase incidence of property and casualty insurance, by age, September 2008 Figure 72: Purchase incidence of property and casualty insurance, by income, September 2008 Figure 73: Purchase incidence of property and casualty insurance, by ethnicity, September 2008 Figure 74: Ownership of property and casualty insurance, by age and ethnicity, September 2008 Market share for automotive insurance Figure 75: Brand of automotive insurance owned, by age, September 2008 Figure 76: Brand of automotive insurance owned, by income, September 2008 Allstate leads State Farm among Asians and Hispanics for auto Figure 77: Brand of automotive insurance owned, race/ethnicity, September 2008 Figure 78: Brand of automotive insurance owned, by age and ethnicity, September 2008 State Farm has a solid lead in homeowners insurance Figure 79: Brand of homeowners insurance owned, by age, September 2008 Figure 80: Brand of homeowners insurance owned, by income, September 2008 Preferences by race/ethnicity Figure 81: Brand of homeowners insurance owned, race and ethnicity, September 2008 Figure 82: Brand of homeowners insurance, by age and ethnicity, September 2008 Dollar value of policies Figure 83: Average dollar value of homeowners and automotive insurance, September 2008 Appendix: Trade Associations

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posted:8/10/2009
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