What’s Going On In The Market?

​As we head into the second half of 2023, the insurance marketplace remains in a state of flux. We've seen some strong underwriting results from carriers leading to softening in some markets, while also experiencing some of the hardest market conditions we've faced in decades for others.In February, we published our State of the Market – Q1 2023 and not much has changed since. These are common themes running through the property segment of almost every industry:Catastrophic weather events—major hurricanes making U.S. landfall in five out of the last six years, wildfires engulfing thousands of acres, unprecedented winter storms, Midwest flooding, etc.—have played a major…

Continue ReadingWhat’s Going On In The Market?

Blowing Up The Benchmarks

 By: Carey WallaceThere are several key benchmarks that independent insurance agencies use to measure their success. They include retention rate, sales velocity, profitability, and revenue per employee – just to name a few.In many cases, the historic metrics for each of these benchmarks are being redefined by agencies that are thinking differently about how the work within each role inside an agency is accomplished. Those that are able to rethink “the way we have always done it" at the task level are finding ways to drive efficiency, unlock capacity, and drive up the profitability inside their agency.The core metric that measures efficiency is revenue per employee,…

Continue ReadingBlowing Up The Benchmarks

Workers Comp Rating Board Proposes Loss Cost Decrease

​The New York Compensation Insurance Rating Board announced this week that it has proposed a 2.6% decrease in Workers' Compensation insurance loss costs for 2023. If approved, the new schedule of loss costs will apply effective October 1, 2023.The filing is subject to approval by the New York State Department of Financial Services. The filing and explanatory memorandum are available for review online​.Source

Continue ReadingWorkers Comp Rating Board Proposes Loss Cost Decrease