Habitational risks account for more than $7.5 billion in premium
Habitational risks account for more than $7.5 billion in premium, or nearly 3.7% of all commercial lines premiums, according to data compiled by MarketStance, Middletown, Connecticut. Apartment owners (more than five units) represent the largest segment of this niche, with more than $5.2 billion (70% of the total, followed by dwelling owners (one to four units), with $1.4 billion (18%), and condominium associations, with $950 million (13%).
The habitational market in two states provides more than $1 billion in premium, California at $1.38 billion and New York at $1.31 billion. Florida is next with more than $517 million in premium. Three additional states provide more than $300 million in premium--Texas ($364 million), Illinois ($319 million), and New Jersey ($317 million).
Small commercial risks provide $6.2 billion of the premium, coming from non-employer and other small commercial enterprises, followed by middle market accounts with $1.3 billion and national accounts with $0.1 billion in premium. With the majority of this market in the small and middle market accounts, it is a prime target for independent agents and brokers. *
For more information:
MarketStance
Web site: www.marketstance.com |
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Habitational’s Share of Commercial Lines Premiums
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| 1-4 Unit Dwellings Share of Habitational Market |
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