The social services market offers strong growth
The market has 1.2 million enterprises generating $3.3 billion in premium
The social services market generates more than $3.3 billion in total premium from some 1.2 million enterprises, according to data compiled by MarketStance, Middletown, Connecticut. Included in this niche are individual and family services; community, emer-gency and other relief services; vocational rehab services; child day care services; community care facilities for the elderly; other residential care facilities; and residential mental retardation/mental health facilities.
Individual and family services represents the most attractive class thanks to a combination of strong employment and sales growth accompanied by total premiums of more than $1 billion from 163,659 accounts. Individual and family services includes non-residential child and youth services, service for the elderly and persons with disabilities, and services such as alcohol and drug addiction self-help organizations, offender self-help and rehabilitation agencies, social service agencies and the like.
Individual and family services also represents the largest BOP market within the segment and has a lower average premium than most other classes in this segment at around $6,000 per account. The segments with the largest average premium of around $13,000 per account are community care facilities for the elderly, and residential mental retardation/mental health facilities.
California and New York represent the largest states for this market, with $480 million in premium and $442 million, respectively. Pennsylvania, with $195 million, is a distant third.
Workers compensation is the largest line of business for this market segment, with $1.8 billion, or 54.7% of the total, followed by liability at $721 million (21.6%); commercial auto, $332 million (9.9%); property, $210 million (6.3%); BOP, $146 million (4.4%); and all other, $104 million (3.1%).
For additional information on this or other niche markets, contact MarketStance at (888) 777-2587 or e-mail info@marketstance.com. *