2022 Insurance Networks Study
Insurance Networks Alliance (INA) releases the first State of Insurance Networks Study
Wilmington, DE, February 2022 – The only trade group that focuses on Insurance Agency Networks released its first-of-its-kind study examining the size and dynamics of the insurance networks business segment. The study was sponsored by INA members Chubb, Live Oak Bank, Keystone, Smart Choice, Travelers, United Valley Insurance Services, and Utica National. Survey data was collected from INA members representing over 25% of the total population of networks in the U.S.
A few of the study’s major findings were as follows:
- Insurance agency networks in the U.S. control $66 billion in premium, while total premium controlled by agencies associated with networks was pegged at $138 billion.
- Premium controlled by insurance agency networks in 2020 accounted for over 10% of the $652.5 billion in U.S. P&C insurance industry net premiums written.
- The study estimated that there are 150 insurance agency networks and 22,000 agencies that are members of these networks in the U.S.
The 2022 survey was designed, reviewed, and implemented by the INA Advisory Committee and Advisen (a Zywave Company). All individual survey responses were collected confidentially by Advisen who generated the final report.