According to the Big "I" 2022 Market Share Report, 62% of all property-casualty insurance written in the United States is placed through independent agencies.
The Market Share Report, published annually, combines and examines data on property and casualty premiums from AM Best and offers agents and carriers information on the current market shares by distribution types. This year's research, which is based on data from 2021, emphasizes the dominance of independent agencies in the commercial lines market by estimating that this channel places close to 88% of the written premium for commercial lines.
According to Chris Boggs, Big "I" vice president of agent development, education, and research, "the demise of the independent agency channel has been predicted by various sources for many years, but the Market Share Report affirms the reality that independent agents have and continue to place the majority of all P&C business." Independent agents, in particular, "continue to demonstrate their dominance in commercial lines."
Independent agencies in the United States place 37% of all personal lines premiums, despite being the undisputed leaders in commercial lines.
About 50% of the $765 billion in premiums written in the United States were for personal lines, 38% were for commercial lines, and 12% were for "unclassified" coverage, which is coverage that is difficult to classify as either personal or commercial lines. Approximately 85% of this "unclassified" business is placed by independent agents.
Workers' compensation was the only line among the top 10 lines written by independent agents that did not experience at least some rise in the percentage written by the independent agency channel over the five years ending in 2021. The proportion of independent agents writing on all other lines was either constant or increasing.
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