According to a new report from Aon Programs, the specialty insurance market is in-demand, with health care, mortgage banking, catastrophe products and non-profit protection being recognised as the industries at the forefront.
The analysts noted that four forces are impacting this industry’s need for more customised insurance solutions including evolution in the delivery of care, home health care, senior living and mental wellness.
The highly active, ongoing home buying season, the re-fi surge and need for mortgage impairments, are driving demand for specialty coverage in the mortgage banking industry.
As severe weather and flooding become common across the country, commercial property owners are increasingly understanding their true flood risk as well as the need for flood insurance.
The pandemic tested nonprofits and exposed them to new risks. Growing liability and the need for tailored insurance solutions for nonprofits presents the opportunity for agents to be counsellors and present customised products that help organisations on a budget.
Chad Levine, executive vice president and chief strategy officer of Aon Affinity commented: “There is an intense craving for customisation and for partners who truly know what they’re doing.
“For agents, being able to zero in on a specific client risk and provide coverage for it is a serious leg up.
“In fact, consumers no longer hope you have what they want – they expect it. Specialisation is driving every facet of our lives, including what coverage we choose to protect our most important investments.”
“There is, and will continue to be, a significant appetite for specialty products. The last year certainly showed how important it is to be able to rely on experience, and there are very few programs that have the reach and scope that Aon Programs has.
“Having access to a network and experience like our team does is integral to a broker’s success. This, coupled with our service levels, sales and underwriting, benefits all parties, is a win-win for everyone involved.”