Agents' Burnout Is Real, Kemper Heads for an Exit and Rates Going One Way
P&C Specialist’s?exclusive report?on the impact of the hard market on insurance agents finds that they are caught between a rock and a hard place.
The latest insurance company to make a strategic move to recapture underwriting profitability is Chicago-based?Kemper, which announced plans to?shut down its preferred personal lines?to concentrate on its flagship non-standard auto business.
Closing lines of business or otherwise restricting coverage is one way to improve the bottom line. The other way is to raise premium rates and, judging by?comments from bigwigs?during second quarter earnings calls, there is no end in sight.?Allstate?and?Progressive?executives specifically cited premium hikes in their private passenger auto business.
These moves are not exactly new — several carriers have been pursing them all year — raising the question: What do they have to show for it??P&C Specialist?ranked?publicly traded insurers by biggest underwriting losses in home and auto at midyear to find out.
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