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Insurance Industry News from ProgramBusiness.comA New Survey Ranks Terrorism, Pricing and Capacity as Major Challenges
7/24/02, Laguna Hills, CA…A new research study released today by National Marketing Services, Inc. finds that executives of major reinsurers and carriers believe terrorism, pricing and capacity are the major challenges currently facing the insurance industry.
The study, Insurance Industry Outlook 2002, was based on interviews with over 300 leading executives from both carriers and reinsurers. Participants were selected by a random sampling of National Marketing's extensive database. The 10-15 minute interviews, conducted by telephone asked executives about the state of the national economy and the insurance industry. Survey questions covered economic indicators, government confidence, terrorism impact and security issues. Specific industry indicators included consumer and investor confidence, ability to write new lines, price increase reactions, predictions for the next 12 months and the impact of current challenges on marketing and planning.
According to National Marketing president Larry Neilson, "Considering the uncertainties of the economy, the terrorist impact and the hard market, we felt a need to quantify that impact on our industry. Insurance Industry Outlook 2002 was designed to provide all facets of our industry with insight into the thoughts of industry leaders on the economy, government and the industry and current challenges facing carriers and reinsurers. The survey had a special focus on the impact of terrorism and market predictions for the next 12 months."
Other findings include moderate confidence in the economy with an anticipated increase in investor confidence. 80% of the respondents believe the hard market will continue well into 2003, with premium increases in excess of 20% in property lines and somewhat lower increases in commercial auto, liability and workers’ comp.
National Marketing’s Market Research Division coordinated the development of the study’s methodology and data analysis with Dr. Chris Collet, the founder and president of Pacific Opinions, a survey and market research firm based in Irvine, California. An honors graduate of University of California, Berkeley, Dr. Collet received his Ph.D. at University of California, Irvine, where he remains a visiting faculty member.
Insurance Industry Outlook 2002 is available through National Marketing’s web site at http://www.nationalmarketing.com (Just click on Market Research) or by calling 1-800-736-9741. Priced at $395, the package includes an executive summary and a CD, which presents the findings in both a PowerPoint Show format and a narrated QuickTime Movie. The CD also includes an audio interview program where Larry Neilson discusses issues from the study with key executives from the carrier, wholesaler and reinsurer segments of the insurance industry.
As Neilson said, "The findings of this study provide every aspect of the distribution chain with valuable information. Knowing the thoughts of industry leaders will help readers to better interpret market trends to make informed decisions about their own marketing plans. Insurance Industry Outlook 2002 is the first of a series of market research studies on major issues facing the insurance industry."
About National Marketing Services
Founded in 1988, National Marketing Services (NMS) is a leading telemarketing and research firm, specializing in commercial and personal insurance telemarketing. Serving over 4,000 companies, NMS provides clients with prospect and new client leads, cross-sales of products and services, and increased levels of customer retention. Continually adapting to the latest in technology, new programs for the insurance industry include their Internet Call-Back Service, Seal Team VI and Client Outreach Program.
The Market Research Division of National Marketing Se
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