President's Message

SUPPORT IN THE HARD MARKET

When I started at IA&B, 18 years ago almost to the date, the industry was on the tail-end of a hard market. I didn’t get the full experience of such a market, and in 2006 we moved into the soft market we have been experiencing since.

That all has changed, and it has changed quickly. The market has hardened significantly, and all indications are this could be the new norm for some time. I want to remind you that in an environment like this, IA&B is here for you:

1. If any carrier takes an action that you think is improper, please advise us. We are well-versed on the laws in our three states, and we can advise (and even take action) should any carrier act in a way that isn’t allowed by law.

2. If you are in need of markets, either because your current carriers have stopped writing, or you’ve lost an appointment, please look into IA&B’s market access program – Independent Market Solutions (IABforME.online/IMS). We can help you place business, without a direct appointment.

3. Unfortunately, carrier insolvencies are a byproduct of a hard market, and we expect to see some over the coming years. IA&B has resources available to assist agencies navigate this uncommon situation.

Also, while a hard market may present some difficulties and additional work, keep in mind it is an opportunity for the independent agent to shine. The lowest-possible premium is no longer the focus in this market, but instead discussion turns to coverage and stability of carriers. Your role as an advisor to your clients is highlighted, and it’s a big advantage we have.

IA&B will be presenting further resources tailored to this market over the coming year, and beyond. While the market is changing, our dedication to our members is not.

Until next time,

Jason F. Ernest President & CEO