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Louisiana’s “Holistic” Plan to Address Sky-High Auto Insurance Rates

Louisiana’s “Holistic” Plan to Address Sky-High Auto Insurance Rates

Louisiana's auto insurance rates have been a hot topic of discussion, both for residents and lawmakers. With the state's rates among the highest in the country, Louisiana Insurance Commissioner Tim Temple is taking a "holistic" approach to tackle this issue, but many obstacles remain.

Understanding the Root Causes of High Rates

Louisiana faces a unique set of challenges that drive up auto insurance premiums. A high percentage of uninsured drivers, the state's vulnerability to natural disasters, and its plaintiff-friendly legal environment all contribute to the high cost of auto coverage. Currently, around 875,000 of the 2.1 million active policies in Louisiana offer minimal coverage, leaving many drivers underinsured. When accidents occur, these drivers often face lawsuits that exceed their insurance limits, leading to more legal disputes and claims. This, in turn, raises premiums for everyone.

Inflation and Legal Environment Further Complicate Matters

Commissioner Temple noted that inflationary pressures in the auto industry are beginning to ease, which could potentially offer some relief. However, Louisiana's legal system presents another hurdle. The state's courts have a reputation for favoring plaintiffs in personal injury cases, leading to higher settlements and verdicts that insurers must account for. This has led to some insurers raising premiums or pulling out of the market altogether, further shrinking competition. While lawmakers like Rep. Egan of Covington have labeled the state's legal system a "hellhole," others, like Rep. Muscarello of Hammond, believe that significant tort reform has already been enacted. Muscarello expressed confusion over why these reforms have not yet translated into lower insurance rates.

Seeking Transparency and Stakeholder Accountability

Lawmakers are not just focused on reducing legal hurdles; they are calling for more transparency from insurance companies. Both Temple and Muscarello emphasized that insurers need to openly share their financial data to ensure that any cost savings from reforms are passed on to policyholders. Muscarello also expressed concern that the lack of transparency could derail efforts to lower rates. He warned that without honest input from insurers, the entire reform process could fail.

What's the Impact?

The high cost of insurance has driven some Louisiana businesses, especially trucking companies, out of the state. Temple shared a telling example of a trucking company that saw its premiums drop from $5,000 to $1,500 per month simply by relocating to Texas. This exodus of businesses highlights the urgency for meaningful reform that can attract insurers back to Louisiana. While the state's lawmakers continue to explore solutions, including inviting insurers to testify before legislative committees, it’s clear that the path forward will require cooperation from all stakeholders. The holistic approach aims to balance reforms, transparency, and financial incentives to not only stabilize the market but also bring insurers back to Louisiana.
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USG Announces Hire of Mark Heath of Goose Creek, SC

USG Announces Hire of Mark Heath of Goose Creek, SC

USG Insurance Services, Inc., a prominent national wholesaler and MGA, is pleased to announce the addition of Mark Heath to their esteemed Brokerage Division as a Broker. Heath will be working under the guidance of Mitchel Zelman, National Director of the Brokerage Division. Heath brings an impressive background from the agency world as the founder of Coastal Underwriters. With over 13 years of experience in finance and risk management, along with 11 years in the insurance industry, he is well-equipped to enhance USG’s service offerings. His dedication to providing top-tier service, exceptional problem-solving skills, and genuine passion for the industry make him a valuable addition to the USG team. The team looks forward to the significant impact he will undoubtedly have as they continue to grow and innovate in their services. This move is the most recent change that USG has implemented in its plan to continue expanding its operations nationally as a leading wholesaler brokerage firm. ABOUT USG: USG is a national wholesale broker and managing general agent (MGA) with offices throughout the country. USG represents 400+ A rated carriers, both admitted and non-admitted and is an MGA for 14 carriers, writing business in all states. USG's mission is to become the #1 provider of innovative solutions for the risk management industry--exceeding expectations with its advanced technology, creative problem solving, and research capabilities. CONTACT INFORMATION: MARK HEATH Broker d: 813.466.3576 e: mheath@usgins.com  
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Turvi Launches, Set to Transform Insurtech with Advanced SaaS

Turvi Launches, Set to Transform Insurtech with Advanced SaaS

A new player has officially entered the insurtech landscape: Turvi, a SaaS technology company backed by industry leader Crawford & Company, has launched with a mission to transform the insurance claims ecosystem. This announcement comes after months of vision, preparation, and technological development. Turvi's core focus is on solving key challenges in the claims process, offering advanced, customizable solutions designed to benefit stakeholders at every level. With a foundation built on the principle of leveraging technology to streamline and improve the claims process, Turvi is designed to enhance customer experiences, drive brand loyalty, increase retention, and ultimately reduce operational costs. At the heart of Turvi's mission is an unwavering commitment to delivering innovative solutions that can be utilized across the entire insurance industry.

Addressing Long-Standing Challenges in Claims

The insurance industry is often criticized for being slow to adopt new technologies. Turvi's leadership team, with decades of combined experience, understands the complexity of these challenges. "The reluctance to challenge the status quo and the institutional inertia required to overcome it are the biggest obstacles we face," said a Turvi spokesperson. Through its SaaS platform, Turvi offers tools that address these pain points, aiming to provide seamless, efficient, and transparent solutions. Perhaps most notably, Turvi’s technology isn't limited to Crawford clients. The platform is available to any company within the insurance claims ecosystem, ensuring widespread industry access to its benefits.

A New Era of Industry Collaboration

In addition to its technological prowess, Turvi stands out for its approach to partnerships and collaboration. "Our approach is broad in terms of the landscape of solutions we evaluate but very selective and vetted in terms of the adoption and partnerships we deliver," added the spokesperson. This careful, strategic methodology is intended to create sustainable change, rather than short-term fixes, by fostering meaningful collaboration with a variety of industry players. As the insurtech sector continues to expand, Turvi's entrance offers the promise of addressing deep-rooted inefficiencies in the claims process through well-vetted, scalable solutions. With Crawford as its first major client, Turvi is set to demonstrate its capabilities and deliver on its promise of elevating the insurtech space.

Driving the Future of Insurance Technology

For Turvi, this launch marks the beginning of what promises to be a transformative journey for the insurtech sector. With a leadership team boasting years of experience in both claims and technology, Turvi is uniquely positioned to tackle the challenges that have long plagued the insurance industry. By focusing on innovation, collaboration, and customer-centered solutions, Turvi is ready to make its mark and drive lasting change. This launch is more than just a technological advancement; it's an opportunity for the entire industry to benefit from new, efficient processes designed to streamline claims management and improve overall customer satisfaction. The company’s ambitions signal a shift toward a more efficient, transparent, and tech-forward future for insurance claims.
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Insurance Commissioner Predicts ‘Continued Strengthening’ of Florida’s Insurance Market After Hurricane Milton

Insurance Commissioner Predicts ‘Continued Strengthening’ of Florida’s Insurance Market After Hurricane Milton

According to Michael Yaworsky, head of the state’s Office of Insurance Regulation (OIR), Florida's insurance market is not just surviving but strengthening in the wake of Hurricanes Helene and Milton. Yaworsky’s recent statements offer optimism about the state’s property insurance market, rebutting concerns that Florida is headed toward a crisis. Yaworsky's comments arrive after recent hurricanes, including the devastating Hurricane Milton, which caused significant property damage across the state. Despite the severity of the storms, Yaworsky pointed to several “encouraging developments” that showcase the resilience of Florida’s insurance market. He highlighted that 15 insurance companies filed for rate decreases before Milton hit, a sign that the market is stabilizing. “Claims of the demise of Florida’s property insurance market are exaggerated,” said Yaworsky. “OIR has, and will continue to work with all carriers in the state to bolster the significant progress that has been made.”

USAA Reaffirms Its Commitment to Florida

A significant highlight in Yaworsky’s update was USAA's reaffirmed commitment to Florida’s marketplace. Following discussions with Governor Ron DeSantis and OIR representatives, USAA indicated its confidence in the reforms enacted by Florida’s legislature in 2023, which have contributed to a more stable insurance environment. USAA emphasized that they are "optimistic the 2023 legislative reforms will bring about a more robust, stable environment" and are "committed to our members in Florida." This continued investment by major insurance companies, despite the potential risks posed by recurring hurricanes, signals a shift toward stability in a market long plagued by volatility.

Decrease in Rate Hikes and Citizens Depopulation

One of the most promising indicators of improvement is the significant slowdown in rate increases. The 1.6% year-over-year increase in insurance premiums marks a notable drop from the 7% spike seen in previous years. Additionally, Citizens Property Insurance Corporation, the state's insurer of last resort, has successfully moved over 1 million policies to private insurers, with plans to offload another 235,000. This “depopulation” effort is part of Florida’s strategy to reduce reliance on state-backed coverage and promote a more sustainable private insurance sector.

Hurricane Milton’s Impact Still Unfolding

While Yaworsky's optimism is shared by many, the true test of the market’s resilience will come as the industry assesses the damage from Hurricane Milton. Governor Ron DeSantis has tempered expectations about the immediate impact of recent storms on property insurance, noting that federal flood insurance is likely to bear the brunt of claims related to storm surge and flooding. However, he reiterated that Florida’s insurance market is “in good shape” due to the reforms introduced following Hurricane Ian. As the state continues to recover from Hurricane Milton, attention will soon turn to how the insurance industry responds. The extent of the damage, especially in areas affected by tornadoes and storm surge, remains to be fully understood. Nevertheless, Yaworsky’s outlook offers hope for Florida homeowners and investors alike, signaling that the insurance market is on a "glidepath to sustained growth" despite the challenges posed by hurricane season.

A Promising Future Amidst Uncertainty

While challenges remain, especially in the face of recurring storms, Florida’s insurance leaders are confident that the market will continue to strengthen. With companies like USAA showing renewed commitment and rate hikes slowing down, the future of the state’s property insurance market looks more promising than it has in years. As Yaworsky summed up, "We are on the right path, and we will continue working to ensure that Florida remains a competitive and stable marketplace for insurance providers." Florida’s property owners, for now, can cautiously breathe a sigh of relief as the market shows signs of resilience, even in the face of nature’s fury.
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