Every couple of years, the Independent Insurance Agents & Brokers of America (a/k/a, “The Big I”) conducts an “agency universe study.” The study gets into very specific detail about the state of independent insurance agencies across the country. It’s a way of taking the temperature of the distribution channel. It also indicates trends. For example, for many years the number of independent agencies shrank due to retirements, consolidations, mergers, and so forth. However, the number appears to have stabilized, according to the last few studies.
IIABNY decided it wanted to dig deep into the 2014 AUS to find out specifically what’s going on here in New York. The association hired a research consulting firm to pull out the New York data and compare it to the data from outside the state. The results were interesting – encouraging in some ways, challenging in others.