Property, Casualty and Direct Insurance in Illinois
Similar trends both nationally and in Illinois have led to revenue growth for the Property, Casualty and Direct Insurance industry in Illinois. In 2012, industry operators entered into a hardening price cycle to rebuild their balance sheets and improve profitability after numerous catastrophic events. As a result, net premiums written for key lines of insurance such as private auto insurance and workers' comp increased rapidly during the period. Industry revenue is expected to continue to grow over the five years to 2022, though at a slightly slower rate than the prior period. In the first half of the period, industry operators are expected to keep benefiting from a hardening price cycle and increasing interest rates as the Federal Reserve continues normalizing rates.
Operators in this industry are primarily engaged in underwriting insurance policies that protect individuals, businesses and agencies against losses that occur as a result of property damage, liability or other risks. Industry participants also protect real estate owners or creditors against losses sustained as a result of any title defect to real property. This industry does not include insurance coverage for life, disability, accidental death, dismemberment or health risks.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.