A recent survey conducted by Canadian Underwriter has revealed the top-selling insurance products in the industry. The survey, which gathered responses from brokers across the country, sheds light on the current trends and demands in the insurance market.
According to the survey, the top-selling insurance product is personal property insurance, with 78% of brokers reporting it as their best-selling product. This is followed by auto insurance, with 72% of brokers citing it as their top seller. These results are not surprising, as personal property and auto insurance are essential for individuals and families to protect their assets and vehicles.
The survey also revealed that commercial property insurance is the third best-selling product, with 62% of brokers reporting it as their top seller. This is followed by commercial auto insurance, with 56% of brokers citing it as their best-selling product. These results highlight the importance of insurance for businesses, as they face various risks and liabilities in their operations.
In terms of specialty insurance products, the survey found that cyber insurance is the top seller, with 44% of brokers reporting it as their best-selling product. This is not surprising, as cyber threats continue to increase, and businesses are becoming more aware of the need for protection against cyber attacks.
The survey also revealed that life insurance is the least popular product among brokers, with only 22% reporting it as their top seller. This could be due to the fact that life insurance is often seen as a complex and sensitive product, and requires a more specialized approach.
Overall, the survey results reflect the current state of the insurance market, with personal property and auto insurance being the top-selling products. It also highlights the growing demand for commercial insurance, particularly in the areas of property and cyber protection.
As the insurance industry continues to evolve, it is crucial for brokers to stay informed about the latest trends and demands in order to effectively serve their clients. This survey serves as a valuable resource for brokers to understand the current market and make informed decisions about their product offerings.
