Commercial premiums fell for the first time in nearly nine years in Q1 2026. The Council of Insurance Agents & Brokers (CIAB) reporting an average decline of 1.2% across all account sizes, ending a 33-quarter streak of increases.
Against that backdrop, the Big "I" 2026 Market Share Report found that independent agents placed 62% of all US property and casualty (P&C) insurance written in 2025. The figure is up from 61.5% in 2024 and matches the channel's five-year average.
The annual report was published June 23 by the Independent Insurance Agents & Brokers of America (Big “I”). It compiles and analyzes P&C premium data from AM Best across all 50 states and the District of Columbia.
Independent agents placed 39.5% of personal lines premiums in 2025, up from 39.2% in 2024. That continues a climb from 36.7% in 2021 – a gain of nearly three percentage points over four years.
Last year's Big "I" data showed personal lines at 39%, up from 38.7% the prior year. The 2025 result is the fifth consecutive annual gain.
Over the same period, direct-to-consumer insurtech investment contracted sharply. Insurtech funding peaked at $4.9 billion in the second quarter of 2021 before beginning a sharp descent. By the fourth quarter of 2022, funding had reached its lowest level in 20 quarters at $800 million – a 78% drop from its peak. In 2023, direct channel personal auto premiums rose 10.3%, while the rest of the market grew 18.7%.
In commercial lines, the channel held its position. Independent agencies wrote 87.7% of commercial lines written premiums in 2025, in line with 87.9% in 2024.
Surplus lines utilization among independent agencies reached 9.9% in 2025, above the five-year average of 9.3%. Private flood utilization reached 52.6%, up from the 47.4% five-year average.
CIAB members reported lower pricing, more flexible underwriting terms, and expanded carrier appetite – including for risks that had previously been declined – as hallmarks of the changing environment. Commercial property premiums fell an average of 5.5% in Q1 2026. 72% of CIAB respondents observed an increase in property underwriting capacity, some describing it as "significant."
Net written premium growth slowed to 2.9% in Q1 2026, down from 6.8% in Q1 2025 and 9.6% in Q1 2024, according to Verisk and the American Property Casualty Insurance Association (APCIA). The Swiss Re Institute forecast direct premiums written growth decelerating to 4% in 2026, down from 5% in 2025, reflecting slower pricing momentum and increased competition among carriers.
The combined ratio for the independent agency channel fell to 88% in 2025, down from 92% in 2024 and below the five-year average of 94%. The loss ratio improved to 57.3%, against a five-year average of 63%.
The broader P&C industry posted a full-year combined ratio of 92.9% in 2025 – its lowest in over a decade – according to Verisk and APCIA. AM Best's March 2026 market outlook cited improved loss ratios as a basis for carrier confidence in easing underwriting standards.
Direct written premiums across the independent agency channel reached $1.1 trillion in 2025, up from $1.05 trillion in 2024. The US P&C industry posted an estimated $63 billion net underwriting gain for full-year 2025.
Charles Symington, president and CEO of the Big "I", said the results demonstrate the channel's stability through a difficult period.
"The resilience of the independent agency channel is evident in this year's Market Share Report, painting a clear picture of its stability through the hard market," Symington said.
"These numbers reflect how integral independent agencies are to the insurance marketplace as they offer both personal and commercial clients the choice, guidance and service that are essential in the insurance shopping process," he said.
"As the market has begun to shift, the channel is on firm footing and poised to make the most of these improving conditions," Symington added.
