Since 2010, program business in the US has almost doubled, going from $17.5 billion to $32.3 billion as of 2014, according to the latest State of Program Business Study by the Target Markets Program Administrators Association [TMPAA]. In fact, 82% of program administrators reported increases in premiums in 2014, and nearly one in five reported that their business increased by more than 25%, demonstrating the segment’s steadily growing presence in the insurance market.
Despite the challenges in program business, including suppressed pricing and increased competition, the segment continues to grow year-over-year. “The commercial program business is growing at twice the rate in terms of gross written premiums compared to the general commercial marketplace,” says David Springer, group president and COO of NIP Group, a New Jersey-based program administrator. “We are outpacing the general market, but there is still room for a fair amount of growth in the program space. It is really nice to outperform the market in that way, and going forward, I think program business will still outperform that market as a group.”
For the first time, IBA has assembled a guide to some of the country’s top program administrators, who provide insurance solutions to niche industries with tailored programs designed to meet their every risk management need. From specialists in construction and builder’s risk to firms offering coverage for psychotherapists and sports leagues, the following 28 companies are servicing the unique needs of a wide range of industries across the country.