Middletown, CT (PRWEB) August 21, 2006
The size of the Business Owners Package (BOP) market, long only guessed at by the property/casualty industry, has been quantified by MarketStance, a leading provider of business demographic and market data analysis tools and services for the U.S. insurance industry, as part of the inclusion of BOP premium estimates in the company’s industry database.
The newly released MarketStance Version 5.1 provides premium estimates for the BOP policies written on small business and provides the information by territory to the county or ZIP code level, by business class and by account size. The MarketStance BOP data provides the first-ever quantification of this market segment, which totals an estimated $17 billion in premium and represents 52% of the commercial multi-peril market as recorded in the MarketStance data.
The new BOP data are part of a comprehensive, multi-dimensional data and analysis tool on the U.S. market for insurance. The MarketStance database also includes information on the commercial property, liability, automobile, workers compensation, boiler and machinery and inland marine markets.
According to MarketStance Founder, Fritz Yohn, MarketStance focused on providing a consistently defined BOP core against which an individual insurance carrier can benchmark its own book of business which may have unique segment classification definitions and size limits. The growing industry interest in increasing small commercial market share, he notes, suggests that this resource will prove very useful to carriers.
With its addition to the MarketStance database, the new BOP data can be deployed in either the desktop analytical tool or web-delivered, report based tool provided by MarketStance.
MarketStance (http://www.marketstance.com) integrates economic and business demographic information with insurance data to provide up-to-date market information and insights for the U.S. insurance industry. The company additionally provides highly skilled analytical consulting services that are built upon an in-depth understanding of and experience in insurance.