Particular market in excessive demand: Aon applications

The specialty insurance market is in demand, with healthcare, mortgage lenders, disaster products and nonprofit protection recognized as the frontline industries, according to a new report from Aon Programs.

The analysts found that four factors are influencing the industry’s need for more personalized insurance solutions, including the advancement of long-term care, home nursing, old-age living, and mental wellbeing.

The very active, prolonged home buying season, the surge in refinancing and the need for impairment on mortgages are driving demand for specialty covers in the mortgage banking industry.

As storms and flooding become more common across the country, commercial property owners increasingly understand their true flood risk as well as the need for flood insurance.

The pandemic has put nonprofits to the test, exposing them to new risks. Growing liability and the need for bespoke insurance solutions for nonprofits give agents the opportunity to be consultants and present bespoke products that help organizations on a budget.

Liberty Mutual Reinsurance

Chad Levine, Aon Affinity’s executive vice president and chief strategy officer, commented, “There is a strong need for customization and for partners who really know what they’re doing.

“It is a serious advantage for agents to identify and protect against a specific customer risk.

“In fact, consumers no longer hope you have what they want – they expect it. Specialization determines every aspect of our lives, including the coverage we choose to protect our most important investments. “

“The need for special products is great and will continue to exist. The past year has certainly shown the importance of being able to rely on experience, and there are very few programs that have the reach and scope of Aon programs.

“Access to a network and experience like our team is critical to the success of a broker. This, coupled with our service levels, sales and underwriting, benefits all parties and is a win-win situation for everyone involved. “

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