MarketStance Reports that Non-employers Expand BOP Market to $23 billion
MarketStance has announced the quantification of the non-employer segment of the BOP market at $6 billion, bringing the total US Business Owners Package Business market from $17 billion to $23 billion. The firm last month announced that the employer segment of the US BOP market totaled an estimated $17 billion.
Middletown, CT (PRWEB) September 27, 2006 -- MarketStance has announced the quantification of the non-employer segment of the BOP market at $6 billion, bringing the total US Business Owners Package Business market from $17 billion to $23 billion.
MarketStance, a leading provider of business demographic and market data analysis tools and services for the US insurance industry, last month announced that the employer segment of the US BOP market totaled an estimated $17 billion.
“Many people overlook the non-employer element of the market, assuming that it is comprised solely of small, home-based businesses. In point of fact, this $6 billion in additional BOP business is currently written premium," explains Fritz Yohn, founder and CEO of MarketStance.
Yohn notes that over a half million non-employer accounts, or 4%, generate sales of $120 million of more annually. Nearly 400,000 firms with no employees produce average premiums of roughly $4,000. “Firms categorized as non-employers may be staffed entirely by owners, or outsource administrative functions, and they can be substantial insurance accounts," he adds.
The new BOP data are part of a comprehensive, multi-dimensional data and analysis tool on the US market for insurance. The MarketStance database also includes information on the commercial property, liability, automobile, workers compensation, boiler and machinery, inland marine and farmowners markets.
MarketStance has focused on providing a consistently defined BOP core against which each carrier can benchmark its own book of business which may have unique segment classification definitions and size limits.
About MarketStance
MarketStance (www.marketstance.com) integrates economic and business demographics with insurance data to provide up-to-date market information and insights for the insurance industry. The company additionally provides highly skilled analytical consulting services that are built upon an in-depth understanding of and experience in insurance.
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