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The contractors market Contractors provide more than $26 billion in premium The general building and specialty trade contractors market accounts for more than $26.4 billion in property/casualty premiums, according to data compiled by MarketStance, Middletown, Connecticut. The largest lines are workers compensation at nearly $12 billion, commercial auto at $7.1 billion, and liability at $5.7 billion. The industry employs more than 7.5 million people, with more than 5.5 million engaged in specialty trades contracting and 2 million employed in general building. Small and non-employer contractors employ the majority of the people in this marketplace, with 5.4 million employees. There are five states where the contracting industry accounts for more than $1 billion in premium, led by California with $5.50 billion. The next four are Florida at $1.84 billion, New York at $1.62 billion, Illinois at $1.32 billion, and Texas at $1.30 billion. MarketStance data suggests that the fastest growing states over the next four years will be Alaska with an average annual growth of 8.4%, followed by Florida (7.7%), Nevada (7.5%), Oregon (5.0%) and New Mexico (4.4%). MarketStance points out that fast growth, especially in contracting classes, can be a leading indicator of deteriorating loss experience and might not necessarily be good news. Because of its size, this is a class for everyone. While the majority of businesses in the contracting class are small, there still is a plethora of middle market and national accounts, making it attractive for agencies of any size. * |
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