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Entertainment—more than $4 billion; Niche segments offer many attractive opportunities for independent agents. The entertainment industry accounts for more than $4.4 billion in premium from some 1 million establishments, according to data compiled by MarketStance in Middletown, Connecticut. Average premium-per-account sizes range from $126,000 for casinos (except casino hotels) to $1,000 for agents and managers for artists, athletes, entertainers and other public figures. There are 25 NAICS classifications in this category, making it amenable to agencies that are looking for small niches where they can gain expertise and differentiate themselves from their competition. The states offering the best potential for agencies wanting to write entertainment businesses are Pennsylvania, Texas, New Jersey and Florida. This is based on a combination of projected employ-ment growth, total number of establishments and total premiums written. While California ranks number one in both premiums and number of establishments, its projected employment growth in this category knocks it down to a tie for fifth place with Georgia in terms of potential. Because this is an arena that depends on providing enjoyment for third parties, liability coverages represent the most important segment, accounting for 68.3% of the total premiums written. This is followed by workers comp (13.8%) and property (8.5%). The lodging industry offers a wider scale in terms of average premium per account, with casino hotels coming in at an average of nearly $1.26 million, while rooming and boarding houses show an average of about $1,000. The category provides some $3.14 billion in premium from 110,000 accounts. There are only seven NAICS classifications in this area. Florida, California and Texas are the leading states in terms of potential. Liability concerns also are strong in the lodging industry. However, liability premiums represent 45% of the total, much smaller than for the entertainment field. The increased employment demands bring workers comp up to 22.2% of the total, followed by BOP premiums (19.8%) and property (8.5%). For more information on these markets, contact MarketStance at (888) 777-2587 or e-mail info@marketstance.com. * |
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