Insurance Commissioner Joseph Murphy was the keynote speaker at this year’s Metro South Independent Insurance Agents Association Luncheon. The annual event took place yesterday at The Shaw Center in Brockton, MA. Commissioner Murphy gave a brief speech on the state of the insurance industry in Massachusetts and then conducted a Q&A with agents. Here are some interesting facts from his speech:
- Massachusetts is the 10th largest insurance market in the country
- Massachusetts is the 26th largest insurance market in the world
- Massachusetts has the highest agency penetration in the country at 80%
- The Massachusetts insurance market employs approximately 100,000 people
- The Massachusetts insurance market generates approximately $43billion annually
- Since Managed Competition began in 2008, 13 new insurance companies have entered the state
View the photos from the SMIIAA Annual Luncheon:
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