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Commercial property program premiums top $32 billion in 2014

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Commercial property program business saw robust growth in 2014, as premium revenue increased 7.3% to $32.30 billion in 2013, according to a study released Thursday by the Target Markets Program Administrators Association.

The first study reported $17.5 billion in commercial insurance premium revenue in 2010, the group said in a statement.

The report, “The State of Program Business Study,” was released Oct. 27 at the association’s 15th annual summit in Scottsdale, Arizona, according to the statement.

According to the study, the program industry’s current growth rate of 7.4% percent “substantially exceeds” the growth rate of the commercial lines market, pegged at 1.7% for the same time period by the report.

“Our annual program business study once again confirms that program business is the fastest growing segment and one of the most vibrant sectors of the commercial insurance market,” Heidi Strommen, president of ProHost USA Inc. and current president of the association, said in the statement.

Sponsored by Allied World Assurance Co. Ltd., BMS Intermediaries Inc., Chubb Corp., Ironshore Inc., NetRate Systems and Rockhill Specialty Programs, the annual study was conducted by the research firm Advisen Ltd. and included responses from more than 200 program administrators and program insurers, according to the statement.