PUBLISHER ’ S NOTE
A UNIQUE MARKETPLACE written by Dave Hulcher
Over the past 12 months , I ’ ve heard from many members that the current insurance marketplace is unlike any they ’ ve experienced before . Limitations in carrier underwriting appetites , increased rates , elevated replacement costs , and coverage restrictions – coupled with frequent requests from customers to remarket accounts – have certainly been taxing our members .
This is one of the reasons that I have anxiously been awaiting our 2023 Kansas Annual P & C Marketplace Summary Report . Using the most recently available data from AM Best , the report provides an overview of premium growth rates for various lines of business , carrier loss ratios , penetration rates and trends along with utilization of surplus lines carriers . Reviewing the overall marketplace from an empirical viewpoint allows us to better understand how we can assist our members in meeting their challenges and setting their strategic direction . I ’ d encourage you to take some time to review the marketplace report .
In the spirit of helping our members in an intensely competitive marketplace , I ’ m proud KAIA introduced a bill to reduce the surplus lines premium tax from 6 %, tied for highest in the nation , to 3 %. In the past five years , the premium written in the surplus marketplace has doubled and reducing this tax should aid our members in what are likely already difficult customers conversations about rising costs . A huge thank you to our Government Affairs committee for making this happen . Now it ’ s time to put the full court press on reducing the burdensome costs of MVRs !
This edition of KIA & B focuses on personal lines with information on insuring properties owned by other entities , dealing with client rate increases , personal auto trends and more . Please enjoy !
Stay humble , kind , and thankful ,
KIA & B
MAY / JUNE 2023 • VOLUME 28 No . 3
OFFICERS OF KAIA President : Lucas Raleigh | lucas @ releighinsurance . biz President-Elect : Kevin O ’ Brien | kevin . obrien @ reillyinsurance . com VP / Treasurer : Bryan Schmitz | bryanschmitz @ sbsins . com Secretary / Assistant Treasurer : Dave Sanders | Dave . Sanders @ imacorp . com National Director : Cindy Hower | chower @ kellermaninsurance . com Immediate Past President : Jo Erin Stuteville | joerin @ elliottinsurancegroup . com
BOARD OF DIRECTORS Zone I Director : Shelby Doty | dotysh @ insurance-planning . com Zone II Director : Bryce Hundley | bryce @ hundleyinsurance . com Director-at-Large : Brock Elliott | Brock @ elliottinsurancegroup . com Director-at-Large : David Vogel | dvogel @ provalueins . com Director-at-Large : Scott Strickland | scotts @ cacu . com Director-at-Large : Cristi Werth | cwerth @ ruraltel . net Young Agents Chair : Bryce Burdiek | BryceBurdiek @ sbsins . com
KAIA STAFF & CONSULTANTS Executive Director : Dave Hulcher COO / General Counsel : Beth Smoller Vice President of Finance : Shannon Bower VP of Business Development : Josh Goodman Membership Engagement Specialist : Ruth Wright E & O Program Administrator : Barb Wise AVP of Prof . Dev . & Marketing : Karlyn Judd Director of Marketing : Valerie Gardner Office Coordinator : Barb Cobuluis Acct . Managers : Valerie Dunnam & Carolyn Rouse KAIA Lobbyist : Dan Murray
2 KANSAS INSURANCE AGENT & BROKER