Insurance Business America (IBA) has announced the winners of its 5-Star Program Administrators & Carriers 2024 awards, recognizing top program administrators and carriers in the US market.
The awards highlight 14 program administrators and 10 carriers for their performance over the past year, as determined by a survey of industry professionals.
The US program insurance market has seen significant growth in recent years.
Data from the Target Markets Program Administrators Association (TMPAA) shows that the market grew by 352% between 2010 and 2022, with the total value surpassing $80 billion in 2023. Projections indicate the market will exceed $100 billion soon.
This growth has been driven by program administrators’ ability to develop niche programs and handle specialty lines.
Carriers have increasingly relied on program administrators to manage these specialized risks, leading to lower loss ratios.
According to TMPAA, 83% of program administrators plan to launch new programs within the next two years, while 96% of carriers are expected to introduce new offerings in the next three years.
In May, IBA opened nominations for its fourth annual 5-Star Program Administrators and Carriers list.
Candidates were evaluated across several categories, including program size, expertise, stability, and innovation. Feedback from program administrators on the carriers they work with played a significant role in determining the winners.
Carriers were rated by program administrators on a scale of 1 to 5 in 10 different categories, including underwriting expertise, service quality, and claims handling. Those that scored an average of 4.00 or higher were named 5-Star Award winners.
The following program administrators were among the 14 awarded 5-Star status:
Additionally, 10 carriers were recognized, including:
These awards underscore the contributions of program administrators and carriers to the growth and success of the market over the past year.
See the rest of the list of winners by reading IBA’s 5-Star Program Administrators & Carriers 2024 list.
