Insurance sales have been decreasing to stable over the past 4 years.
This has led to a reduction in companies offering
quality, affordable insurance. (Whatever Happened to the M & A Recovery, by Jim Campbell,
Many insurance companies have been forced to decrease their sales force or
even close their offices.
State Farm, however, made the 2009 and 2010 top 31 and 34 Fortune 500 list for sales.
that State Farm can make a Fortune 500 list, even in recessionary times, shows how customer loyalty, a large media
marketing campaign, and satisfied customers are critical.
A consolation to the fact that although the insurance industry
has seen some decreases during this recessionary time,
State Farm Insurance, Met Life, Massachusetts Mutual Insurance,
and New York Life Insurance all made the Fortune 500 List during 2010.
These companies all exist in 25 mile radius that
Community State Farm Agency will be serving in Englewood, Colorado.
The property-casualty insurance industry is anticipated to a have approximately a 2% increase in pricing for 2011
(Insurance Prices Will Rise in 2011, Conning Predicts, Published April 10, 2010,
, retrieved September 30,
While this increase is minimal, this will help Community State Farm Insurance to increase overall sales growth.
Overall personal property and casualty insurance is also expected to grow, especially as the economy begins to pick up.
Community State Farm Agency’s business sales will probably experience a lesser increase in sales, since the business
industry overall will be lagging and not expecting to see increases until 2012.
This prediction for the business industry
insurance policies may experience even lesser sales growth if the economic environment does not improve.
Community State Farm Agency will see an increase in sales and policy coverage due to the recent wildfires in Colorado.
While these wildfires were outside the Englewood area, consumers tend to increase their need and coverage of personal
property during catastrophes like those in the outskirts of Denver.
the average homeowner’s residence life in a
property is 16 years,
less than 50% of those homeowner’s have increased their replacement value, according to a J. D.
Power and Associates