(DeWitt, New York, Apr. 23, 2015) — With deep roots in their communities, New York independent insurance agencies are healthy and growing, a major industry trade group said today. The Independent Insurance Agents & Brokers of New York said that a recent study shows insurance agencies in the state achieved greater revenue even while facing a difficult economy.

According to the 2014 Agency Universe Study:

• New York agencies are growing. Two-thirds of New York agencies saw revenue growth between 2012 and 2013. This was despite the lingering effects of the 2007–09 recession and an economy that has lagged the rest of the country in recovery, particularly in the upstate counties. New York’s results were comparable to those for agents in the rest of the U.S., where 70 percent of agents saw revenue growth.
• New York agencies are fixtures in their communities. More than half (55 percent) of New York agencies have been in business at least 45 years. One-fifth of them started business before World War II. In the rest of the country, only 30 percent are 45 years or older and only 13 percent pre-date the war.
• They like to work with New York-based insurers. Compared with their peers outside the state, the percentage of New York agencies representing large national companies, such as Progressive, Travelers and The Hartford, is substantially less. Large percentages of New York agencies represent local insurers such as Utica National, Merchants, Dryden Mutual and NYCM.

The New York analysis of the 2014 Agency Universe Study was prepared by Zeldis Research Associates. Participants in the study included a mix of agencies from New York City, Long Island, the downstate and upstate counties.

The report is available for download at http://www.iiabny.org/SiteAssets/Articles/2014-AUS-IIABNY.pdf.