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A Growing Need for Agents to Provide Cargo Insurance

Agents/Brokers Can Grow as a Result of Specialty Niche Training

Hanging containers

Cargo insurance is a growing, specialty niche and agents can expect premium volume to increase substantially by the end of 2014.

The National Export Initiative targeted a doubling of U.S. exports in five years beginning in 2010. Assuming this goal is achieved, and it is on track to do so, the additional U.S. marine cargo insurance premium generated will be $350M by the end of 2014.

In response to this growing need, Wyvern is increasing its' outreach to agents and brokers interested in developing this expertise, by launching Wyvern Webinars. Through trial and error, Steve Connor, President of Wyvern, realized agents need more than simply access to strong markets in order to grow their cargo insurance book. His experience shows that agency producers need initial sales and technical training and ongoing sales support in order to be successful. In short, they need a cargo insurance partner who nurtures the relationship with the agents' producers.

Steve Connor wrote about agency growth through this specialty market in the May 2009 edition of the Steve Connor, President, WyvernIndependent Insurance Agents of Illinois monthly magazine, before Obama's National Export Initiative was announced. Although the focus in 2009 was on how to use cargo insurance to counteract the effects of the recession, the message is valid in 2012 as well. In 2012, not only can an agent benefit from specializing but they will be specializing in a fast growing niche. As new exporters outgrow their freight forwarders' cargo insurance coverage, agents can be positioned to capture that new premium if they are prepared.