Ascend Releases Premium Finance Report; Findings Show 66% Growth Opportunity For Premium Finance By 2031

We’re excited to share Ascend’s 2022 Premium Financing Report, which takes a look into the premium financing market, the underlying trends, and future growth opportunities.  

Ascend allows agencies to easily automate many of the workflows associated with agency bill and premium financing to increase team efficiency, improve your bottom line, and best set up agencies for future revenue opportunities. With Ascend, customers are able to automate many of the repetitive and time intensive tasks across invoicing, financing, receivables and payables. Over the last year, Ascend has seen agencies make up to 45% more in revenue with the saved time previously spent managing financing workflows. 

Ascend’s Premium Financing Report 2022 was conducted through research analysis and direct feedback from Ascend customers. The report revealed 4 major trends/findings which reiterate the strong growth trends of the commercial markets, a strong tailwind for the premium financing market. 

The commercial lines market will continue to outgrow the personal lines market in the next decade – projected to be 8% bigger in 10 years.

The commercial lines market has been growing at 5.29% CAGR vs 4.65% CAGR for personal lines over the past 10 years. 

  • We expect to see the commercial lines market expand to over $603B within the next decade, while personal lines will grow to $560B over the same time period. 
  • Although only a 1% difference in total premium in 2021, this would represent an 8% difference by 2031.
  • Several factors contribute to this continual growth of commercial premiums: rising claims for insurers, increased litigation, increases in weather-related claims, and growing cyberattacks and ransomware. 

“In today’s economic situation as economies battle inflation and slowing growth, premium financing moves into the forefront as businesses place an extra emphasis on cash flow and liquidity to weather these conditions,” says Praveen Chekuri, Co-Founder & Co-CEO of Ascend.  Ascend is focused on providing agencies the insights needed to identify trends in the market to open up future revenue opportunities. Servicing teams today can spend up to 50%+ of their time managing agency bills and premium financing operations. With Ascend, our customers are able to automate many of the repetitive and time intensive tasks across invoicing, financing, receivables and payables. We see agencies make up to 45% more in revenue with the saved time previously spent managing financing workflows.”

Non-admitted markets are a growing player of the overall P/C market. Connected to the increased risks we see across the commercial market, excess & surplus markets have also seen continued growth year to year. 

  • In 2020, the US E&S market was worth $41.7B, 5.72% of the P/C premium total of $728B. 
  • This is a remarkable 46% increase from just 3 years earlier in 2017, when E&S made up only $28B of P/C’s $642B (4.39%).
  • The growth can be attributed to the E&S market’s fewer constraints when it comes to pricing and policy. E&S offers more flexibility, fostering an environment for innovation to flourish, even during times of financial crisis. 

Premium financing is growing step in step with the commercial market.

  • The premium financing market continues to hold steady around 12% of the total commercial lines market – eclipsing $45B in 2021. 
  • Of that $45B, nearly $36B (80%) of that premium financing was handled by the big three: IPFS, AFCO, and First Insurance.
  • With the commercial lines market projected to grow to $603B over the next decade, it is safe to assume the premium financing market will grow another 66% to hit $75BN by 2031. 

Automating payment workflows can reduce the operational costs of managing premium financing significantly, increasing agency bottom lines. 

  • 70%+ of agency owners reported lower client satisfaction due to poor customer payment experience
  • Servicing teams spend more than 50% of their time chasing down missing payments
  • Poor workflows lead to customers receiving NOCs for non-pay on financed policies
  • These inefficiencies can end up doubling the cost to handle the operations for premium financing, reducing agency profits. 

To learn more about Ascend and see the full report, you can download it at


Ascend is the modern insurance payments platform that provides an automated all-in-one solution for invoicing, financing, and payables. Founded by two-time insurtech entrepreneurs Andrew Wynn and Praveen Chekuri, Ascend helps distributors sell more by eliminating expensive and labor-intensive payment workflows, while providing insureds with the great online checkout and financing experience they’ve come to expect. To learn more, please visit LinkedIn, Twitter or check out

More from this Author