SCOTTSDALE, AZ — October 2025 — The Target Markets Program Administrators Association (TMPAA) has released the 10th edition of its biennial State of Program Business Study, conducted in partnership with Zywave. The 2025 report reveals continued strong performance and growth across the program business sector, underscoring its position as one of the most dynamic and resilient segments in the property and casualty (P&C) insurance market.

From 2011, when total premium volume stood at $17.5 billion, the program business market expanded steadily—reaching $110.8 billion in 2024, a 40% increase since 2022. This growth once again outpaces the broader commercial insurance market, which saw only a 21% increase in direct premiums earned during the same period.

“The program administration market continues to be the most dynamic part of the insurance ecosystem, with more and more capital discovering it,” noted one survey participant.

The 2025 study incorporates responses from 99 program administrators, 70 insurers, and 46 service providers, representing more than 2,700 active programs. The findings provide valuable benchmarking data for TMPAA’s nearly 800 member organizations.

Key Findings

• Sustained Growth: Program business premium volume reached $110.8 billion in 2024, continuing a decade-long expansion and outperforming overall P&C market growth.
• Profitability Remains Strong: Between 2022 and 2024, average administrator revenue rose 49%, reaching $20.6 million. Nearly half of administrators reported profit margins above 26%.
• Dynamic Market Activity: 83% of administrators and 88% of carriers reported premium growth in 2024. Over half of administrators launched new programs in the past two years, with 42% planning additional launches in the next 24 months.
• Sector Outlook: Respondents identified growth opportunities in AI adoption, data analytics, specialization in emerging risks, and stronger carrier-administrator partnerships.

“The future of program business is strong—especially for those dedicated to disciplined underwriting and long-term carrier partnerships,” the report concludes.

About the Study

The 2025 State of Program Business Study represents the most comprehensive benchmarking analysis of the program sector available. TMPAA partnered with Zywave to collect data from April through July 2025. Participants included program administrators, carriers, and service providers representing a cross-section of the industry.

Sponsors of the report include Accredited, Amwins Underwriting, Aon, Arrowhead Programs, Azur Technology, DOXA, HDI, Mystic Capital, Nationwide E&S/Specialty, and Westfield Specialty.

The executive summary of the study is available here.

About TMPAA

The Target Markets Program Administrators Association (TMPAA) is the only organization dedicated to the specialized needs of program administrators, representing nearly 800 members across three categories. The Association provides resources, education, and connections that help members enhance performance and profitability.