Despite record profits this year, the insurance industry continues to shed jobs. The Insurance Information Institute has released a new report highlighting the losses in the property/casualty insurance sector. Signs of an improving economy may not be enough to help the industry keep its workforce employed, especially when confronted with costly losses due to this year’s natural disasters. The Institute’s report relied on data collected by the U.S. Labor Department’s Bureau of Labor Statistics. Apart from a still turbulent economic climate, the industry has been downsizing as a result of…
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Idaho health insurance exchange, Insurance Commissioner notes that it may cost insurance agents their jobs.
The debate on whether to pursue federally mandated health insurance exchanges continues in Idaho. The state has stood divided on the issue since Congress passed the Affordable Care Act back in 2010. Opponents of the health care overhaul say that the changes to health care are unconstitutional and have resisted efforts to establish an insurance exchange in the state. Many have gone so far as to reject monetary aid from the government for the initiative. Governor C.L. Otter, backed by several lawmakers, now says that time is growing short and…
Read MoreAllstate’s 2011 agency owners and salespeople to grow by over 230
Michigan’s sixth largest car insurance provider, Allstate, has announced that it will be appointing 35 new agency owners this year, in addition to hiring in excess of 200 licensed sales employees. The new agency offices will be located in Lansing, Metro Detroit, Grand Rapids, Ann Arbor, Flint/Saginaw, and Kalamazoo. Agency sales leader for Michigan, Chris Markey, released a statement which said that they have identified a sizeable “opportunity in the current economy to attract entrepreneurs and mid-career, mid-level managers who are looking for a business opportunity with a recognized brand.”…
Read MoreAmerican Cancer Society opposes exclusion of insurance sales commissions from administration spending limits
Regardless of not having performed a single study or impact analysis on the legislation, the American Cancer Society has recently opposed an effort in Congress to exclude insurance sales commissions from the regulations that control the maximum amount that can be spent on administration by insurers. The reason that the American Cancer Society is standing against the congressional effort is that it claims that it will lead to a rise in insurance premiums. Many argue that there is no proof, numerical, or statistical evidence that would suggest this, but at…
Read MoreTennessee legislation brings insurance jobs and more
The Tennessee State Government is expected to make changes to its laws regarding captive insurance this week. A bill that would allow the formation of new captive insurance companies is on its way to Governor Bill Haslam’s office, where it is likely to receive his signature and be passed into law. The state has not passed any new legislation regarding captives since 1990, which fostered in 16 new companies. According to legislators, the bill will not only bring jobs to the state, but also provide insurance companies more incentive to…
Read MoreThe future of insurance agencies and the broker’s role
In case anyone hasn’t noticed lately, we have come to the point in time where things are changing around us daily. Everything in business has to evolve with these changes to keep up and stay competitive. Insurance carriers and independent agencies alike are now trying to figure out what they can change, without changing what needs to be changed. It’s like the old saying, “can’t see the forest for the trees.” The insurers and the independent agents both have business specific issues, but neither one can see them. The insurance…
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