Economy News

Florida Signs Insurance Regulation Pact with United Kingdom

The Florida Office of Insurance Regulation (OIR) and the United Kingdom Financial Services Authority (FSA) have agreed to work together on issues that affect insurance consumers in the U.K. and the U.S. Florida Insurance Commissioner Kevin McCarty said the OIR …

Asia-Pacific Nations Decry First-world Protectionist Policies

Some Asia-Pacific nations criticized U.S. and other developed world protectionism on Tuesday at a meeting aimed at spurring a global trade pact and revitalizing the global economy. Thai Commerce Minister Pornthiva Nakasai, meeting her Asia-Pacific Economic Cooperation counterparts including the …

Declarations

Garden State Recruiting “Students realize that the insurance industry is a smart career choice, particularly in the current economy, as the field is recession resistant โ€” people always need insurance.” โ€”Willaim R. Vowteras, president of the Professional Insurance Agents of …

Supporters See $40 Million in Mississippi Windpool Subsidies As Economic Stimulus

Mississippi Gov. Haley Barbour has signed legislation to help control insurance costs for coastal property owners. Business supporters of the bill contend it will also serve as an economic stimulus. The bill appropriates $40 million for the state run windpool …

Love of Language Leads Enterprising Agent into Successful Niche Market

At first glance, Kathryn Soderberg would seem an unlikely candidate for an insurance agent whose expertise in marketing to Hispanic customers lands her gigs on radio talk shows and leading Hispanic market training sessions for large insurance companies. Soderberg, president …

California Commissioner Rejects Workers’ Comp Bureau Rate Increase

Citing testimony that self-insured employers have been able to reduce overall workers’ compensation costs, California Insurance Commissioner Steve Poizner has rejected the Workers’ Compensation Insurance Rating Bureau’s request for a pure premium rate increase of 23.7 percent. While the Department …

Growth Beneath the Radar

Don’t be fooled by the news headlines: Not all of the insurance industry is in retreat mode. In fact, in some pockets, agencies, brokers and carriers are continuing to pursue downright aggressive growth strategies. And many are even seeing positive …

Recession Increasing Insurance Fraud

Areas Where Agents Might See an Increase in Fraud Does a bad economy increase crime? According to Mike McKee, senior special agent for the National Insurance Crime Bureau, it’s too soon for statistics to confirm whether the mortgage meltdown and …

How to Cut Costs Without Cutting Effectiveness

Technological Advances Can Improve an Agency’s Bottom Line In any business, large or small, there is one mantra that gets chanted over and over anytime the economy goes even a little weak: cut costs. Of course when the economy completely …

Hawaii Could Tap Hurricane Emergency Fund to Shore-Up Budget

A Hawaii judge has blocked Gov. Linda Lingle from forcing thousands of public employees to take three unpaid days off per month, dealing her a setback in efforts to tame a huge state budget gap. Unions opposed to the furloughs …