Michigan is down one insurance commissioner. Today, Ken Ross, former holder of the office, announced that he would be stepping down, effective Friday. Ross’s announcement was a surprise as he was expected to hold office well into next year. Speculation abounds as to why Ross has abdicated his position, but Ross himself holds that the decision was motivated by personal reasons. Ross was first appointed to the office in 2008 by then Governor Jennifer Granholm. The position normally constitutes a four-year-term. He oversaw the agency through trying economic times and…
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India in the running for top life insurance production in the world
India is on track to becoming one of the world’s largest providers of life insurance according to a study done by the Ficci and Boston Consulting Group. The rate at which the industry is progressing, the nation may become one of the 3 top life insurance companies worldwide. The study suggests that the growth is due, in part, to the rapid industrialization of the country and booms in population. As the nation develops, more people find that they can afford insurance coverage, and so they obtain what they need. The…
Read MoreCommercial insurance rates may be on the rise due to 2010 losses
Premiums for commercial lines of insurance are still low, mainly due to an increased amount of insurers offering coverage, and the low amount of consumers looking for providers, and not making claims. Most small and midsized business rates remained the same, while some large companies saw minor decreases. The last two years have been relatively calm for most states, as far as natural disasters go; compared to losses that have occurred in previous years. This has created an increase in capital that insurance companies have had to work with when…
Read MoreSurvey says that car dealerships profit big time from selling insurance products
Finaccord, a financial market research group, conducted a study across 26 countries regarding the financial impact of up-selling consumers on “extras” when they purchase a new car. The numbers are staggering on how it’s affecting car dealers and manufacturers profit margins. When dealerships partake in selling insurance products like gap insurance, extended warranties, auto insurance, roadside assistant programs and creditor insurance they benefit wildly. According to Finnacord, their study shows the importance of the said factors to the automotive industry in the whole of Europe. In the countries that were…
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