The Insurance Information Institute (III) has released a new report drawing upon data from the U.S. Department of Labor. The report touches upon the volatility seen in the property/casualty insurance business in October of this year. According to the report, the property/casualty sector performed poorly in terms of employment while other sectors saw promising growth. Overall, the report highlights the turbulent year the insurance industry has faced as a whole and suggests that the trend can continue throughout next year depending on the economic climate. The III notes that 900…
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How to prepare an insurance agency to be sold
The perceived value of an insurance agency is impacted by a number of different factors, but there are three among them that will have the greatest influence. These three critical factors are the same as those that would influence the perceived value of any type of investment, and are: • Market conditions • Pro forma earnings • Risk connected with earnings in the future Market conditions are vital to the sale of any form of investment, and timing can significantly influence the sale’s net gain. The parts of market conditions…
Read MoreMoody’s predicts MMC to hold its position at top of market
Moody’s has announced that it predicts that Marsh & McLennan Cos. Inc. will maintain its current leading position in its main function as an insurance broker and consultant, as it seeks to make improvements to its business performance so that it can gain further hold in the marketplace. Lead analyst for Marsh & McLennan at Moody’s, Bruce Ballentine, said that they forecast “MMC’s credit metrics to benefit from restructuring steps and debt reduction achieved over the past few years.” He went on to explain that the stability of the…
Read MoreKentucky passes bill in hopes to lower fraud activity
The legislative department of Kentucky passed a bill that regulates the requirements of the federal government tax requirements on insurance for surplus lines as well claims for auto personal insurance that involve fraud. The bill was passed as the end of the legislative session is getting near. A measure was submitted by the lawmakers regarding lawyers who immediately get in contact with victims of car accidents offering their services. Called HB 382, this measure does not allow any unauthorized individual to contact a victim of a motor vehicle accident within…
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