Insurance news report shows consumers prefer agents

Insurance News

South Asian non-life customers still depend on professionals for their coverage needs. According to the latest international insurance news statistics regarding the commissions earned by individual agents from the first quarter of the 2011 fiscal year when compared to those of the first quarter of this year, the average has risen from 35 percent to 43 percent. This indicates a growing dependency from consumers on their agents. On a wider scale, there have been three channels of distribution, which include individual agents, corporate agents, and brokers. Together, these are the…

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IBISWorld insurance agents news from the UK

Insurance Agent jobs

Report outlines the latest in the industry for the United Kingdom. IBISWorld, has released a report with the latest insurance agents news and have identified an updated list of factors that are affecting employees within that sector of the industry in the U.K. It showed that the continued economic struggle since 2008-2009 is the heart of the current macroeconomic influence. Tim Stephen, an industry analyst from IBISWorld, explained that “there has been a resulting decrease in the need for workers’ compensation insurance, as it is determined by total employment.” He…

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Insurance brokers speak out against commissions rule in healthcare overhaul

Insurance producers are fighting the Patient Protection and Affordable Care Act’s (PPACA) element that excludes commissions from the calculations of the minimum medical loss ratio. The PPACA states that health insurance companies in the large group market must spend a minimum of 85 percent of premiums on healthcare services, and those in the small group and individual markets much spend at least 80 percent on healthcare services. Broker and agent groups are battling on Capitol Hill to remove their commissions from the requirement. They had hoped that the cause would…

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Kentucky 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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