ARE WE IN GOOD HANDS WITH THE
THE INSURANCE INDUSTRY
In order to understand the importance of the economy, we first must understand the definition of economics. Economics is the social science that deals with the use of scarce resources in order to obtain a maximum satisfaction of society?s unlimited wants. In simple terms, economics could be classified as the choosing of certain products over other products. The consumer only has a certain amount of buying power and all customers want the most for their money.
The insurance industry in general has been challenged in business growth this year. The general outlook for the industry will be moderate. According to the United States Bureau of Labor Statistics, the total number of people working in the insurance industry is 2.377 millions. Of these, approximately 380,000 work in the life insurance sector alone. Mergers and downsizing have led to a decline in the job market in the insurance industry. Technological advances will also cause the insurance industry employment to continue to fall over the next decade despite potentially growing demand for insurance products. The Bureau of Labor Statistics expects the employment to grow at a rate of
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