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Life insurance industry to see changes in 2010, says LOMAPosted On Thu, January 14, 2010
An international agency comprised of various insurance firms thinks that changes may be on the horizon for the life insurance industry in 2010 to help improve profitability amid what will be a difficult year financially.
According to a survey of insurance executives conducted by LOMA's Resource magazine, a majority of companies are anticipating "modest to flat" growth in 2010 compared to the year prior. Among the anchors anticipated to hold back profits are interest rates that are expected to remain low as well as investment portfolios that are in tatters following the recession and "variable product guarantees."
Additionally, as many buyers struggle to maintain their wealth, it was predicted that a mood of caution would set in when it came to decisions involving monetary investments.
"In 2010, we will begin to see M&A activity intensify in both the U.S. and abroad as highly capitalized companies seek to expand their market share," said Robert Kerzner, president and CEO of LIMRA, LOMA and LL Global. "Regulatory and legislative changes will also have a significant effect on how companies operate. The environment will remain difficult - some companies will thrive while others will struggle."
In order to help maintain profits throughout the year, LOMA predicted that automated technologies would help the industry out somewhat by reducing expenses while expediting processing and improving customer service in the process.
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