Posted on 30 Dec 2011
A plurality of insurance agencies expect their revenue for 2011 to mirror that of the prior year, according to the latest IFAwebnews.com poll.
About 48% of survey respondents expect their numbers to be about the same, while another 20% expect their revenue to exceed last year.
Meanwhile, fully 32% of survey respondents expect their 2011 revenue to be worse than 2010.
A number of life insurance and financial service professionals have said 2011 has been strong, in large part because people have been seeking safe alternatives to the up-and-down stock markets.
Property-casualty insurance agents have been suffering from limited construction and workforce growth, as well as soft rates.
For health insurance agents and brokers, 2011 has been tough, as they see further cuts in workers at many companies, as well as the closing and consolidation of a number of businesses, thus making the marketplace extremely small and competitive. Adding further complication is the potential effect of federal health reform, which has led to a decrease for some brokers of up to 50% of their commissions in 2011, according to a non-partisan Government Accounting Office report in fall.