Private U.S. property-casualty insurers saw a partial rebound in their net income after taxes for the first nine months of last year when compared to 2008, but still lagged when compared with 2007.
In light of a drop in income and overall profitability for the first half of the year, the property-casualty industry remains “profitable,” according to a national trade organization.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.