The worst of the economic downturn is believed to be over for insurance agents, a new survey of industry professionals indicates.
According to a survey conducted by the Insurance Information Institute, most insurance professionals think the financial crisis has passed by and the industry is in the midst of a hard market. Furthermore, the poll found that 75 percent of executives in the property and casualty industry believe profitability will increase this year.
Dr. Steven Weisbart, senior vice president and economist with the III, said executives are expressing a profound sense of optimism.
"The consensus among forecasters is for growth of the U.S. economy in 2012 at a little over a 2 percent annual rate, net of inflation," said Weisbart. "In that scenario, the demand for property/casualty insurance will increase modestly, both in terms of personal and commercial coverages."
This will come as good news for insurance agents who are hoping to turn more of their insurance leads into sales in 2012 and beyond.