Industries & Professions /
Employment in the insurance industry has been affected by the sluggish U.S. and world economies. Since 2007, employment in many sectors of the industry has dropped sharply, according to a presentation given in September 2011 by Steven N. Weisbart, chief economist with the Insurance Information Institute in New York. The slow economy impacted the industry in two primary ways. First, it led to a slowdown in the number of people seeking insurance of all types, especially life insurance. And secondly, it led to decreasing returns on investments, which meant that cash reserves were affected. As a response to both of these issues, companies stopped hiring employees, did not replace employees when they left, or laid off numbers of workers.
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