Uncertain World a Challenge to Life Firms Insurance Chronicle (03/24/03) Vol. 14, No. 13 p.1; Tuckey, Steve
The low interest rates and stock market, the current U.S. administration, and the uncertain environment all pose challenges to the life insurance industry, said Northwestern Mutual CEO Edward Zore, speaking at a recent life insurance conference, but he also pointed out that people are more aware of the need for financial security. The conference was sponsored by ACLI, the Society of Actuaries, LOMA, and LIMRA International, and was really the first such meeting for life insurance itself rather than related topics. Despite the poor environment, LIMRA said that individual life insurance sales rose last year, and fixed products are driving sales growth while variable life and variable universal life have dropped somewhat. ACLI President Frank Keating noted the necessity for industry participants to get involved in politics, given the ignorance of many members of Congress on life insurance. "If you want to be heard you have got to be heard and the best way to be heard is to be in somebody's face," he said.