On Tuesday, the Federal Trade Commission published its long-anticipated, final rule seeking to ban non-compete agreements in the United States.  The FTC claims non-competes violate Section 5 of the FTC Act, which makes “unfair methods of competition in or affecting commerce … unlawful.”

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Follow link to read the news release:

Farmers® Announces New Strategy and Organizational Structure for Long-term Sustainable Profitability

Preparing for the Medicare Opportunity: Agent FAQ

From a member agent:

"FIGFCU have had a data breach.  Many agents are receiving calls which have the real FIGFCU phone number (spoofed).  The person says they are calling because they see possible fraudulent charges on your account.  They then list a few charges and say they were all denied.  Eventually they ask for your member number and then they gain access to your account and steal money.  The person who called me had all my information (cell phone number, address, birthdate, last 4 of SSN).  They also somehow added their cell phone number to my bank account (FIGFCU removed it).  I didn’t realize the call was fake until they asked for my member number.  Other agents gave their member number and had money stolen."

For more information visit: FIGFCU Security Center Site

Tuesday, Farmers Insurance informed the state it was dropping home, auto and umbrella policies across Florida, potentially affecting tens of thousands of people. Read the article here.

Farmers Insurance has limited new homeowners insurance policies in California, joining other major national insurance providers. Click here to read the rest of the article.

Premium Amounts:

Sales Volume:

Renewals:

Life insurance policies often have longer durations, and agents can earn renewal commissions if the policyholders continue to pay their premiums. This can provide a passive income for the agent over the life of the policy. Long-term care insurance policies, on the other hand, may have shorter durations or limited renewal commissions, which could impact long-term profitability. 

Selling life insurance policies can provide agents with opportunities to cross-sell other insurance products, such as annuities, disability insurance, or health insurance. This can potentially increase the overall profitability for agents by leveraging their existing life insurance client base. This also applies to selling Long-term care policies as it can complement other insurance products such as life, health or annuities.   

The demand for life insurance is generally higher and more widespread compared to long-term care insurance, as it addresses a broader need for financial protection and income replacement. Therefore, it can be relatively easy to find jobs selling life insurance. However, finding customer leads on one's own in a competitive market can be challenging. 

Ultimately, an agent's success and profitability depend on their ability to effectively market, sell, and service the insurance policies they offer. Agents who understand the needs of their target market, have strong product knowledge, and provide excellent customer service are more likely to be successful and profitable, regardless of whether they primarily sell life insurance or long-term care insurance. 

Click HERE for a look at Zurich Insurance Group 2022 Half Year Financial Report.

Parry et al. v. Farmers Insurance Exchange, et al.

On November 16, 2022, the court granted final approval to the proposed settlement between the Plaintiff class and the Farmers Defendants. Read the article here