Daily Market Update

Daily Market Update | Insurance Business

Daily Market Update
Are you happy in your work? Study suggests not
Employees of insurance companies and other financial services are among the least satisfied with their daily lives. That’s the finding of a new survey by TINYPulse which reports that 22 per cent of workers in the financial sector are “truly happy” at work. Recognition from colleagues is the main driver of workplace happiness according to the study of 3,000 employees in 60 financial services firms; however 46 per cent say they are indifferent or unsatisfied with their colleagues. Poor attitude, lack of motivation and lack of skills are the main reasons for this. Bosses are also a problem; 53 per cent said their manager lacks communication skills, time for employees or focus on their employees’ personal development.  Perhaps most worrying is that 80 per cent of respondents do not feel valued at work. Looking for an alternative? Construction workers are the happiest.
Health insurers set to benefit from Aussie baby-boom
Figures suggest that Australia is about to experience something of a baby boom with the health insurance industry the biggest beneficiary. Analysts are IBISworld found that the country’s birth rate is set to grow by 6.4 per cent in the next five years and that the health insurance industry will see a 36.2 per cent surge in revenue. This is based on the firm’s research showing that families accounted for 51.3 per cent of the sector’s revenue in 2013-14. Industry analyst Lauren Magner commented: “Often couples that are planning to have a baby will take out pregnancy health insurance, and health insurance for their child following the birth. It follows that an increase in the birth rate will lead to a surge in health insurance premiums and revenue.”
Detroit residents resort to fraudulent practices to lower premiums
It may be known as ‘motor city’ but it seems that Detroit consumers have some issues with the automobile, at least when it comes to insurance. Wayne Miller of Wayne State University Law School in the city told NPR that around 50 to 60 per cent of drivers are estimated to have no insurance policy and others are also being less than honest. With the city’s drivers (who do have insurance) paying some of the highest premiums in the nation Miller’s research has discovered that some drivers claim that their vehicle is garaged in one location when actually they live somewhere else. This fraudulent activity means that honest drivers pay even more and dishonest ones are even less likely to change their ways. Detroit’s mayor is proposing changes that would make auto insurance more affordable by capping the level of healthcare covered by policies although Miller is not convinced that it would lead to lower premiums.