Government interference is our biggest worry, says AAMGA
Unnecessary interference by governments is the biggest threat facing managing general agents, and the wider insurance sector.
This is the opinion of Wayne Forest, president of the American Association of Managing General Agents (AAMGA), who says that extra regulation, for regulation’s sake, could be extremely damaging to the insurance industry.
“The biggest problem that we are going to face over the next few years is government intrusion,” he says. “It has the potential to choke off innovation in the sector.”
Forest also believes that the consolidation of clients is a substantial threat, given that it potentially means less customers – and therefore less revenue – for managing general agents.
“If one of our members currently has two customers, and those customers merge, then our member has to be concerned about how much ability they will have lost to write insurance because of that consolidation,” he says.
Forest also raised concerns about the need for strategic planning, to ensure that the AAMGA, and its members, stay relevant. “Times change, but we have a tactical and strategic plan that we are working with,” he says.
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