New PRI Study: Breaking Down Barriers in Insurance Markets Would Benefit Consumers, Expand Job Opportunities
Click here to download a copy of "Breaking Down Barriers"
"The victims of the recent rash of natural disasters throughout the country could face significant delays trying to rebuild their lives because there aren't enough licensed insurance adjusters to meet consumer need," said Dr.
Among the findings of "Breaking Down Barriers":
- In 34 states, an insurance adjuster must obtain a license to practice in the state, even if they are already licensed in their home state.
- The average cost to obtain a professional license is
$267 , but can exceed$1,000 in some cases. An average insurance adjuster holds 10-12 licenses, most of which are redundant though required once they cross state borders. - Costly, burdensome state requirements create a de facto barrier to entry for new adjustors, which becomes a problem when there is high demand such as for insurance adjusters after natural disasters.
- Outdated and broken laws result in consumers paying higher costs while receiving lower quality services.
- Victims of natural disasters are particularly not well-served under the current system, as insurance claims are subject to sudden, dramatic shifts in consumer demand.
- By enacting reforms to allow for the reciprocity of licenses across state lines, providers can respond more quickly to changes in demand (such as following a natural disaster) and eliminate any supply shortages and price hikes caused by barriers to market entry.
Dr.
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