BIO

Ryan is a freshman Presidential Scholar from Jacksonville Florida. His research interests revolve around the inner workings of the insurance industry and its role in the United States political and financial systems. Although it is early in his college career, he plans to continue his involvement in the insurance world by becoming an insurance broker after college.

Insurance Industry Involvement and its Effect on Insurance Commissioner Premiums

Abstract

Understanding how and why insurance commissioners make their decisions on insurance rates is essentially to make sure that the right people get in office and that they make the right decisions. For this project, data on insurance commissioners was collected and analyzed to determine if their career before and after their position made a difference in their decision on rates. First, data was collected to see what jobs commissioners from all states in the past 20 years had. Then data was cleaned and a program was used called state to create a statistical analysis of this data. Insurance commissioners who worked in the industry before and/or after their time in office were chosen to be observed. It was hypothesized that there would be a slight bias in regards to their rates compared to other commissioners who didn’t go back into the industry. The P values for commissioners who worked in the insurance industry before and before/after their time in office were .006 and .028 respectively, meaning that there were statistically significant correlations.

Keywords: Insurance Commissioner Premiums