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             In order to understand the importance of the economy, we first must understand the definition of economics. Economics is the social science that deals with the use of scarce resources in order to obtain a maximum satisfaction of society's unlimited wants. In simple terms, economics could be classified as the choosing of certain products over other products. The consumer only has a certain amount of buying power and all customers want the most for their money.
             The insurance industry in general has been challenged in business growth this year. The general outlook for the industry will be moderate. According to the United States Bureau of Labor Statistics, the total number of people working in the insurance industry is 2.377 millions. Of these, approximately 380,000 work in the life insurance sector alone. Mergers and downsizing have led to a decline in the job market in the insurance industry. Technological advances will also cause the insurance industry employment to continue to fall over the next decade despite potentially growing demand for insurance products. The Bureau of Labor Statistics expects the employment to grow at a rate of .9% until the year 2008, which is slower than the overall employment growth rate of 1.5% that is expected for the same time period. The insurance industry grew at an annual rate of 1.2% in the last decade. Advances in computer technology, office automation, and mergers will all be factors in the slowed growth. .
             This was all prior to the September 11th attacks. The horrific attacks will go down in history as the day when American freedom was shattered. We all reacted in shock in response to the attacks. However, risk and insurance professionals reacted with added trepidation not felt by the general public when they heard President George W. Bush utter the words describing the event as an act of war. Not only would they have to deal with the aftermath of the attacks, but also that if the attacks were ruled to be "an act of war", insurers could legitimately deny coverage for many types of claims.

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