Ill. Commish to Push Urban Markets

Illinois urban markets present good business opportunities, according to Illinois Department of Insurance Director Anthony Clark.

“Community development leaders have succeeded in improving many neighborhoods,” Clark said in a statement. “We encourage companies to look at some of the new market research.”

Director Clark will speak at the Urban Insurance Advantage workshop on Oct. 28 and 29, 2003, in Chicago. The workshop is organized by the Urban Insurance Partners Institute, an industry-funded non-profit organization. Other regulators scheduled to speak include Pennsylvania Commissioner Diane Koken, and Holly C. Bakke, Commissioner of the New Jersey Department of Banking and Insurance.

According to a recent study by Social Compact, an urban market research organization based in Bethesda, Md., census data consistently underestimates the economic strength of city
neighborhoods. For example, census information indicated a $40,582 average household income for four Chicago neighborhoods in 2000, but Social Compact found that the real figure is $53,443.

In addition, the census counted 88,000 households in the same area, but Social Compact’s more extensive study showed 108,000 households. Taken together, these figures show there are often more households, with greater spending power, than many companies realize. Social Compact has found similar disparities in other cities.

The third national Urban Insurance Advantage workshop is designed to provide life, personal lines, and commercial lines insurers with the tools they need to compete successfully in the urban marketplace. Urban markets leaders will cover current topics in marketing research,
product and agent development, performance measurement and building a corporate team; and state regulators will discuss current urban market regulatory issues.