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Households are reducing their financial obligations, which mean one thing to the insurance industry: impeded growth.

Speaking at the 22nd Annual Executive Conference for the Property and Casualty Industry, presented by The National Underwriter Company in New York last month, Steven N. Weisbart, a senior vice president and chief economist for the Insurance Information Institute, said consumers’ diminished buying power, especially for financial products, will continue to stand in the way of growth for insurers.

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