While insurance agencies in most parts of the country are enduring mighty tough times, some producers in North Dakota—which has the lowest unemployment rate in the country, at 3.4 percent—are so busy they have to turn away new business.
The state is booming thanks to a surge in energy production: 6,300 oil wells, pumping 24/7, are producing some 510,000 barrels of oil per day.
This has led to a massive influx of workers and equipment—and the insurable risks that accompany them. Direct premiums written in the state have jumped a whopping 45 percent from 2005 to 2010.
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