Insurance Industry Employment Trends

The employment trends for the insurance industry are on an upward swing. This trillion-dollar industry currently employs approximately 2.5 million Americans. It is estimated that jobs for insurance agents, adjusters, brokers, and underwriters will rise by more than 8% in the next few years.

Economic Factors

The industry is highly dependent on what is happening in the economy and country. For example, when the economy is going well and lots of new houses are being built, then the insurance industry gets an influx of new money from people who need to insure those homes.

Similarly, when people have more money, they are more likely to buy a new car rather than hold onto their old ones. As a result, they will buy full coverage rather than liability insurance on these vehicles, which means more money for the insurance companies.

On the other hand, when the country undergoes a great deal of natural disasters, then the insurance companies are paying out money, and it negatively affects their bottom line numbers. Also due to the fact that the Baby Boomers are aging, the insurance industry anticipates paying out more in order to take care of the health care expenses for these individuals.

Specific Jobs

The insurance industry is a diverse. One of the most important jobs in the insurance industry is an actuary. Actuaries determine how risky it is to issue insurance based on a wide variety of factors. Earning between $28,000 and $65,000 a year, actuaries continue to be in demand. Another key insurance job is as an agent, broker or sales representative. These categories are considered sales categories and typical earnings are somewhere between $15,000 and $60,000 a year.

Another essential insurance job is a claims adjuster. These individuals are the people who try to determine a fair settlement in the case of an accident, injury, or other loss. Making between $24,000 and $42,000 each year, claims adjusters will be in demand as long as people make insurance claims.

Another crucial position in the insurance industry is an underwriter. The underwriter is the one who makes the decision about whether the person applying for insurance is worth taking the risk to insure. Underwriters also determine exactly how much the applicant should pay based on various risk factors. The more risky the person is to insure, the more money they have to pay in premiums. Earning $25,000 to $61,000 annually, good underwriters are valuable and will continue to be needed as long as insurance companies sign up new customers.

These are just a few of the many jobs in the insurance field, all of which have optimistic outlooks, especially considering that the Bureau of Labor statistics predicts that in the next ten to fifteen years that the insurance industry will grow by 20 to 40 percent.