Insurance Employment Trends

Insurance employment remains strong throughout the US, despite recent negative economic cycles. Insurance employment rates are expected to increase by 8.4 percent for insurance agents, brokers, underwriters, and adjusters due to anticipated demographic and economic changes. Evolving technologies may improve the employment outlook as skilled and knowledgeable insurance agents are needed for the insurance process.

A number of factors affect the insurance industry every year.  Common occurrences including construction, aging populations, natural disasters, and car sales play a large part in employment trends.  Every new construction project mandates insurance during and after construction, so insurance companies are sure to see the affects of this increase in production.  When construction is prospering, and building is prevalent, insurance companies can expect an increase in business, but when construction is down, so are insurance profits. 

In 2006, approximately 77 million of the Baby Boomer generation workers are expected to turn 60 years old.  Major health problems are generally associated with aging and elderly individuals, which causes many insurance companies to plan for large payouts of health claims in coming years.  They will not only be affected due to the claims, but also in the workforce.  Many workers of this generation are planning to remain employed past the retirement age, but there will still be a large number leaving the workforce.  This will leave large voids in skilled labor, and many associates will be needed to replace these professionals.

Natural disasters affect numerous industries each year.  Surprisingly, they will have both positive and negative influences on insurance careers.  Negatives are expected with the large number of insurance claims that must be paid in a short amount of time, but there are positives associated with this as well.  Although the insurance companies are forced to pay large amounts, they will generally increase premium rates to compensate for their losses.  While this is bad for the consumer, insurance companies are able to stabilize their organizations with these increases.

Increases in new car sales are commonly associated with a strong economy or reduced interest rates.  Whatever the case, insurance companies will prosper from enhanced sales.  Laws and regulations mandate at least minimal insurance on vehicles intended for driving purposes, so insurance companies will greatly feel the affects of these sales.  It is important to understand that decreased sales will adversely affect this industry as well.

For additional information on insurance employment, professionals recommend that you investigate some of the many resources available on the Internet.  To begin your search we recommend the following sites:

• Insurance Networking News
• Cognizant Community
• A.M. Best Company
• Industry Trends
• Management and Business and Financial Operations

Insurance managers, employers, recruiters and human resources professionals are also advised to consult additional sources of insurance employment information to better understand the compensation, benefits, and other incentives that prevail in today's employment market so that the best opportunities can be found and the best employees can be recruited and retained.

Our insurance job board is committed to helping insurance agents find the employment they want and employers find the qualified professionals they need. Our featured job titles currently include:

• Claims Analyst
• Claims Adjuster
• Field Adjuster
• Claims Examiner
• State Manager
• Regional Manager
• Claims Representative
• Actuarial Analyst

When you are ready to find employment in the insurance field or find a qualified candidate that matches your requirements, begin at iHireInsurance.