Insurance
through 2018. While demand for insu- rance is expected to rise, job growth will be limited by industry consolidation, cor- porate downsizing, productivity increases due to new technology, and increasing use of direct mail, telephone, and Internet sales. Additionally, the recent financial crisis has resulted in large losses for the insurance industry, phenomena that will result in more prudent risk management and lower revenues. However, insurers should rebuild their capital and continue to expand into the broader financial servi- ces field, resulting in some job growth. Significant growth is expected over the
The Future of Employment within the Insurance Sector W
age and salary employment in the insurance industry is projected to continue to grow about 3 percent
long term, even though increasing health insurance premiums have recently beco- me difficult for some people to afford. As the members of the baby boom generation grow older and a growing share of the Nation’s population moves into the older age groups, more people are expected to buy health insurance and long-term-care insurance, as well as annuities and other types of pension products sold by insu- rance sales agents. If reforms are enacted that makes health insurance affordable to more people, the number of people co- vered by some form of health insurance will likely be affected. Population growth also will stimulate
demand for auto insurance and homeow- ners insurance. Also, population growth
will create additional demand for busines- ses to service the needs of more people, and these businesses will need insurance as well. In addition, growing numbers of individuals and businesses are purchasing liability policies to protect against possi- ble large awards from lawsuits brought by people claiming injury or damage from a product. Many successful insurance companies
recognize the Internet’s potential as a po- werful marketing tool, increasing employ- ment growth of some occupations while slowing growth of others. Growing use of the Internet might reduce costs for insu- rance companies, but it also could enable many clients to turn first to the Internet to get information on their policies, obtain price quotes on possible new policies, or submit claims. As insurance compa- nies begin to offer more information and services on the Internet, employment in some occupations, such as insurance sales agents, could be adversely affected. Although employment in the insurance
industry is expected to grow slowly, thou- sands of openings are expected to arise re- flecting the need to replace workers who leave the industry, retire, or stop working for other reasons. Despite the fact that the internet allows many people to buy poli- cies online, many sales agents still will be needed to meet face-to-face with clients; some customers prefer to talk directly with an agent, especially regarding com- plicated policies. Opportunities will be best for sales agents who sell more than one type of insurance or financial service. Opportunities should be good for adjus- ters because they will still be needed to in- spect damage and interview witnesses as the insurance industry, the Nation’s popu- lation, and the number of claims all grow. Even though the number of available jobs will be small, opportunities should be good for qualified actuaries because many people are discouraged from follo- wing this career path due to the stringent requirements of the examination system.
Source: Bureau of Labor Statistics 54
www.blackeoejournal.com The Black E.O.E. Journal
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