At its heart insurance is there to protect people financially when things don’t go to plan and to help them in their time of need. It is also a complex, global, multi-billion-pound business protecting individuals and companies against possibilities that would negatively affect them. Sometimes insurance is even a legal requirement, but how does it all work?
Risk is all around us and comes in many forms. Wherever you are, you’re at risk of a loss – this is also true for companies and organisations. When something goes wrong, most people or companies don’t have the money to pay for major repairs, or to settle costly legal fees and that’s where insurance comes in. Insurance takes away financial uncertainty by shifting the consequences of a possible loss to the insurance company.
There are many different areas of insurance: personal, commercial, brokerage, reinsurance, the London Market and more. The industry is well known for its varied career opportunities – many insurance professionals started in a completely different area to where they are working now, meaning it is a great sector to gain experience in at an early stage.
Climate change, cyber crime, political risk, the cost of supporting an ageing population? Insurance understands and helps to manage all of these issues and so many more.
Insurance professionals need to be adept at communicating, problem solvers and numerate to a certain extent. People working in today’s insurance sector come from a variety of academic backgrounds – most insurance placements and schemes are designed to support your training and development from an early stage. Learn more about the skills you’ll need here.
Career opportunities in insurance are extremely diverse with roles in catastrophe modelling, underwriting, loss adjusting, risk management, brokering and actuarial, to name but a few!
The benefits of working in the insurance industry vary but it does tend to be a well-rewarded sector financially as well as having quite a high level of job security. It is also an area that has a strong commitment to Continuing Professional Development (CPD) so you can be sure to be challenged and supported in equal measures with a career in insurance.