2024 Insurance industry employment outlook | PropertyCasualty360 (2024)

FAQs

What is the employment outlook for the insurance industry in 2024? ›

72% of insurance companies expect to grow their revenue in 2024. 63% of carriers reported expected increases in hiring. 65% of property and casualty insurers plan to boost staff numbers. 56% of life and health insurance carriers plan to expand.

Job Outlook

Employment of insurance sales agents is projected to grow 8 percent from 2022 to 2032, faster than the average for all occupations. About 48,300 openings for insurance sales agents are projected each year, on average, over the decade.

Rate increase, capacity improvement variations

Alera Group's recent P&C Market Outlook shows that prices will continue to go up in 2024, with most lines of business likely to experience a 1%-10% increase.

Total Hours Worked, % Growth Year over Year

With labor supply continuing to expand briskly, that reduction in employment growth should compel a rise in unemployment. We expect the unemployment rate to rise from an average of 3.6% in 2023 to 3.9% in 2024, 4.4% in 2025, and 4.5% in 2026.

Over the next five years (2024‒28), we forecast that total insurance premiums will grow by 7.1% in real terms, well above the global (2.4%), emerging (5.1%) and advanced (1.7%) market averages. At this rate, India will have the fastest growing insurance sector of the G20 countries.

Compensation, work-life balance and benefits are the most frequently cited reasons for leaving the insurance industry, according to a study by Vertafore.

Nothing is guaranteed in life, but some professions have more stability than others. Insurance is widely considered an “evergreen career,” one which typically offers excellent job security.

Insurance availability in California has also recently become challenged due to the rapidly increasing severity of wildfire-related losses incurred by insurers. Numerous insurers are consequently declining to write new risks. In some cases, insurers are dropping existing coverages due to the rapid growth of this risk.

What is the growth forecast for 2024? ›

Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2 percent in 2024 and 3.3 percent in 2025.

Our forecast for 2024 is decidedly more favorable than 2023, with expected strong premium growth and easing inflation pressures. We raise our premium growth estimate to 7.0% for 2024 (from 5.5%) and forecast 4.5% growth in 2025. We forecast industry ROE of 9.5% in 2024 and 10.0% in 2025.

Benefits of Working in the Insurance Industry

Insurance is one of the world's largest industries and is expected to grow at a rate of 12% a year through at least 2027. The industry is likely to keep growing for decades.

Dear Friends, Somewhere around 80% of new insurance agents hired by independent marketing organizations fail and quit within their first 12 months of getting their license. And then within 5 years, 80% of the remaining new insurance agents will struggle and quit! That is a 90% failure rate for new insurance agents.

A slight acceleration for advanced economies—where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025—will be offset by a modest slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025.

Healthcare support occupations and healthcare practitioners and technical occupations are projected to be the two fastest growing occupational groups, adding a combined 2.3 million jobs, about 1 in 4 new jobs.

The Current Turnover Rate

Historically, turnover rates in the insurance industry have increased from 8-9% to 12-15% recently, indicating that retaining employees is becoming more difficult​ (Deloitte United States)​.