26.10.2024 Today's Insights into the Insurance Industry, from CorporateFinanceInstitute.com and Others

Dear Students,

What, exactly, is insurance? It's a safe bet that few university students know its origins: it actually might have begun in China! According to Wikipedia, "Methods for transferring or distributing risk were practiced by Chinese?and Indian?traders as long ago as the 3rd?and 2nd?millennia?BC, respectively. Chinese merchants traveling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing."

Millennia later, insurance is still a significant sector, and one that ambitious international students like you ought to consider. For one thing, the industry is expected to grow "by about $I trillion between 2023 and 2028,"?according to Statista. And, the Allianz Global Insurance Report affirms that "the global insurance industry forecasts 5.5% growth over the next decade."

What's more, according to AdjusterPro (the US's leading provider of insurance claims adjuster licensing, exam prep, and CE courses),

• 72% of insurance companies expect to grow their revenue in 2024
• 63% of carriers report 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

Perhaps most significantly, many current students and grads (perhaps including you?)? view insurance as an attractive career direction, according to WebCe, in https://blog.webce.com/article/why-insurance-is-a-meaningful-career, writing that "[Insurance is] ...just what Gen Z is looking for, when considering career paths and job opportunities: purpose, meaning, and contribution."

For candidates like you and your classmates, who may enjoy a combination of analytics, psychology and strategic thinking, insurance is a field worth considering. With a large proportion of industry specialists retiring soon, as well, there's abundant opportunity for new grads like you and your friends. Yet, our coaches would like to make sure that aspiring professionals like you, who are "assessing" this path, cast your gaze well beyond its the number-crunching aspects, as there is also so much opportunity to leverage your power skills within it (please see two articles below).

With the Bureau of Labor Statistics' prediction that the insurance industry is expected to grow "faster than average for all occupations from 2023 to 2033," there's little "risk" in your exploring and pursuing this valuable arena.?

https://www.iii.org/article/careers-in-insurance

https://corporatefinanceinstitute.com/resources/career/insurance-industry-careers-profile/?utm_source=google&utm_medium=cpc&utm_term=&utm_content=&utm_campaign=&utm_adgroup=&utm_funnel=&gad_source=1&gclid=Cj0KCQjwveK4BhD4ARIsAKy6pMJOgrQLyxubrTnx8CISfiPAa_2b7fTlBGdNxZ6O_TDOj_qEf_TbYTUaAo5_EALw_wcB

Wishing you a "risk-free" weekend!

Best,

Amy-Louise Goldberg