May 14, 2023 by Chiamaka Geraldine
Over 1.5 million jobs are available in the specialty insurers job market. The industry offers many jobs, like underwriters, claim adjusters, actuaries, and customer service. The demand for specialty insurers is high because they cover unique and specific risks not covered by traditional insurance policies.
According to industry reports, the global specialty insurers market will reach $400 billion by 2025. It will grow with a compound annual growth rate of 6.2% from 2021 to 2025. Over 500,000 people work in this sector in the United States (US), creating more employment opportunities in the next 10 years.
Overview of the Specialty Insurers Job Market
The specialty insurance sector covers unique or unusual risks not typically covered under standard insurance policies. Their work includes specialized insurance products for aviation, marine, energy, agriculture, and professional liability industries.
Specialty insurers work with businesses and individuals to assess their specific needs and provide customized insurance solutions that address their unique risks. Their policies cover cyber liability, product recall, environmental liability, and directors’ and officers liability.
10 Most Common Available Jobs in the Specialty Insurers Industry
The specialty insurance industry caters to unique and non-traditional risks not typically covered by standard insurance policies. As a result, the sector offers diverse employment opportunities with varying skill requirements and salary ranges.
The 10 most common available jobs in the specialty insurers industry:
1. Actuary
Average Annual Salary: $150,000
An actuary advises clients and companies on reducing the financial risks of events such as accidents. They work in insurance companies, employee benefits firms, healthcare companies, government agencies, public accounting firms, and banks.
Actuaries possess strong analytical, mathematical, and problem-solving skills, excellent communication and interpersonal abilities.
To become an actuary, you need a bachelor’s degree in mathematics, statistics, or a related field and certification from a professional organization like the Society of Actuaries or the Casualty Actuarial Society.
The job outlook for actuaries is positive, with a growth rate of 18% from 2020 to 2030. It will create about 7,000 new jobs yearly for the next 10 years.
2. Risk Manager
Average Annual Salary: $150,000
A risk manager identifies, assesses, and manages risks that may affect the company’s financial stability. They analyze data and develop strategies to minimize potential losses.
Risk managers must have analytical skills, attention to detail, math skills, communication, and organizational abilities.
Many employers require a bachelor’s degree in finance, accounting, economics, or a related field. However, some employers prefer a master’s degree in business administration (MBA) or a related field.
The job outlook for risk managers is stable. However, it will create new employment opportunities in the future due to high demand in various industries.
3. Underwriter
Average Annual Salary: $115,000
An underwriter evaluates and assesses risks associated with insurance policies and loans for clients. They also review applications and personal documents to determine if an applicant qualifies for a procedure or loan and assess a company’s losses to identify sources of failure.
Underwriters must be able to evaluate different forms of property and casualty insurance available for consumers. In addition, they must understand laws and practices to determine which type would best suit a customer’s need.
Many employers require a bachelor’s degree for this role. Some companies accept an associate’s degree or high school diploma with relevant experience.
The job outlook for underwriters will decline by 4% from 2021 to 2031. However, there will be about 8,400 job openings each year for the next 10 years.
4. Marketing Manager
Average Annual Salary: $120,000
A marketing manager oversees a team of marketing professionals within the marketing department. They develop and implement marketing strategies to promote the company’s products and services.
Marketing managers must possess knowledge of various advertising methods, including digital, print, and social media, and excellent communication and leadership skills.
The essential educational requirement for this role is a bachelor’s degree in marketing, business, advertising, or a related field. However, some employers prefer candidates with a graduate degree in marketing or an MBA.
The job outlook for marketing managers is positive, with a growth rate of 10% from 2021 to 2031. It will also produce many jobs in the future.
5. Data Analyst
Average Annual Salary: $100,000
Data analysts use analytical tools and techniques to extract meaningful insights from data. They analyze insurance policies, claims, and customer behavior data to identify trends and patterns that can help insurers make better decisions.
A data analyst must possess strong analytical and problem-solving skills, proficiency in data analysis tools such as SQL and Excel, and statistical analysis and data visualization techniques.
You need a bachelor’s degree in mathematics, statistics, computer science, or a related field to get this role. However, some employers may prefer or require a master’s or doctoral degree.
The job outlook for data analysts is positive, with an employment growth of 36% from 2021 to 2031. Due to the high demand for their skills, it will produce over 20,000 jobs yearly for the next 10 years.
6. Insurance Broker
Average Annual Salary: $100,000
An insurance broker helps clients find insurance policies that meet their specific needs. They provide the necessary coverage clients, and companies need.
Insurance brokers must possess strong communication and interpersonal skills. In addition, they must have analytical abilities and knowledge of insurance policies and regulations.
The primary educational requirement for this job is a high school diploma or equivalent. However, some employers prefer candidates with a bachelor’s degree.
The job outlook for this role is positive, with a 6% growth from 2021 to 2031. It will also create about 52,700 job openings each year over the next 10 years.
7. Loss Control Specialist
Average Annual Salary: $90,000
A loss control specialist inspects businesses on behalf of insurance companies and provides loss prevention recommendations.
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Loss control specialists must possess strong analytical and problem-solving skills, attention to detail, and excellent communication abilities.
You need a bachelor’s degree in engineering, safety, or risk management to get this role. The job outlook for loss control specialists will grow 6% from 2021 to 2031. It will also produce about 52,700 openings in the future.
8. Claims Adjuster
Average Annual Salary: $80,000
A claims adjuster investigates insurance claims to determine the extent of the insurance company’s liability and to negotiate settlements with claimants. Claim adjusters must have interpersonal, math, analytical, and communication skills.
Many employers require a bachelor’s degree in any related field for this role. However, some companies employ individuals with a high school diploma or equivalent.
The job outlook for claims adjusters will decline by 3% from 2020 to 2030. It produce a stable number of jobs in the future.
9. Reinsurance Specialist
Average Annual Salary: $75,000
A reinsurance specialist performs various reinsurance operations, including reconciliation of premium billing statements and DAC tax calculations.
To get this role, you need excellent Excel skills, experience in direct/ceded reinsurance claim operations, and a proven track record of success.
Reinsurance specialists must have a degree in finance, business, or a related field. The job outlook for this position is positive, with a growth rate of 3% from 2020 to 2030. It will also create new job opportunities in the future.
10. Insurance Sales Agent
Average Annual Salary: $70,000
Insurance sales agents sell insurance policies that cover unique or high-risk situations, such as aviation, marine, or professional liability insurance.
Relevant skills for this job include strong communication and interpersonal skills, sales abilities, and knowledge of insurance policies and regulations.
Insurance sales agents must possess a bachelor’s degree in any related field. The job outlook for this role is positive, with an 11% growth rate in the next 10 years. It will also create many employment opportunities within this time frame.
Other jobs available in specialty insurers
- IT Manager (Average Annual Salary: $140,000)
- Operations Manager (Average Annual Salary:$130,000)
- Compliance Officer (Average Annual Salary:$120,000)
- Human Resources Manager(Average Annual Salary: $90,000)
- Product Manager (Average Annual Salary: $80,000)
5 Most Common Available Entry-Level Jobs in the Specialty Insurers
The specialty insurers industry has many entry-level jobs for those who are just starting. Many jobs require little to no educational background, making them accessible to everyone.
The 5 most common and available entry-level jobs in the specialty insurers sector:
1. Claims processing associate
Average Annual Salary: $46,000
A claims processing associate manages the claims process for clients who have experienced a loss or damage covered by their insurance policy.
Claim processing associates must have strong attention to detail, organizational skills, and the ability to work with computer systems and software.
