If you’re considering a career in the insurance industry, read below for 13 things you should know about your chosen business sector before you apply for work within it.
For more information about the insurance industry, check out the Insurance Information Institute’s website at www.iii.org.
- The U.S. insurance industry’s net written premiums came to $1.1 trillion in 2012 (the most recent statistics available).
- Life and health (L/H) insurers recorded 58 percent of those premiums, and property and casualty (P/C insurers) accounted for 42 percent.
- Auto, home and commercial insurance is offered by P/C insurers, and net premiums written for this sector in 2012 came to $456 billion.
- The industry considers health insurance to be separate from P/C and L/H.
- The industry accounted for 2.6 percent of U.S. GDP in 2012 ($398 billion).
- More than 2 million people (2.3 million) worked in the insurance industry in 2012, with 1.4 million of them working for insurers and the remaining 900,000-plus working for brokers, insurance agencies and what the industry refers to as “other insurance-related enterprises.”
- L/H and P/C insurance companies paid $16.7 billion in premium taxes in 2012, which comes to $53 for every man, woman and child in the U.S.
- 37 companies were listed on the 2013 Fortune 500 ranking of the country’s largest companies. Twenty of these top insurance firms provide property and casualty insurance.
- The ACLI (the American Council of Life Insurers) reports that two out of three families rely on the life insurance industry for financial and retirement security.
- By the end of 2012, 46 million individual life insurance policies were active.
- The life insurance industry pays out $1.5 billion every day.
- InsuranceFiles.com reports that the first known auto insurance policy was written in the United Kingdom in 1895.
- More than 3 million new drivers take to the road in the U.S. every year.
If you’re interested in a career within the insurance industry—whether you’re fresh out of college or have some professional experience behind you – contact the recruiters at Insurance Relief™. We can help you find temporary, temp-to-hire and direct hire opportunities with some of the country’s top insurance companies. Contact us today.