Knowing how big a market is, is an important factor when deciding how viable a career will be. A career in the insurance industry can be extremely rewarding, both financially and through job satisfaction, but how big a market is is?
The answer, in short, is very big. The UK has the largest insurance market in Europe, and the third largest in the entire world. In 2012, the UK contributed 7% of the global premium income to the international insurance market, and contributed £10.4 billion in taxes to the UK Government.
The industry employs over 300,000 people in the UK, through a variety of career roles including:
* Claims managers
* Risk management
* Fraud investigation
The number of people working in the insurance market actually supersedes the combined number of people employed in the utilities sector.
Of course, as the population grows, the insurance market will also grow. Insurance policies in the UK fall into 7 primary categories:
* Home – buildings and content
* Life – pensions, critical illness, etc.
* Specialist – weddings, musical instrument, etc.
With the majority of these insurance products being crucial for most of the population, it seems likely that there will be continued and sustained growth in the insurance market that correlates with population growth, leading to more insurance jobs.
The insurance industry and fraud
With the increase of insurance products being purchased, there’s also an increase in the amount of fraud being committed. Launched in 2006, the UK’s Insurance Fraud Bureau states that fraud costs the insurance market over £2 billion annually, which equates to approximately £50 in addition premium for each individual.
As this has become a national blight, there is a move among insurers to step up the crackdown on insurance fraud, which in turn means more careers in fraud investigation and fraud analysis.
The highest fraudulent activity, according to the Association of British Insurers is fake car crashes, where fraudulent claims increased by 34% in 2013 from the previous year. Often called a ‘victimless crime’, these fraudulent claims are causing this addition to premiums, however are also providing more employment opportunities in claims.
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