Property and Casualty Insurance Agents and Brokers

Employment for all insurance agents and brokers is expected to grow faster than the average for all occupations through 2033, according to the U.S. Department of Labor. Individuals with determination and the right skills (including fluency in a foreign language, especially Spanish) should have numerous job opportunities for several reasons. The overall demand for insurance should be strong as the general population grows and the amount of personal and corporate possessions increases. Most homeowners and business executives budget insurance as a necessary expense. In addition, laws that require businesses to provide workers' compensation insurance and car owners to obtain automobile liability protection help to maintain an insurance market.

A number of factors, however, are responsible for restraining job growth of insurance agents and brokers. Computers enable agents to perform routine clerical tasks more efficiently, and more policies are being sold online and via mail and phone. Also, as insurance becomes more and more crucial to their financial health, many large businesses are hiring their own risk managers, who analyze their insurance needs and select the policies that are best for them.

There is a high turnover in this field. Many beginning agents and brokers find it hard to establish a large, profitable client base, and they eventually move on to other areas in the insurance industry. Most openings will occur as a result of this turnover and as workers retire or leave their positions for other reasons. Also, to reduce costs, many insurance carriers are relying more on independent insurance agents and brokers; employment opportunities will be best for those who work in these areas.