According to the Association of British Insurers employs around 334,000 people – 114,300 of which are directly employed by insurance and long term savings provider companies and 219,700 are employed in auxiliary services to insurance and pension funding; such as broking and third party service – such as IT software providers, flood defences, marketing and PR firms.
The insurance industry is wide and varied and there are many type of firms that operate within it below is a guide to just some of the types of firms you could end up working for.
Large Insurance Companies
The industry is dominated by large, well known international insurance firms that often have their HQs in the city of London or major UK cities but also have a wide regional network.
They provide both personal insurance (home, pet and house), small to medium size insurance for business such as hairdressers or plumbers as well as insurance for large commercial companies to cover their business risks (fire, theft and business interruption).
They offer a wide variety of roles due to their size including call centre operators, claim handlers, risk managers, fraud investigators and account handlers.
These multi-million pound companies sell and negotiates insurance for their clients for a fee. They often specialise in areas that include kidnap and ransom; aviation; chemical, construction and energy sectors to name just a few.
They also offer the same types of roles as the large insurance companies.
As the name suggests they operate on a more local scale and can have as little as five employees. They often recruit from the local area and are happy to put the time and effort into training new members of staff on a one-to-one basis.
Top 10 Key Insurance Facts
- The UK is the third largest insurance and long term savings industry
in the world and largest in the EU
- UK insurers contribute £29bn to UK GDP
- UK Insurers held £1.9trn invested assets
- There are 334,000 people employed in the UK insurance industry
- £40m was paid out each day in motor and property claims
- Travel insurers paid out £370m in claims to travellers who needed help
- £2.5bn withdrawn from pensions in first three months following April reforms
- 50% of workers pay into a workplace pension
- 98% of protection claims were paid out
- £1.3bn in detected fraudulent claims
Source: Association of British Insurers 2015