Insurance
Back to list of industries
NACE 2002 - 66 Insurance and pension funding, except compulsory social security
Employment in insurance is expected to grow further in the following years, and the market should start developing again. Population ageing will cause an increased interest in various products, namely investment and health insurance, as there will be a growing number of people with higher income levels in the relevant age group (40-55). In the 2008-2020 period the number of employees in the sector might increase relatively slightly – by 8%. The pace of market growth will be much faster, but this will not be directly proportionate to the development of employment. As with banks, insurance companies will see to an effective and efficient management of their branches, which will hinder a major increase in recruitement. There is also expected to be an increased proportion of insurance sales via telephone or the internet.
While the traditional jobs of insurance sellers at branches or “travelling salespeople” are going to be threatened by the on-line sales trend, people in customers services, operators of hotline insurers and IT staff will be increasingly important. The process of enhancing the technological facilities of insurance companies will result in a better and more effective administration of insurance contracts. This will decrease demand for ancillary administrative staff.
Furthermore, the insurance market will be affected by stiffening competition. Insurance policies will be offered, to a larger degree, by other entities (banks, traders, etc.). On the one hand, this will increase demand for candidates for insurance jobs outside the insurance sector. On the other hand, insurance companies will offer a widening range of services and therefore there will increasing demands for a broader knowledge and skills of employees.
