The growth of the insurance industry in the U.S. particularly may have been closely related to inflationary pressures in 2021. The industry had a push-and-pull year in 2020 as the pandemic affected nearly every market on a global scale. In the United States insurance markets fell to record lows, with a decline in the total return of S&P's Insurance Industry Index declining by nearly 25% by September 2020. This caused a ripple effect that was felt across the world, and some of the most advanced economies in Europe, Asia, and in the United Kingdom felt the brunt of it.

Insurance Industry in Focus:
Insurance Industry in Focus: The Latest on US and UK Qualification Requirements Pixabay

Even though some major players in the insurance industry had bold predictions for what they thought would be a record year, markets saw their lowest figures since the great financial crisis of 2008-2009. The pandemic has changed the face of local insurance markets and in recent months questions have come to life on whether insurance companies are truly offering services and products that cater to the needs of their customers. Although these markets are now emerging from nearly 18 months of dreadful financial gains, efforts to re-imagine the insurance industry are helping it grow and adjust its influence in global economics.

One of the key adjustments the industry has made was to change its educational structures to better suit a modern market of young and enthusiastic insurance brokers and investors. From university curriculums to online courses, the entirety of the industry is rapidly changing, adopting modern methods of teaching to create employers and employees that'll be equipped with the tools to survive future financial crises.

Here's an industry focus on the requirements and qualifications to work in the insurance industry in the United States and U.K.

United States Qualification Requirements

In 2019, the S&P Global Market Intelligence stated that the US insurance market toppled more than $1.32 trillion in written net premiums. With more than 5,900 registered insurance companies in all branches, the US market still leads ahead of the UK, Europe, and China.

Employers generally require new hires to have a bachelor's degree, with additional expertise in mathematics and statistics. Branches within the industry will require employees to host various skills and degrees, but the most important of these, including brokers, clerks, adjusters, sales, customer representatives, and actuaries are some of the top-tier positions in companies.

Candidates, depending on the company, will need to understand database management, with some even going as far as to request new hires to have expertise in SQL language coding. Some lower-tiered positions will only need candidates to have a GED or high school diploma. Finally, each requires various training, certifications, and successful licensing.

United Kingdom Qualification Requirements

The UK has one of the strongest and biggest insurance markets in Europe, employing more than 300,000 individuals, and contributing more than £32 billion to its economy in 2018. In the last few years, £1.6 trillion of managing investments were paid and collected by insurance companies in the UK, with estimates expected to increase nearly 3%-6% in the coming years. It's not only a massive and emerging industry, but UK-based insurance companies have curbed more than £1.2 billion in fraudulent general claims in 2019 alone.

There are a few key requirements new hires and potential candidates should have when applying for a job in the insurance industry. Each job branch will have a specific degree or qualification requirements, but in general, a degree in business, finance management, law, mathematics, and economics are the most helpful to land a job.

Usually, employers will assist with legal-aid training, but additional training or qualification in these areas will help you stand out against other candidates. Licensing is still a big part of the insurance market in the UK, and you will be required to hold a permit or license to become a successful practicing insurance employee. The best insurance courses at vocational training colleges and universities offer an abundance of programs that have been designed to cater to the modern insurance market.

Best Insurance Licensing Courses

Finally, there are numerous insurance licensing courses that you can complete to find your next insurance job. These include, among others ExamFX, A.D. Banker, and Kaplan Financial among others.

Final take:

Insurance industry growth came at a surprise to many analysts as other sectors around it faced headwinds. The old saying goes when there is blood on the streets, buy property. Well, the same is operative for insurance.