4 Reasons Insurance is a Stable Career Choice
When it comes to choosing a career, many people want to know one thing: is it stable?
Job stability is about more than just a steady paycheck. It’s about knowing that there will be a need for your role for years to come.
Here are five reasons why working in the insurance industry is a stable career choice.
1. People need insurance
Insurance exists to assess and protect against risk. As long as risks continue to exist, people and businesses will continue to buy insurance.
Homeowners insurance is especially important for people who live in areas prone to natural disasters. This protection can help in cases such as tornadoes, which can happen in Ohio. Also, insurance can help protect you against other risk such as theft and injuries that may happen on your property.
In most states, including Ohio, drivers must comply with financial responsibility requirements making auto insurance essential.
2. Insurance has been around for a long time
If you want to work for a company that will likely still be around when you’re ready to retire, look for one that’s already well-established.
Many insurance companies operating in Ohio today have been around for decades, including Allstate, State Farm, and Erie Insurance. These companies are likely to be around for years to come, due to their history of providing consistent exceptional service.
3. Insurance offers a variety of jobs
With a variety of jobs, from actuaries, to lawyers, to web designers, the insurance industry has something for everyone.
Brian Bowerman of Westfield Services noted in an interview with Bowling Green State University that all his fellow alums working in the insurance industry who he keeps in touch with, they have all had the chance to experience multiple jobs and roles within the same company.
Working at a company that invests in its employees by developing their skills and promoting from within provides a vast amount of growth opportunities. According to Entrepreneur, promoting from within the company leads to higher retention, which can contribute to greater financial and cultural health for a company.
4. Insurance jobs are abundant
In Ohio alone, the insurance industry is projected to need to fill an estimated 29,000 jobs by 2020.
As baby boomers move into retirement, thousands of jobs in the insurance industry are opening up. Many of these retirees have worked in the industry for 30, 40, or even 50 years. Even if it isn’t necessarily your goal to stay in one job that long, it’s a good sign when a company or industry doesn’t have a high rate of employee turnover. It means that employees are generally happy to stay, and employers value their loyalty.
Whether you plan on staying for five years or thirty-five years, it’s always a comforting to know that your job won’t likely become obsolete any time soon. A career in insurance is likely to offer stability and security for years to come.