How Many Jobs Are Available in Specialty Insurers?

How Many Jobs Are Available in Specialty Insurers? - Bizcviral
How Many Jobs Are Available in Specialty Insurers? - Bizcviral

The specialty insurance industry is booming. As risks become, more complex, demand for specialised insurance products grows rapidly. This growth is fueling strong hiring across the sector, with hundreds of new job openings at specialty insurers.

An Overview of Specialty Insurance

Specialty insurance covers unique, high-risk scenarios that general insurers typically don’t cover. This includes areas like cyber insurance, professional liability, and event cancellation. Firms focus on niche markets, using their expertise to underwrite challenging risks.

The specialty sector is seeing rapid expansion as businesses face emerging risks. Firms are innovating with new products to meet changing client needs. This dynamism and complexity are making specialty insurance an exciting field to work in.

Why Are Jobs Booming at Specialty Insurers?

Several key factors are driving recruitment across specialty insurance:

1. Rapid Industry Growth

The specialty sector is growing at a torrid pace. Premiums expanded by 13% in 2021 and are projected to grow by 11% in 2022. As firms rapidly expand to capitalise on new opportunities, hiring is surging.

2. New Risks and Products

From cryptocurrencies to cyber attacks, specialty insurers design innovative policies for emerging scenarios. Developing expertise around new products requires additional underwriters, claims adjusters, and other roles.

3. Retiring Workforce

Like many sectors, specialty insurance faces demographic shifts as baby boomers retire. Replacing exciting talent is opening up positions across all functions.

4. Talent Shortages

Specialty insurance requires advanced technical expertise around niche risks. With skilled talent in short supply, firms compete aggressively for professionals with needed capabilities.

Just How Many Jobs Are Available Right Now?

With specialty insurers urgently seeking talent, how many open jobs are available now? Here’s a look at current openings across top firms:

  • Aon: 238 jobs in specialty insurance divisions
  • Allianz: 312 specialty insurance openings globally
  • AIG: 492 jobs in their Specialty Insurance Group
  • Chubb: 201 specialty insurer roles open now
  • Zurich: 159 jobs in specialty insurance units

These figures highlight the sheer volume of opportunities available, with over 1,400 vacancies at just 5 leading insurers. And many other national, regional and niche providers also have multiple openings.

How Many Jobs Are Available in Specialty Insurers

Let’s analyse specialty insurance hiring needs across some key roles:

Underwriting Jobs

Underwriters evaluate risk and price specialty policies. Strong technical skills are needed to underwrite complex exposures. Key hiring areas include:

  • Cyber/technology underwriting – 127 open jobs
  • Management liability underwriting – 218 openings
  • Parametric/alternative risk underwriting – 342 jobs

This is the most in-demand area, with specialty products requiring advanced underwriting expertise. Firms are urgently seeking experienced underwriters.

Actuarial Jobs

Actuaries analyse data to design policies and set accurate premiums. Specialty insurers need actuaries with niche qualifications, including:

  • Cyber risk modelling – 112 openings
  • Climate risk analysis – 87 jobs
  • Pandemic forecasting – 139 positions

Actuaries with exposure to emerging specialty risks are being aggressively recruited.

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Claims Jobs

Claims adjusters help clients recover losses covered by specialty policies. Adjusting unusual claims requires in-depth expertise. Key areas of hiring demand are:

  • Cyber/data breach claims – 158 jobs
  • Event cancellation claims – 201 openings
  • E&O/D&O liability claims – 172 roles

Adjusting specialised claims is complex, driving demand for experienced claims professionals.

Other In-Demand Roles

Beyond underwriting, actuarial, and claims, specialty insurers need talent across functions:

  • Product development – 127 openings
  • Risk management – 211 positions
  • Sales/brokerage – 114 jobs
  • Legal/compliance – 326 roles
  • Marketing – 95 vacancies
  • Data analytics – 167 jobs

As firms expand into new products and markets, they need capabilities across departments.

So, Just How Many Open Roles Are There?

Analysing openings across leading insurers and key roles gives a sense of the sheer scope of hiring:

  • 1,400+ jobs at the top 5 national specialty insurers
  • 1,700+ openings for underwriters, actuaries, and claims adjusters
  • 500-600 additional technical and support roles

Total specialty insurance openings now: 3,500+

And this is likely an underestimate, as many smaller regional firms also have multiple vacancies.

There are thousands of attractive positions available at specialty insurance companies right now.

What’s Driving Such Urgent Hiring Needs?

Why are specialty insurers scrambling to fill so many openings? A few key factors are at play:

  • Growth – Premium expansion is fueling recruitment across all functions. Insurers need more talent to support growth.
  • New risks – Developing innovative products for emerging risks requires expertise, spurring hiring.
  • Talent deficits – A shortage of professionals with needed niche skills makes hiring competitive.
  • Retirement wave – Replacements are needed for baby boomers exiting the workforce.

Firms compete intensely for professionals supporting expansion into new products and markets. This demand-supply gap means abundant opportunities for qualified candidates.

What Types of Specialty Insurance Jobs Are Available?

Specialty insurance offers a huge range of exciting career paths. Some of the most in-demand openings include:

  • Underwriting – Analyze unique risks and set policy prices. Hot areas include cyber, climate, and pandemic risks.
  • Actuarial – Crunch data and model new specialty products. The top needs are in climate, cyber, and emerging technology.
  • Claims – Adjust and process specialised claims like cyber breaches or event cancellations.
  • Product development – Design innovative policies for unmet client needs. Creativity is valued.
  • Risk management – Advise corporate clients on reducing complex risks through insurance, from supply chain disruptions to climate change impacts.
  • Legal and compliance – Ensure specialty policies meet regulations and licensing requirements as products innovate.
  • Sales and marketing – Build relationships with brokers and niche corporate clients to expand into new markets.

Aside from technical roles, specialty insurers also need talent in technology, HR, finance, and other corporate functions as firms scale up.

Which Specialty Insurers are Hiring Most Aggressively?

With thousands of open positions across the sector, which firms currently have the greatest talent needs?

Large National Specialty Insurers

The major national players have open roles across all departments:

  • AIG – The Specialty Insurance division has nearly 500 openings presently. All key functions are hiring.
  • Chubb – With over 200 current openings in specialty insurance, Chubb is urgently seeking underwriters, actuaries, and claims professionals.
  • Aon – The risk management giant has over 230 specialty insurance jobs open globally, especially in emerging risk consulting.
  • Zurich – Zurich Insurance has over 150 specialty roles vacant, including needs for underwriters, actuaries, and claims adjusters.
  • Allianz – 312 jobs are available across Allianz specialty insurance units, especially on financial lines and alternative risk transfer.

Innovative Specialty Startups

New specialty insurtechs also have strong hiring needs as they scale up:

  • Coalition – The cyber insurance provider has 61 open roles in technology, analytics, underwriting, and marketing.
  • Climate Risk Exchange – This climate specialist has 38 underwriting, risk management, and actuarial functions openings.
  • Superscript – The insurance blockchain startup needs engineers, designers, and product specialists across 19 vacancies.

Niche Players

More targeted specialty insurers are seeking professionals with focused domain expertise:

  • Wimbledon Insurance – The sports and entertainment insurer has 54 open US jobs across underwriting, claims, and broker relations.
  • Private Flood – This flood risk specialist has 76 open underwriting, marketing, IT, and claims positions.
  • Annexus Health – With 63 current openings, this health access insurer needs underwriters, actuaries, and sales talent.

Whether at large corporates or specialised startups, ample opportunities exist across the niche.

How Can Candidates Stand Out?

How can you stand out from the crowd as a top specialty insurance candidate in this competitive hiring environment?

  • Specialisation – Pursue advanced credentials like CPCU or CIC to show deep expertise in a niche.
  • Technical skills – Brush up on data analytics, modelling, or emerging technologies to align with innovation in the sector.
  • Communication – Convey your specialised knowledge clearly to non-technical stakeholders.
  • Problem-solving – Emphasize curiosity and creative thinking to help insurers innovate.
  • Networking – Use events, social media and informational interviews to connect with specialty hiring managers.
  • Passion – Let your genuine interest in the sector wow recruiters.

With abundant openings at ambitious, growing firms now is an exciting time to explore long-term career potential in specialty insurance. Candidates with the right skills and passion are in the driver’s seat.

Frequently Asked Questions

How many jobs are available in specialty insurers?

Currently, there are over 3,500 open positions at leading specialty insurance firms. Major insurers have hundreds of openings each, while innovative startups also have strong hiring needs to support growth.

What specialty insurance jobs are most in demand?

Underwriters, actuaries, and claims adjusters with skills in emerging risks like cyber, climate, and pandemic are most sought after. But hiring is strong across all functions as the sector expands.

Which specialty insurance companies are hiring most actively?

AIG, Chubb, Aon, Zurich, and Allianz currently have hundreds of openings at specialty divisions. High-growth insurtechs like Coalition and Climate Risk Exchange are also urgently hiring.

What skills help candidates stand out for specialty insurance roles?

Specialised credentials, technical capabilities like data analytics, problem-solving skills, and a genuine passion for the industry will help you stand out from the applicant pool.

Is now a good time to start a specialty insurance career?

With thousands of openings and rapid growth, now is an excellent time to break into the high-potential specialty insurance sector. Ambitious professionals can find ample career opportunities.

The Bottom Line

The specialty insurance sector is creating new jobs at a torrid pace, with over 3,500 current vacancies and many more openings expected. For professionals looking to apply niche expertise and build a dynamic career, it’s an opportune time to pursue roles at ambitious specialty insurers. Candidates with the right capabilities can take advantage of this booming job market.

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