There are currently an estimated 501,400 insurance sales agents in the United States. The insurance sales agent job market is expected to grow by 9.9% between 2016 and 2026.
How employable are insurance sales agents?
CareerExplorer rates insurance sales agents with a B employability rating, meaning this career should provide good employment opportunities for the foreseeable future. Over the next 10 years, it is expected the US will need 55,200 insurance sales agents. That number is based on 49,800 additional insurance sales agents, and the retirement of 5,400 existing insurance sales agents.
Are insurance sales agents in demand?
In general, overall economic growth leads to growth in the insurance industry. Demand for insurance policies – and for those trained to sell them – rises in a healthy economy in which people are more easily able to make major purchases, such as homes, automobiles, and high-priced valuables that need to be insured against damage and theft. In a robust economy, new businesses emerge and existing firms may need to expand their insurance coverage in the areas of product liability, workers’ compensation, employee benefits, and environmental liability. While online research and purchase of insurance policies are increasing, consumers are still turning to agents, especially regarding more complicated policies, to ensure that they understand policy differences and available options. Increased access to health insurance driven by healthcare reform legislation creates additional openings in the field. As the population ages over the next decade, agents selling health-care packages covering long-term care are expected to encounter particularly strong job prospects. The insurance industry is projected to face increasing competition from traditional securities brokers and bankers who expand their product lines to include insurance. This trend toward comprehensive financial planning may result in consolidation and mergers of insurance companies, banks, and brokerage firms; thereby decreasing the size of this occupation. On the other hand, as more companies enter the insurance market, new employment opportunities for sales agents may eventually arise. The most sough-after candidates will possess a bachelor’s degree and have knowledge of a diverse range of insurance products and services. Because they are able to serve a wider customer base, job seekers who are multilingual typically enhance their employability. New entrants to the field often need to endure a period of earning lower incomes until they cultivate a client base that can generate sufficient commissions.
What’s the supply of insurance sales agents?
The insurance sales agent industry is concentrated in California, Florida, Texas
Insurance Sales Agent job market by state
|State Name||Employed Insurance Sales Agents|
|District of Columbia||350|