SECTOR SPOTLIGHT ON INSURANCE
What Is Insurance ?
Insurance is a service that helps businesses and people when they need it most . It is a multi billion pound industry that offers a challenging and interesting career path . From home insurance to car insurance , holiday , pet and other types of insurance , the key goal is to keep you protected against financial risks should an accident or incident occur . Here is a list of the main types of insurance :
General insurance : This offers cover for damage or loss but does not include life insurance . Product examples include : travel , motor , pet , health and home insurance .
Commercial / corporate insurance : This protects organisations from unforeseen circumstances , for instance theft , negligence , property damage etc . Depending on the level of cover you get it may also include compensation for employee injuries .
Life insurance : This is taken out to financially protect loved ones in the case of a premature death .
Personal insurance : This protects an individual and includes vehicle insurance and health .
Reinsurance : This serves as a risk management strategy as insurance for insurers . For example , if an insurer sells a policy to a client , they can seek reinsurance from another insurance company . This protects insurance companies if paying out would become too much of a financial strain . This could potentially happen if a high volume of claims are made at the same time , for instance in the aftermath of a natural disaster .
Insurance Graduate Schemes and Jobs
There is a diverse range of careers available within insurance , let ’ s explore some of the graduate schemes and jobs available to you :
Graduate underwriter : As a graduate underwriter you will be responsible for analysing the risk within insurance proposals . Based on this , you will then need
From home insurance to car insurance , holiday , pet and other types of insurance , the key goal is to keep you protected against financial risks should an accident or incident occur .