Employment may be weak across the nation, but several industries — including the insurance claims industry— are expected to rapidly hire new staff in the next few years.
Employment in the field of third party administrators and claims adjusting is set to grow 5.7 percent annually between now and 2016, according to industry research firm IBISWorld.
IBISWorld says there are now 343,089 people employed in the claims field, a number that will jump to 452,577 by 2016.
Insurance carriers and brokers are increasingly outsourcing risk management functions. In turn, third-party administrators and insurance claim firms will have to bolster personnel, the firm says.
IBISWorld says the insurance industry overall will benefit from a rebound in the general economy. More specifically, demand for commercial insurance will rise, increasing the need for claims adjustment services. Pension funds and direct insurers will continue to outsource and advisory and risk management services will benefit as businesses, insurers and individuals use these services to mitigate risks and hedge liabilities.
Other industries in the IBISWorld top 10 fastest-growing for the next few years include sustainable building material manufacturers, multi-family home builders, used car dealers, remediation and environmental cleanup services.
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