• According to the Global Insurance Market Index, global commercial insurance prices increased by approximately 15% in the second quarter of 2021.

  • This marked the 15th consecutive quarter of rate increases in the global commercial insurance industry.

  • Global property insurance pricing increased by roughly 12% on average, a decrease from the 15% increase that was experienced during the first quarter of 2021.

The global insurance industry experienced a mild slowdown in the number of gross premiums written as a result of the unprecedented and chaotic COVID-19 pandemic; this was particularly the case in life sectors.

On the other hand, non-life insurance sectors’ premiums increased by over 1.2% in 2020 (in comparison to the 2.2% decrease experienced in the life sectors).

COVID-19 directly led to a decrease in industry-demand for certain life insurance products- this varied depending on the jurisdiction in question. This is because the pandemic-induced fall in stock prices coupled with the instability experienced in most economies’ financial markets overall appeared ‘’ risker and less attractive’’ to the fiscally cautious individuals. For example, Belgium has experienced a significant decrease in the number of premiums written for life insurance contracts with non-guaranteed returns in comparison to the nation’s 2019 numbers.

The effects of certain declines in insurance demand during 2020 may have heavily been a result of decreased disposable incomes, particularly when considering the drastic ways that the COVID-19 pandemic affected the world’s most prominent labour markets.

With the chaotic COVID-19 virus finally beginning to subside, and the world’s financial and insurance industries beginning to ‘’return to normal’’, you may be wondering whether now is a good time to obtain an adjuster insurance license.

Even though such a process can involve a significant amount of time, it can provide a seemingly limitless amount of monetary and personal benefits which we have delineated for you below.

#1: Recession-Proof Industry

Every couple of years, certain market forces or unforeseeable disasters begin to significantly threaten certain industries. A perfect example of this, of course, is the effect that the COVID-19 pandemic has had on the hospitality industry.

This is because there are a prolific number of variables that just cannot be controlled in a business setting; what you can control, however, is the type of profession that you specialise in.

Insurance is such a crucial element of our society- both at a personal and at professional level, and the high extent in which persons rely on it has inadvertently made it extremely resistant to external market forces. Financial institutions, such as banks, have evolved so as to legally require insurance in a variety of different field areas.

This can be seen in the real estate industry; if you have ever attempted to acquire a mortgage without adequate home insurance you will surely know that financiers will seldom (if ever) accommodate you in those circumstances.

This is true in most professional areas; whether we realize it or not, the insurance industry has pervaded every aspect of our business lives- including: marine insurance, liability workers’ compensation, and automobile insurance, and this has ultimately meant that the sector is extremely unlikely to be significantly affected by recessions or unprecedented catastrophic events in the future.

This is particularly the case when considering that the entire value of the insurance industry essentially stems from its ability to take advantage of and profit from such ‘unprecedented’ external disasters.

#2: Making a Difference

Working as an insurance adjuster can be a great choice if you are adamant about making a difference in peoples’ lives through your work.

The way in which you conduct yourself and handle claims on a day-to-day basis will enable individuals who have been traumatized to attain a sense of hope or normality, a fact which you will notice extremely regularly as a result of the high degree of positive and heartwarming messages that you will receive from your clients.

Very few professionals can be both: financially fruitful and personally rewarding, but being an insurance adjuster indubitably ticks both boxes. In essence, your entire profession will involve allowing business owners, families, and individuals to rejuvenate after an unexpected tragedy, and recover to their pre-loss state.

This could mean allowing a family to recover financially from a catastrophic fire that has ravaged their home or personal belongings by: a) inspecting all of the relevant loss, and b) assessing the claimable damage caused. By allowing persons to get back on their feet, you will be able to go home every day knowing that you have made a real difference in people’s lives, whilst getting compensated very sizeably in the process.

#3: Prepare Preemptively

Many aspiring insurance adjusters choose to wait for the ‘’ideal time’’ to start their adjuster licensing course. For example, they may wait for a significant disaster, and then pursue their official qualifications and licensing procedures before joining IA Firm rosters. This, however, can be quite inconvenient for a plethora of reasons, and can significantly handicap an insurance adjuster’s potential earnings in the long run.

This is because when the next ‘’big event’’ occurs, you will undoubtedly want to already have obtained your adjuster licence, so that you are ready-to-go without having to spend a significant amount of time following any federal and state qualifying procedures.

Without a doubt, the phrase ‘’time is money’’ is extremely reflective of the insurance adjuster industry; the faster you can get yourself deployed and ready to assist individuals which have been unforeseeably subject to economic disasters, the more adequately you will be able to profit as an insurance adjuster.

If you wait until you need a license, you will likely miss a plethora of great business opportunities that already practising adjusters will not.

#4: Flexible Work Environment

One of the most amazing benefits of working as an insurance adjuster is the prolific degree of flexibility that you will have- both in relation to how you work, and in relation to where you work.

For example, independent adjusters may choose to focus primarily on daily claims if they wish to be ‘’on the go’’ so as to allow themselves to work outside, enjoying the fresh air and sunshine on a daily basis. On the other hand, some may wish to spend their days in the office, writing up claims and issuing any legally required documents that they may require for their future proceedings.

Either way, an insurance adjuster has full flexibility over the ways in which they work- even choosing the amount of hours and days that they are available. Generally speaking, this benefit is particularly important to individuals with families.

Conclusion

So, as we can see, there are a variety of reasons for why you may want to get an insurance adjuster licence in 2021.

Increased work flexibility, making a real difference, prolific financial opportunities, and many more reasons make becoming an insurance adjuster seem like the ‘’ideal job’’. Having said that, it is not for everybody.

The nature of your work will mean that you need to have extremely comprehensive people skills, and you will need to always carry yourself with a certain degree of respect and compassion for your clients’ suffering and losses- particularly in life-insurance claims.

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