Whether you’re just beginning your insurance career or you’ve already built a strong background in the industry and are considering a change, there are many avenues within the Property Casualty insurance industry to consider and pursue. There are several specialized markets that offer incredible professional opportunities and can provide career longevity due to their specific nature.
Below are examples of three fast-growing, niche markets of the Property Casualty insurance industry you may want to consider entering:
- Agribusiness Insurance covers the insurance and risk management needs of agriculture and farm operations and is not limited to areas of dairy operations, ranch and equine operations and much more. Whether you have a background in the agriculture industry through a prior career in farming or education concentration or you have a genuine interest in the industry, it is definitely a specialized insurance sector to consider because agribusiness is and always will be a crucial part of our economy.
- Boiler and Machinery Breakdown Insurance covers the costly physical and financial damage that can result from an equipment breakdown (definition source: Hartford Steam Boiler). This market may be appealing to those insurance professionals with a naval or engineering background as they may already have a proficiency in this area. This sector is growing at a rapid rate and is often now referred to as equipment breakdown insurance as it covers more items such as computers, electric motors and generators adding an even greater need for qualified insurance professionals.
- Ocean Marine Insurance covers the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment. This type of marine insurance also encompasses coverage for damage to the vessels involved in shipments and any legal liability arising in the course of shipment (definition source: International Risk Management Institute). In an article about ocean marine coverage by Property Casualty 360°, Travelers’ Ocean Marine President Bill Queens says, “Most of the people in this industry come from a maritime background, and they have a language that’s unique to that environment.” He then goes on to stress how important it is for Ocean Marine insurance agents to educate themselves on the specific language of the maritime industry. If you have prior naval or mariner career experience or are knowledgeable on nautical terminology, this may be an insurance sector to consider for your career.
Many people also may not initially consider careers in these ultra-specialized areas of insurance because they feel they may not be qualified due to the specific knowledge or training that is required, but this is a misconception. Property Casualty insurance companies are often willing to assist employees with the specific training or certifications necessary to fulfill the position if they feel the person is or can be an asset to their company. If you do already have specified skills or a background that pertains to a certain sector like agribusiness or ocean marine, that can also give you an edge over other candidates.
If you are interested in moving into one of these specific insurance markets and feel you are already qualified, contact Coleman Search Group today. If you are interested in learning more about these niche markets, we encourage you to research them by visiting sources like Property Casualty 360° and Insurance Journal for more information on specialized Property Casualty insurance jobs.