Employment for Insurance sales agents is expected to grow 22% in the next 10 years (2010-20). There are currently 411,500 agents employed in the US and that number should increase by 90,200 by 2020. There have been some fears that the growing number of people making direct online purchases of insurance policies will diminish the need for insurance agents. This is however not the case. Because the profitability of insurance companies depends on an ever increasing customer base, agents will still need to reach out to potential customers and make connections that otherwise might not occur. As mentioned before there is currently a shift in the employment structure of the insurance industry. Brokerages are growing much faster and the number of agents employed directly by insurance companies is shrinking, therefore almost all of this anticipated growth is expected to take place in the brokerage firms (not the companies directly).
The chart below, provided by the US Bureau of Labour Statistics (BLS) shows the projected growth rates for Insurance Agents over the next 10 years:
For more information regarding the occupational growth projections of insurance agents please look on the BLS website using the Standard Occupational Classification Code (SOC code): 41-3021.
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