The risk management and insurance industry employs about 2.6 million people in the U.S. — and that number grows even more when you include people in risk management and insurance functions who work at noninsurance companies.
What do all those people do? Some of their jobs are specific only to insurance, while others can be found in almost any company, but have unique aspects when applied to the risk management and insurance field.
For instance, actuaries, underwriters and claims adjusters are all roles that pretty much only exist in the insurance industry. Actuaries calculate probabilities of future events, underwriters determine what risks are worth insuring, and claims adjusters analyze losses to determine how much people or businesses are owed through their insurance policies.
On the other hand, data scientists, sales agents, marketers, customer service representatives and even risk managers work in all kinds of fields, but they play integral roles in making the insurance and risk management industry function.
Here are some broad categories of careers in the risk management and insurance industry. This isn’t a comprehensive list, but it provides a solid overview of the key areas that make it all happen: