Want to know everything there is to know about insurance? Well before you get yourself that interview with one of the top companies with vacancies on s1jobs, here’s some insider information, hard facts and fully informed predictions that could help you land your dream job.
So sit up straight in class and learn from the best experts in the business.
Pensions
There’s a real shake-up coming here, with great opportunities for the industry. A softening of rules on annuities is changing the way people plan for retirement and we are going to see a growth in ‘mix-and-match’ products to fit the way people now want to take their pensions.
Who says? Richard Rowney, newly appointed head honcho at LV=, who in his previous role with the same company turned a £7 million loss into a £41 million profit in the space of just 12 months.
Global risks
This year the warming climate is set to raise the temperature of the world 1C above pre-industrial levels. This means 60 million people could be forcibly displaced. Meanwhile, cybercrime could cost an astonishing $445 billion.
Such global risks will have big repercussions for the insurance industry.
Who says? Seven hundred and fifty decision makers who are part of the World Economic Forum in Davos.
Income protection
There’s been a growth in income protection policies for the first time since 2007. Now 1.15million workers in the UK have private policies and more than two million are covered by group policies taken out by their employers.
Policies provide a safety net for people unable to work because of ill health.
Who says? Raluca Boroianu-Omura, Head of Protection and Health with the Association of British Insurers.
Tax
A new standard rate of Insurance Premium Tax will be due on insurance premiums received on or after 1 October, 2016. From 1 February, 2017, the new rate applies to all premiums, regardless of when the contract was entered into.
Who says? Well, it had to be HM Revenue & Customs didn’t it?
Unmanned aircraft
The global drone insurance market could be worth $1 billion by 2020. As the technology becomes cheaper and smaller, drone operators are set to become an established part of insurance business, with all the associated risks of crashes, plane strikes, hijacking and terrorism. Professional drone operators will need at least $1 million insurance coverage.
Who says? Allianz Global Corporate & Speciality.
Now you’re armed with these latest trends and industry predictions, check out the best Insurance vacancies on s1jobs