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- Insurance is seen as boring but jobs can be unusual - and very well paid
Youngsters often grow up wanting to be footballers, singers, actors, and increasingly influencers.
It would be fair to say that more often than not, they don't dream of being insurance brokers and actuaries.
This isn't ideal for the insurance sector, which could be facing a recruitment crisis as fewer young people are turning to the industry for a career, according to a City insurer.
Insurance is perhaps not seen as the most glamorous of career paths, in a world where social media comparison with peers is easier than ever and young people are increasingly look for careers that give them a sense of 'purpose'.
People are shunning the sector because they view it as a 'boring' career option, according to insurance firm MS Amlin.
As many as 68 per cent of people said they wouldn't consider a career in insurance, labelling it as 'monotonous', 'repetitive' and 'unexciting'.
More than four in five said they think insurance would be unrewarding, while 93 per cent said they didn't think they could make a meaningful impact with a career in insurance.
For the insurance sector, and industry where there are as many workers over 60 as there are under 30, these risks sparking a struggle to recruit the next generation of young insurers.
For those young people that do go into the sector, many do so having known a parent or relative that already works in insurance.
This was the case for 26-year-old Molly Gemmel, executive assistant to the chief executive at Allianz UK, who says she has a relative working in insurance. She said, however, 'I like to think I chose it myself.'
'The reason I decided to try insurance was because I was always a 'jack of all trades' at school, rather than focused on only the arts subjects or only the science subjects, and I felt that insurance companies not only have a huge variety of roles but the roles themselves also require a varied skillset'
Gemmel joined a grad scheme at Allianz in 2021, rotating from customer care to assistant underwriting and broker distribution management.
She eventually landed permanently in London Market Real Estate, and was promoted to underwriter.
Gemmel's success is just as well, as figures show that demand for insurance services may be becoming more acute.
MS Amlin data indicates there has been a 1,500 per cent increase in conflict and civil unrest claims over the past five years, while natural catastrophe claims have risen by 300 per cent.
Tom King, line underwriter at Hiscox and leads its flood team, increasingly focusing on flooding in the US.
He said: 'I don't think anyone grows up wanting to work in insurance… it wasn't really something that hit my radar.'
'It's something that you have to do and because your parents tell you to buy travel insurance when you go on holiday or it's just something that's very mundane like car insurance and phone insurance, so it's not sexy.'
The apparent downturn in new insurance sector employees could also prove problematic for the UK economy.
The insurance sector currently contributes some £50billion to UK GDP each year, making up a third of the City of London's GDP, and two per cent of the national economy.
According to hiring platform Employment Hero, salaries in the insurance, finance and banking sectors have declined 4.7 per cent over the past year, which Kevin Fitzgerald, UK managing director at the firm, says will 'inevitably impact the ability to attract and retain talent.'
Fitzgerald added: 'Gen Z are entering the workforce in a very different environment, and many are still figuring out how to navigate early career opportunities and build their networks.
'There's also anxiety around the job market, which is stopping some from going for opportunities.
'In this environment, employers need to understand what's important to Gen Z.
'The answer is stability, flexibility, and clear paths for career development.'
In many cases what is holding young people back is simply a lack of understanding of the insurance sector, and this is pushing them away from plenty of career opportunities.
'Once you see the other side of it,' King says, 'you realise its actually this dynamic, forward-thinking industry.'
King started his career in shipping management on a graduate rotation that saw him work on a joint venture with an insurance broker.
He said: 'I suddenly discovered this world of insurance, I was going into Lloyds of London with the brokers… the trading floor was like nothing I had ever seen before.'
King decided to 'take a backward step' and apply for graduate schemes in insurance, eventually landing a role at Hiscox.
Ten years after starting his insurance career at Hiscox, King heads the flood team, but he does so having worked across multiple sides of the business in his time there.
He said: 'The amazing thing about insurance, whether it's underwriting or broking, is that there is something for everyone.'
This is echoed by Chalani Wickremasinghe, who also works at Hiscox, but treads a very different beat to King.
She said: 'We have teams that are insuring wind farms and solar farms, we have teams that are covering fine art. We have teams that are insuring against terrorism, kidnap and ransom.'
There are options to make sideways moves, and opportunities to work around the world, she says.
Wickremasinghe found her way to insurance from a maths background, starting as an actuarial graduate, and is now a capital analyst at the firm.
She said: 'I didn't want to go towards academia, I wanted to do something more business focused.'
Her current role, she says, allows her the option of expanding her career into strategy focused roles in future.
However, she says the industry faces competition among maths graduates like her from more glamorous sectors.
'Everyone wants to go into baking or consultancy, she said, but I didn't consider those options because I knew I wanted to prioritise my work life balance.'
'I don't know why it's not like a popular choice, insurance in general, I think it's a good balance of everything.'
Wickremasinghe added: 'If you want to go for a more technical, quantitative role like mine, there are actuarial roles. If you are a more people and relationship-based person, you can go for an underwriting role.'
'Whatever your personality is, whatever kind of skills you have, even if you're not sure but you want to go for a career that you can put your all into it, then I think insurance is a great spot for anyone.'
