- Describe your sector in a nutshell.
Insurance is there to help people when things go wrong. We provide protection for our customers’ homes and cars if an accident happens. The Gibraltar insurance market is very strong and is one of the key contributors to the local economy. Around 30% of all cars on the road in the UK are underwritten from Gibraltar and it is an area of real focus for the government.
- What are the different career opportunities/jobs available in your sector?
There are different departments that make an insurance company run – so there are opportunities within finance/accounting, risk & compliance, underwriting, claims handling/auditing and actuarial. Actuaries are few and far between, especially in Gibraltar so if you are studying actuarial science or maths, it would be great to hear from you!
- What’s interesting/fun about your sector/industry? Why should a young person want to work there?
No two days at work are the same! What’s interesting is that you are able to bring together and understand the different components that are needed for customers i.e. home & car insurance and relate this to your personal life as well. It provides you with insight you didn’t have before and the most interesting part is the ability to learn and grow from other departments and see the ins and outs of how the customers journey at the company operates, from sales to claims, right through to how their policy is underwritten and how the risk is measured.
Plus we have lots of social events where the industry gets together including an annual dinner which is great for networking and having fun with other people in the insurance industry – it is one of the best corporate events of the year!
- What skills/qualities do you look for in someone wanting to join your sector?
There are so many skills and qualities the people in our industry have, so there would be too many to list but being eager to learn and interested in the sector would be great qualities to have.
- What is demand looking like in your sector? How do you think this will change in the future?
Motor insurance is a compulsory purchase in the UK and with many UK insurers registered in Gibraltar, demand for our product is strong. Therefore we are always looking to strengthen our team and the industry as a whole has been resourced more over the last few years. While technology has enabled some functions to be automated, this is an industry where there is still a large role for human judgment.
- What is the approximate salary range can people earn?
As with most industries, when you have little to no experience you will start on a lower salary than if you are already qualified but this does not mean that your salary will not increase in time – people in our industry can earn from the bottom range of about £20k, up to 6 digit figures annually.
- What career pathways are available for a young person wanting to join your sector? (University and non-uni routes)
Young people nowadays have a few options in joining the industry – there are plenty of uni courses which you could do which would put you in a good position to get a job in the insurance industry but you will often find that once you get a job there are more specific qualifications you can undertake to further your studies and become more specialised in the area you will be working. Good companies, will, where they can, support you through these studies in the hope to use your expertise for many years to come and improve industry knowledge. Remember that if you do go down the route of completing a degree before looking for a job, it doesn’t necessarily have to be in the same subject as the job you end up applying for if you chose you want to work in insurance in the end. The larger the insurance firm, the wider the breadth of opportunities.
If you chose not to go to university please do not feel like you would not be able to work in an insurance company – some of the best people in the industry started off with no qualifications, knowledge or experience of insurance and have gone very far.
There is a local apprenticeship scheme available for those looking to join this sector. Details are available through the Gibraltar Insurance Institute.
- Any advice you would give to a young person wanting to join your sector?
Advice I would give to a young person wanting to join the insurance sector is to learn as much as you can and don’t be afraid to ask questions relating to how other departments work with yours. Even if you’ve been at the company for a while, it’s always good to ask questions. Additionally, involve yourself in topics that your company offers that you find interesting. i.e. wellbeing, assisting with and organising events where applicable, fundraising, etc. Get involved to feel part of the team where it interests you.