The insurance industry wields significant influence in our modern world, yet it often remains a mystery to many beyond the routine payment of monthly or annual premiums for home, auto, and life policies. In many cases individuals are forced to have insurance as a result of government policy. For example, in Canada you cannot legally drive a vehicle on the road without having an up-to-date auto insurance policy. These government policies have resulted in insurance companies amassing substantial assets. A prime example is Manulife, a Canadian insurance giant, which currently has $807 billion in assets under management. Additionally, they are ranked #3 in Retail Segregated Funds as of the end of 2021. Our upcoming blog post on October 16th, 2023, will delve deeper into this topic of segregated funds.
Unfortunately, the industry has a bad reputation for being deemed necessary, but not liked. This in combination with the fact that there are various misconceptions regarding insurance means it is often overlooked by people looking for careers post-graduation. However, the insurance sector has a significant number of lucrative opportunities, including mergers and acquisitions (M&A), accounting, marketing, private equity, and real estate investing just to name a few. M&A activity in the insurance sector has experienced a recent surge with a total of 449 transactions completed in 2022. This figure represents the largest number of mergers and acquisitions the industry has seen in over a decade. Currently, the global insurance market is valued at an estimated $5.6 trillion with projections to be worth $9.8 trillion by 2027.
With so many opportunities in an ever-growing industry our goal at RCIA is to help keep you stay informed about insurance and facilitate the establishment of a lifelong network with industry professionals. Subscribing to our weekly blog will also keep you up to date on current RCIA events where you can begin to develop this network. As we continue to write these blogs, we encourage you to leave comments below, indicating which insurance topics you'd like us to explore further in our upcoming posts.
To educate and provide meaningful and engaging content for students to learn more about the insurance industry.