The insurance and superannuation industry is substantial for Australian citizens and infrastructure. Australians are protected by insurance against unforeseen costs related to their health, housing, and deaths. Health, life, and general (primarily auto and home) insurance are the three basic types of insurance.
The majority of Australians are impacted by superannuation, and prudent management of these required savings is essential to guaranteeing financial security in retirement. In Australia, there are more than 15 million people who belong to superannuation funds, and their combined superannuation assets total more than $2.7 trillion.
The FNS – Financial Services Training Package provides nationally recognized training for insurance and superannuation. By 2022, there will be 116,900 people working in the Insurance and Superannuation Funds sector, up from 73,300 in 2002. By 2025, it is anticipated to rise even further, reaching 126,600. Employment in the auxiliary insurance services sector fluctuated between 2002 and 2017 before dropping significantly to 12,800 in 2018. Since then, there has been significant growth in employment, reaching 26,300 in 2022.
An advantage when applying for work in the insurance sector is typically some type of academic training in economics or finance, statistics, actuarial sciences, law, or another related discipline.