Here is a piece of news that should be of interest to plaintiff and defense lawyers, structured settlement consultants and thosee seeking employment in claims, the Insurance Journal reported June 10, 2011 that "the insurance claims industry is expected to rapidly hire new staff in the next few years".
Employment in the field of third party administrators and claims adjusting is set to grow 5.7 percent annually between now and 2016, according to industry research firm IBISWorld. The report says that Insurance carriers and brokers are increasingly outsourcing risk management functions. In turn, third-party administrators and insurance claim firms will have to bolster personnel, the firm says.
IBISWorld says the insurance industry overall will benefit from a rebound in the general economy. More specifically, demand for commercial insurance will rise, increasing the need for claims adjustment services.
One of the comments to the Insurance Journal report said "These are not new jobs. These are transplant jobs from brokers and companies to third party administrators. The result will be same number of people employed, but lower salaries. Unfortunate".
Let's see what shakes out.