Within the next two years, nearly a quarter of the insurance industry will be thinking more about golf, grandchildren and a possible move to Florida than about premiums, competition and constructive total losses.
That's because, by 2018, 25 percent of risk management and insurance professionals will be at or near retirement age, according to a McKinsey & Company report. As these experienced employees exit the industry, too few younger workers will be replacing them. Only 27 percent of insurance employees are under the age of 35, according to the U.S. Bureau of Labor Statistics.
The talent shortage created by the lack of qualified applicants in the hiring pipeline is well documented. But this scarcity is also poised to create a significant dearth of knowledge and experience in the risk management and insurance world. As cohorts of industry professionals walk out of their offices for the last time, they'll take with them a plethora of technical and institutional knowledge that many newer employees have not yet accrued through on-the-job experiences, partnering and coaching with more-seasoned colleagues, and informal or formal educational resources.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
