The insurance industry is built on the skill of its underwriters in assessing and pricing risk, but there are some indicators that suggest an aging workforce combined with a continuing lack of contract certainty could be creating future challenges. Steps should be taken now to record the knowledge, experience and even the mistakes of industry professionals before they collect their 401Ks.
Tens of thousands of underwriters are approaching retirement and the Bureau of Labor Statistics (BLS) reveals that projected employment in this particular profession is likely to fall 6% by 2022, and it appears the insurance industry may have a people problem.
This collection of highly specialized individuals could dwindle to fewer than 100,000 souls if the BLS forecast proves accurate, and with market consolidation picking up, insurance companies have even more reason to build greater economies of scale into their businesses.
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
© 2024 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.
