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Education and the looming talent gap

With retirement looming for 25% of the industry, the employment landscape will change significantly

By Mary Ann Cook, CPCU | Updated on August 01, 2016

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.

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