The combination of pandemic disruptions, the Great Resignation, and an aging insurance workforce have created a historic labor shortage in the insurance industry. (Photo: ink drop/Adobe Stock)
With the departure of the baby boomer generation from the workforce, the insurance industry faces an inevitable employment gap. Intriguingly, the insurance sector employs most working individuals 50 and older, and within the next year, close to a quarter of insurance pros will be looking forward to retirement within a decade.
The United States Bureau of Labor Statistics has named this looming shortage "The Great Resignation." A phenomenon created by the combination of an aging workforce, the wake of COVID-19, a changing labor market, challenging working environments, little career advancement or increased work demands, millions of baby boomers retiring, and the younger Generation Z increasing their expectations for a better work-life balance.
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