One of the biggest challenges facing the insurance industry is the graying of the work force. Industry studies show that the average age of an insurance professional is 54, and 60 percent of the workforce is now older than 45. Another alarming concern is that as much as 50 percent of our industry–including owners, producers, support staff, company executives, underwriters, loss control and claims representatives–is expected to retire within the next 10 years.
The industry also faces increasing concern over the impending retirement of Baby Boomers. A Baby Boomer turns 60 every 7 seconds. According to St. John's University School of Risk Management, approximately 50 percent of the insurance industry will turn over within the next 15 years. In other words, half of the industry's talent pool could be gone.
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