The insurance industry continues to face a crisis and this one is not due to the deluge of recent hurricanes affecting the Southeast or devastating wildfires out West. What the insurance industry faces — from large corporation to Main Street independent agent — is a talent drought.
As with most industries, property & casualty insurers are dealing with huge numbers of professionals leaving the workforce as they reach retirement age and job descriptions evolving with technology. Fueling the problem is attrition. A 2010 report from McKinsey & Company found that the number of workers in the insurance industry over age 55 increased 75% during the previous decade – leaving 20% of the insurance workforce approaching retirement. Meanwhile, the report also found that those graduating from risk management and insurance programs met only 10% to 15% of the industry's need. And the situation has only gotten worse.
Moving into 2018, we are at a critical point. The excessive number of people retiring from the industry coupled with a low number of young people signing on to insurance as a career presents a great risk for each organization in the industry — big or small.
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