Attracting talent to captives: a plan is needed
As the baby boom generation continues to retire and many familiar faces vanish from the ranks of the captive insurance industry, companies need to make sure that the pool of talent is replenished and not neglected.
Writing in Captive International’s US Focus, Heather McLure of Helio Risk pointed out that the insurance workforce is an aging one and that because insurance often requires specific education and certification, the deficit is further complicated.
“The baby-boomer generation is still marching towards retirement, and by 2030 all boomers will be 65 or older,” she writes in Captive International. “According to the US 2020 Census, the population of those aged 65+ will nearly double over the next few decades, reaching 88 million by 2050. According to recent estimates, the number of employees older than 55 years in property and casualty insurance is 30 percent higher than in any other industry.”
As McClure further points out, in June 2021, the US Chamber of Commerce issued a report citing US Bureau of Labor Statistics numbers forecasting that over the next 15 years, 50 percent of the current insurance workforce will retire, leaving more than 400,000 open positions unfilled in the industry.