Young London insurance talent set to plumet unless trends reverse: LMG

Only 7% of the London insurance market’s workforce will be under 30 by 2034, down from 24% now – a statistic that starkly highlights the growing challenge around talent facing the industry. The London Market must hire more people at entry level to reverse this change.

That is what Caroline Wagstaff, CEO of the London Market Group, told AIRMIC Today, speaking in the content of the LMG’s most recent London Matters data, released in February. She said companies are hiring fewer people – and this is a problem.

“We don’t have a supply issue, we have a demand problem.”

“The biggest challenge is that the market does not hire enough people at entry level,” she said. “We modelled the future age profile of the London insurance market based on current hiring trends, and the findings were stark: by 2034, it projected that just 7% of the workforce would be aged under 30. And hiring trends have not remained at their previous levels but have dropped sharply in the last 12 months – making that 7% definitely suspect.”

She went on to explain that the issue is not about young people wishing to enter the industry – it is about a willingness to hire and invest in the talent of the future.

“We don’t have a supply issue, we have a demand problem. Any insurance business advertising an early career role will tell you of the intense competition and high calibre of applicants. As a market, we need to recognise that short-term, cost-cutting hiring decisions will carry long-term consequences,” she said.

The London Matters report also showed that London’s commercial and specialty re/insurance market has doubled in size in a decade, lifting its global share to 8.7%. The London market has reached $187 billion in gross written premium, up 17% from 2022, and now accounts for 8.7% of the global re/insurance market in 2024.

That compares with $90 billion in 2013, meaning the market has effectively doubled in size over the past decade, according to the report. It contributes £61 billion to UK GDP, up from £49 billion in 2020.

It also showed that the market currently employs around 61,000 people, up from roughly 59,000 in 2022. However, the workforce is projected to require 82,200 full-time equivalents by the end of 2034, with the average age rising to 46.

Wagstaff stressed that this change in demographics should ring alarm bells. She noted that graduate and entry level employment need to increase to meet demand in the next decade, but this is not being reflected in current hiring. In fact, graduate job postings in insurance fell 18% YoY in September 2025.

Asked how the industry might attract the next generation into the market, she said it starts with education – and the industry becoming better at selling itself.

“It starts with telling a stronger story about what we do, why it matters, and how it connects to what young people care about. Specialty insurance is about solving complex, real-world problems – from climate risk to emerging technologies – but we have not always made that clear enough.”

She also stressed the need for the industry to connect with a new generation of talent on their terms – to understand how they communicate and where the consume information, and meet them there.

“We also need to meet young people where they are. That means using the channels they use, showcasing real career journeys, and giving them meaningful access to the market. Next month, we will welcome another 150 sixth-form students into EC3 through our Futures Academy programme, giving them first-hand insight into the dynamic opportunities the insurance market can offer.

“Above all, consistency matters. Each year, we begin again with a new cohort of school leavers, building awareness of and interest in insurance from the ground up. Sustained, collective effort across the market is what will ultimately create a strong, diverse talent pipeline for the future.”

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