Insurance Industry Aging Workforce
Aging insurance industry seeks to replenish its ranks with young recruits.
Insurance industry aging workforce. Workers will be 55 or older according to the u s. Finance insurance and real estate industry toolkit 2 finance insurance and real estate industry overview the u s. Preparing for an aging workforce. Department of labor more than double the rate in 1994 when 55 plus workers accounted for just 12 percent of the workforce.
While their exemplary experience and contributions to all industries. Responsive action steps for the finance and insurance sector stephen sweet phd and marcie pitt catsouphes phd with elyssa besen shoghik hovhannisyan ma and farooq pasha ma industry sector report 7 1 august 2010. Bureau of labor. In fact their numbers in the workforce are expected to increase 2 annually.
Here are five factors small and mid sized insurance companies should pay attention to concerning america s aging workforce. According to the u s. The impact of the aging insurance workforce. Bureau of labor statistics bls classifies.
Census bureau the 65 and older population will almost double over the next 30 years reaching 88 million by 2050. In fact the aging workforce is an industry agnostic problem that many companies are facing as the boomer generation looks toward retirement. An aging insurance industry embraces flex workers theres a crisis unfolding within the insurance industry and it will touch nearly every carrier and agency large or small. Have an aging workforce and are facing.
Few regions should be as concerned as atlantic canada and saskatchewan when it comes to the aging profile of the industry s workforce the insurance institute of canada noted in its recently. Workforces are aging quickly and the insurance industry in particular is especially affected by this. With nearly 400 000 employees expected to retire from the insurance industry workforce within the next few years according to the u s. Noting that roughly one quarter of the insurance industry workforce will be older than 55 in 2018.
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