October Insurance Job Market Observations
The 2014 World Series starts this week and both teams are Wild Card Qualifiers which for those don’t follow MLB is a rare event. The continued cross currents of baby boomer retirements and shortages of well-trained talent in the Insurance Job Market is also a rare. As the most active quarter for employers to hire top talent is already in extra innings these are some of the recent statistics observed.
There are more open jobs in the North East for the 10th straight month of 2014. The Midwest comes in next on open insurance jobs and the South East and Pacific West came in 3rd and 4th this month’s analysis. These open jobs are located in all sectors of insurance jobs; Carriers, Brokers, Reinsurers, Intermediaries, TPA’s and Captives. Top Talent is needed in every area but Underwriting is by far the sector where the demand for talent resembles a World Series game. To be even more specific the shortages of talented people for the corporate home office level underwriting positions in Property & Casualty, Professional Liability, Benefits, Personal lines, & Life Insurance has never been this tough.
This situation of demographics (massive worker retirements or shifts to contractor employment) and lack of commitment to training new underwriters has caught up with the Insurance Industry. The average age of the person working in the insurance industry is 54+. The industry is projecting 400,000 new positions by 2020. Where will these people come from is the challenge we hear about most from our clients. It is a good question to ask with respect to not only recruiting but retention of top talent. With this in mind; enjoy this year’s fall baseball classic and may your team win.
All the best,
Mike McDonough and the GSR Team