September 18, 2018 by Staff
Millennials have overtaken boomers as the largest cohort working in the P&C industry, according to research released on Tuesday by the Insurance Institute of Canada (IIC).
Two new reports researched and authored by the Conference Board of Canada—Demographics of the P&C Insurance Industry in Canada and A Changing Workforce: Implications of Technological Disruption for the Insurance Industry in Canada—unveil dramatic changes that are underway in the industry.
Millennials now account for 39% of the industry’s workforce, which is a higher percentage than the general Canadian labour force. And the face of the industry is now a 42-year-old woman; not the 60-something male many believe it to be.
Other key findings include:
“Any one of these key findings would be significant on its own,” Margaret Parent, director of the IIC’s professionals’ division, said in a news release. “Taken together, they represent change and challenge ahead for this industry.”
Canadian Insurance Top Broker is now on Facebook (facebook.com/TopBrokerMag) as well as LinkedIn (linkedin.com/company/citopbroker) and Twitter (twitter.com/CITopBroker). Follow us for easy access to the top P&C news you need to know.
This story was originally published by Canadian Insurance Top Broker.