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Shocking Insurance Industry Numbers – 25% Gone By 2018 – Brain Drain?


Insurance Industry Numbers Show 25% Drop In Employment

The following are insurance industry numbers that should be very concerning to the insurance world. A very short but chilling article pointed out a few numbers of the upcoming insurance company personnel crisis.  By 2018, 25% of all insurance company personnel will retire.

Picture of Insurance Industry Numbers Gun Gesture with Insurance Concept

That is a hard number to believe in this article.  I checked and the Bureau of Labor Statistics (BLS) and the article were correct. The average insurance professional is 45 years old.   That seems to be a very stark number.  This article shows the microcosm of insurance, risk management, and safety personnel in North Carolina.  Even though my observation of the age gap was made in a bar, the same theory applies overall.

The insurance industry numbers do not really reflect a brain drain, but instead, an age and experience drain.   One of the more interesting numbers from the aforementioned article is that only 5% of the millennials have expressed an interest in working in the insurance industry.

Usually, every crisis has a silver lining.  Due to the increasing level of technology, there will be a large number of job openings in the insurance industry including:

  • Customer Service Reps
  • Sales agents
  • Business Analysts
  • Claims Adjusters
  • Underwriters
  • Actuaries

There will be 220,000 more jobs in the insurance industry in the next 10 years.   The personnel to work in those jobs will come from an unknown source.  Usually, if there are not enough qualified recruits, then a brain drain will occur which will make the insurance industry and their customers suffer through having lower quality workers.

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications


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