A Demographic Analysis of the P&C Insurance Industry in Canada
The Insurance Institute has been conducting demographic research, on behalf of the industry, since 2007. This came about as a direct response to the industry’s concerns about human capital issues such as recruitment, retention, succession planning, and education and training.
The Institute’s objectives in conducting this research are:
• To provide information that is valuable to industry employers as they develop and implement appropriate human resources strategies;
• To inform the initiatives of the Institute’s Career Connections and mycareer programs; and
• To influence the program offerings of the Institute, so as to meet the education and training needs of the industry’s work force.
The Institute is pleased to announce that we have contracted with the Conference Board of Canada for this 2017/18 demographic research, specifically to conduct the 4 phases of data collection, to research changing workforce issues, and to benchmark the industry’s workforce compared to other sectors and Census Canada data.
The Conference Board brings extensive experience working in our industry and tremendous knowledge about talent management issues. With their insight and the participation of the industry, we anticipate providing a wealth of valuable information that will help employers address challenges and implement initiatives to meet their current and future talent needs.
The research project involves 4 phases of data collection in addition to analyzing Census 2016 data:
||Survey of industry human resource professionals
|| Completed April/May 2017
||Demographic analysis of the industry's work force (census)
|| Completed July/Oct. 2017
||Survey of current industry employees and/or Institute members
|| Completed Fall 2017
||Survey of executives and thought-leaders
|| Completed Fall 2017
The Institute’s published reports include:
As a follow-up to the census five years later, the 2012 study investigates the impact, if any, of recent economic and other events on employment trending and forecasts the future human resource requirements of the industry.
The 2012 research study reveals three major trends:
1. Substantial recruitment activity has taken place, despite the degree of economic turbulence in Canada since 2008.
2. To date, the level of recruitment has compensated for the level of retirement.
3. Going forward, the impact of retirement should increase substantially. Therefore, the level of recruitment (and retention) will need to increase substantially.
This second report was compiled as a resource guide to help organizations create the strategies needed to meet their future hiring needs, training and development assessments and the potential leadership gaps.
From this first Institute study, we learned that:
The industry’s workforce was aging;
Industry employees tend to retire younger; and
3. Retirement projections will have a significant impact on the industry (25% could retire between 2012 -2017).