Demographic Research Series
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’sCareer Connections andmycareer 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'S PREVIOUS PUBLISHED STUDIES:
The Executive Summary provides key findings and conclusions of the research, and is a snapshot of the decade of change in the industry's workforce demographics with projections for retirements to 2027. A Full Report and an Executive Brief Infographic are also available for download.
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:
1. The industry’s workforce was aging;
2. Industry employees tend to retire younger; and
3. Retirement projections will have a significant impact on the industry (25% could retire between 2012 -2017).