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A Challenging Year for the Insurance Industry

This will be a challenging year for the insurance industry on one key front in particular, according to the Insurance Institute of Canada (IIC).

According to a 2023 report published by the IIC, the insurance industry faces numerous challenges when it comes to talent, recruitment and workplace satisfaction, including:

• The lack of qualified external candidates as well as the ‘Great Resignation’ during the pandemic were key issues hampering recruitment in the insurance industry.
• Employee referrals became a more crucial recruitment tool in the past two years.
• Inter and intra-industry competition were the main retention challenges over the past two years. The strongest competition for labour comes from within the Property & Casualty Insurance industry.

A challenging year for the insurance industry – More Recruitment Challenges

Recruitment challenges varied widely throughout the country, the IIC found. British Columbia and Quebec were the provinces that have had the most difficulty in recruiting Property & Casualty Insurance workers in the last two years.

Meanwhile, Ontario was ranked the most difficult province to retain P&C workers over the next two years, which is not a positive outlook.

While certain hurdles persist in talent acquisition efforts, the IIC believes that the industry is well suited to face these challenges. It has, after all, bounced back before.

How does this affect young job seekers? Well, one could argue that now is the perfect time to dive into a career as an insurance broker. If there’s a void to fill in the insurance industry right now, why not try your hand at being either an in-house broker or an independent broker?

As mentioned in our ‘Reasons to Become an Insurance Broker‘ blog series, there are countless perks to working as a broker including social interaction, protection against global recessions, and the development of a varied skill set.

At My Hunter, we can help you decide whether this career decision is the right move for you. If you want to embark on an exciting new career as an insurance broker, apply today by visiting our Career page and paste your resume into the comment box of our Contact form.

Best of luck. You’ve got this!

By Dan McDonald, Marketing Coordinator