With a “silver tsunami” of skilled underwriters eligible to retire in coming years and a shift in employee expectations, recruitment and retention is a critical focus for the insurance industry right now, said experts during a November webinar hosted by Reuters Events.
“Talent development, recruitment and retention is probably the No. 1 issue for the industry,” said Anthony Shapella, deputy chief underwriting officer at SiriusPoint. (Shapella was recently promoted to group chief underwriting officer, effective Jan. 1, 2025.)
The insurance industry is seeing 12-15 percent turnover—with double-digit turnover in underwriting for most organizations—and it’s taking longer to fill open positions, said Jessica Diffin, who leads talent for GRS North America at Liberty Mutual Insurance.
“It costs a whole heck of a lot more to get an underwriter today because of the tight competition,” Diffin said. “We’re chasing the same people, [and] it’s inf