P&C Job Losses Of 30-40% Within 10 Years: RSA Canada CEO

Technological automation is going to significantly change the composition of Canada’s property and casualty insurance industry, reducing the workforce by up to 30% to 40% between the next five to 10 years, predicts RSA Canada president and CEO Martin Thompson. Speaking at the Insurance Institute of Canada’s At the Forefront breakfast in Toronto on Tuesday, Thompson said the rapidly decreasing cost of computing power has given insurance organizations an “unparalleled” ability to process and compute data. This allows insurance organizations to automate certain tasks and roles within the industry, reducing costs and increasing efficiency.