Last year, 56% of insurance companies planned to increase their staff within the next 12 months, per an Insurance Information Institute report.

The Great Resignation combined with an already massive industry talent shortage put strain on all lines of personal and commercial insurance.

Per Kate Riordan, director, MSP initiatives, with Verisk, this year isn’t shaping up to be any different: ‘The insurance industry is seeing a 35% to 50% turnover rate right now as part of The Great Resignation,’ she said.

‘That’s a significant amount of people leaving that are not easy to replace.’

Across the U.S., voluntary employee turnover costs businesses a trillion dollars each year, according to Gallup data. Hiring a replacement employee costs, on average, 33% of their annual salary.