Insurance Industry’s Resilience Attracts Young Professionals Despite Layoffs

Despite layoffs in both established and startup property and casualty (P&C) firms like GEICO and Liberty Mutual, the insurance industry remains a strong draw for young professionals. The 2023 Recruiting Survey Report by Gamma Iota Sigma (GIS) shows high interest in traditional P&C roles such as actuaries, underwriters, and brokers. However, these young professionals have evolving expectations, seeking versatile roles and companies that offer diverse career opportunities.

Market trends suggest a rebound from the recent layoffs. The U.S. Bureau of Labor Statistics reported a recovery in industry hiring from October to November 2023, indicating that the downturn may have been temporary. AM Best’s analysis supports this, attributing layoffs to the cyclical nature of the business rather than AI-induced job cuts, emphasizing continued demand for young talent.

GIS data reveals growing engagement from HR and talent acquisition teams and an increase in academic programs in risk management and insurance. This indicates sustained interest in insurance careers among students. Interestingly, the 2023 GIS Recruitment Survey found that students are drawn to the insurance industry for the potential of a multifaceted career rather than just salary or job stability. With more than 30% of students coming from diverse fields like finance and data science, insurers are likely to find candidates with a wide range of skills.

To attract top entry-level talent, insurers should focus on providing meaningful work that makes a difference, offering internships and mentorship opportunities, and investing in a corporate culture that aligns with environmental, social, and governance (ESG) goals and diversity, equity, and inclusion (DEI) commitments. Emphasizing these aspects can help insurers remain appealing to the next generation of professionals.

Despite market fluctuations, the insurance industry’s stability and evolving nature continue to make it an attractive career path for young professionals. Insurers that adapt to the changing expectations and needs of this demographic are likely to thrive in 2024 and beyond.