As a record-breaking number of American workers continue to sever ties with their employers, the insurance industry has managed to retain employees better both in volume and tenure, according to a new report by Capital Relocation Services.
In an effort to measure the impact of the Great Resignation, CapRelo researchers sourced Bureau of Labor Statistics data to track employee tenure over time and observe trends across age groups and gender. According to the report, the manufacturing, insurance and health care industries showed the highest median years of tenure for the private sector jobs researched.
The median tenure in the insurance sector was 5.5 years, researchers found. While the industry’s average tenure is among the highest in both private and public sector occupations, CapRelo found the average did decline in the last decade by 0.5 years.
While the exact reasons for leaving or remaining in these roles is unknown, CapRelo speculates that the industries with the strongest retention may provide higher job satisfaction, better benefits and a better work/life balance. Occupations requiring more advanced degrees also displayed stronger job retention.
Age differentials also play a key factor across all industries and occupations as younger generations are changing jobs more frequently.
Read Next
Top 10 Off Beats from December
Peloton stories grabbed two of the top four Off Beat spots in December, while a lawsuit over a Disneyland pass rode to the top.
Related Stories
Top 10 Off Beats from December
Suit alleges teams enjoying false home-state advantage
Feds go after disgruntled boss after employee’s not-so-slick compensation
Most Read in Risk Management
1. A.M. Best downgrades State Farm General
2. Aon names greater New York property leader
3. Alliant hires former Marsh McLennan Agency exec
4. Gallagher Re announces CEO succession
5. Everest expands role of head of reinsurance, appoints new global exec
6. Trump fails to get appeal bond for $454 million civil fraud judgment
Sign up for Daily Briefing, the free email newsletter from Business Insurance.
As a record-breaking number of American workers continue to sever ties with their employers, the insurance industry has managed to retain employees better both in volume and tenure, according to a new report by Capital Relocation Services.
The hiring pool is limited for entry-level and experienced talent, with 65% of people leaving an insurance job also exiting the industry. The leading reason why employees quit is a need for more career development and advancement.
Insurance is a stable industry, even during a recession. People will always need protection from risks, no matter the state of the economy. Employment with an insurer provides more job security than other career fields, such as the arts, entertainment and construction industries.
This demographic trend presents a possible insurance industry talent crisis. Nearly 400,000 employees are expected to retire from the insurance industry workforce within the next few years, according to the U.S. Bureau of Labor Statistics.
Historically, turnover rates in the insurance industry have increased from 8-9% to 12-15% recently, indicating that retaining employees is becoming more difficult (Deloitte United States). This study, which is published twice a year, looks into how the insurance industry hires and keeps employees.
Home insurance companies can go out of business because they were purchased by another insurer, went insolvent, or declared bankruptcy. If your home insurance company can't afford to pay out claims after going out of business, it typically purchases reinsurance or stop-loss insurance to cover the cost.
The property insurance sector is under heavy pressure from poor financial performance due to unexpectedly high inflation, a shift of exposures to higher-risk areas, and rising reinsurance costs.
As the insurance sector grapples with multifaceted challenges, identifying and understanding these risk factors is the first step in crafting a resilient strategy for the future.
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
In emerging markets revenue growth is expected to reach 5.1% on average in 2024 and 2025. This revenue growth may soften the impact of the ongoing profitability and liquidity challenges the segment faces. Claims volumes and costs across lines of business remain elevated in most major markets.
Right now, the average age for men to retire is 65 while the average age for women to retire is 63. While many people say they will work for as long as they can, others retire earlier than expected.
The median tenure in the insurance sector was 5.5 years, researchers found. While the industry's average tenure is among the highest in both private and public sector occupations, CapRelo found the average did decline in the last decade by 0.5 years.
A new Payscale report published on Thursday ranked Massachusetts Mutual Life Insurance Company as having the highest turnover rate out of all of the Fortune 500 companies. Average employee tenure was a little over nine months.
GEICO eliminated 2,000 positions and Liberty Mutual cut 850 jobs. From big brands to insuretechs like Hippo that laid off roughly 20% of its employees, the cuts are undeniable. CEOs cite several drivers behind their decisions, from restructuring to improving efficiency to automation to re-evaluating product offerings.
As well as leaving America's most populous state, American National has plans to cease offering homeowners' insurance in an additional eight states, including Arkansas, Colorado, Louisiana, Minnesota, Oklahoma, South Carolina, South Dakota, and Washington.
Introduction: My name is Duane Harber, I am a modern, clever, handsome, fair, agreeable, inexpensive, beautiful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
