The Insurance Institute published its latest report for industry professionals and organizations, showing the results of two surveys conducted with both human resources (HR) and industry employees. It found that labour shortages in the property and casualty (P&C) industry were primarily being filled by internal referrals due to a lack of qualified external candidates.

The report, Demographic Analysis of the P&C Insurance Industry in Canada 2022 to 2026, based on a survey combining responses from 26 organizations and 4,794 individuals, shows wellbeing and mental health is a priority among HR survey respondents, while expectations about hybrid work are becoming the new normal among employees.

The HR survey’s respondents meanwhile say “managers are now paying increased attention to team cohesion and staff mental health and putting less priority on things like key performance indicators,” further indicating that improved social and emotional skills are seen as important for workers at all levels, the report states.

It continues, saying approximately 29 per cent of the workforce plans to leave their current employer in the next five years. “The majority, at 58 per cent, indicates that they will stay in the insurance field,” adds the report. “This is at odds with the concerns about high turnover noted by HR professionals, and also casts doubt on the ‘the great resignation’ phenomenon.”

Finally, they say 8.5 per cent of the workforce is planning to retire in the next five years, with 15 per cent of senior managers reporting their intention to retire during the same time frame.