From: Captive International

The ageing workforce is a challenge across the insurance industry. According to the US Bureau of Labor Statistics and consultant RSM, the insurance industry will lose around 400,000 workers through attrition by 2026. Close to half the industry is aged over 45. The number of employees over 65 outnumbers the under 25s by a third.

For the captive insurance industry, the challenge is arguably even more acute. First, the industry is seeing rapid growth. According to Marsh, premiums written by captives owned by North American-based parents increased 15 percent in just the two years to 2023. Those in Bermuda, the Cayman Islands, and Barbados also recorded double-digit growth.

Second, few people know about the industry. According to a panel of leading young professionals, the real knowledge gap threatening the industry is that too few understand the career opportunities it presents. Speaking to Captive International as part of our FORTY Under 40 initiative, the panel drew from leading young talent across the industry:

  • Prabal Lakhanpal, senior vice president at employee benefit consulting and actuarial services group Spring Consulting;
  • Kim Guerriero, principal and consulting actuary at actuarial and consulting firm Milliman;
  • Bailey Roese, a partner at law firm Dentons; and
  • Dylan Feringa, director and vice president in the Insurance & Specialized Industries Group at PNC Institutional Asset Management.

Together they discussed the industry’s challenges, and how it can ensure it attracts the talent it needs.