Where have all the underwriters gone?

Posted by Richard Jacobson

Insurers are having a difficult time finding and recruiting underwriting talent. But what exactly is to blame for this growing talent shortage? 

Insurance underwriting unemployment is nearly four times lower than the national rate and nearly half the overall insurance rate. With virtually non-existent unemployment, the pool of potential talent is tightening, making it more and more difficult to find and recruit underwriters.   

In addition, demand for this highly specialized professional is already high and expected to only increase drastically in the coming years. Experts are predicting that the demand for underwriters will grow at a rate of 6.3 percent during the next 10 years.  

Add in an aging workforce, impending industry retirements and a turnover rate of 15 percent, and insurance organizations are faced with a severe underwriting talent gap.