* Insurance Risk Management Summit Talent Shortage
- The insurance industry is facing a significant demographic shift, with a large portion of its experienced workforce nearing retirement.
- The RISC Summit is organized by a national group of higher education institutions dedicated to advancing innovation and addressing the most pressing challenges in risk management and insurance.
- jim Lewis,summit organizer and executive director of the Emmett J.
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Addressing the Insurance Industry’s Looming Talent Shortage
The Challenge: A Demographic Shift and Aging Workforce
The insurance industry is facing a significant demographic shift, with a large portion of its experienced workforce nearing retirement. This poses a substantial risk to the industry’s ability to maintain expertise and innovate for the future. The inaugural Risk Management and Insurance Strategic Collaborators Summit, taking place this week in Iowa City (RISC Summit 2025), is a key initiative aimed at tackling this challenge head-on.
The Risk Management and Insurance Strategic Collaborators Summit
The RISC Summit is organized by a national group of higher education institutions dedicated to advancing innovation and addressing the most pressing challenges in risk management and insurance. The summit’s core focus is on how the industry can effectively recruit,inspire,and equip the next generation of risk management professionals.
jim Lewis,summit organizer and executive director of the Emmett J. Vaughan Institute of Risk Management and Insurance at the University of Iowa, emphasizes the urgency of the situation. “They didn’t really have the steady flow of talent coming back in, and so that’s partly what I’m trying to do here at Iowa is grow our talent pool for the industry and make sure they’re future-ready,” Lewis said.
The summit isn’t just about filling vacant positions; it’s about fostering a new generation of leaders who can drive innovation. Lewis highlights the need for future professionals to be actively involved in shaping the industry’s response to challenges like talent shortages and the integration of artificial intelligence.
The Numbers: Projected Workforce Attrition
According to data from the U.S. Bureau of Labour Statistics, as reported by Insurance Thought Leadership,the insurance industry in the U.S. could lose approximately 400,000 workers thru attrition by 2026. The vast majority of these departures are expected to be due to retirement.
| Year | Projected Attrition (U.S.) |
|---|---|
| 2024 (Estimate) | ~300,000 |
| 2026 (projected) | ~400,000 |
Source: U.S. Bureau of Labor Statistics via Insurance Thought Leadership
Preparing for an AI-Driven Future
The insurance industry is undergoing a rapid conversion