What happens when the talent disappears?

The London insurance market is colossal, contributing £61bn to the UK economy and 37% of City GDP. At $187bn, it’s larger than the combined size of all other global insurance hubs. That scale isn’t accidental: it’s driven by innovation, and innovation is powered by people.

Yet ask 1,000 school or university students which industry they want to join, and how many will pick insurance? Probably none. That’s not just disappointing, it’s alarming. The sector’s age profile is shifting fast, with the under-30s set to fall from 24% to 7% of the workforce in the next decade.

At a recent MGAA panel, everyone agreed: attracting talent needs a collective, industry-wide effort. Insurance has a compelling story and a broad range of career pathways. But the story isn’t being told, and there’s no united plan to act.

Other sectors, like engineering, have organised and taken control of their futures.

Perhaps it’s time insurance treated its people challenge as a risk to be managed. And to act accordingly.

Apologies to John Walsh for stealing his figures!

Written by Simon Case

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