The insurance industry is increasingly facing productivity and efficiency pressures caused by a combination of an aging (thus, retiring) workforce, a shortage of talent and changing workplace expectations of its employees. It is estimated that, compared to their financial services peers, Canadian insurers have the greatest percentage of workers over the age of 55. During the next decade, the insurance industry will face a multitude of sector specific challenges.
This issue of Insurance Review addresses some of these challenges and contains insights into the role of enterprise risk management within the insurance industry. It also discusses the impact of Canada’s impending conversion to IFRS.