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Monday, June 06, 2016 9:01 PM
FEMA Warns Of Flood Insurance Cutoff
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Monday, May 23, 2016 8:53 PM
On The Move
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Thursday, April 28, 2016 7:46 PM
Employment Gap: 25 Percent Of Insurance Professionals To Retire In Next Four Years
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Thursday, April 14, 2016 7:54 PM
Auto Insurance Penalties In Hawaii Are Among Highest In The Nation
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Monday, February 29, 2016 7:13 PM
Insurance Helps Companies Offset Data Breach Expenses
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Friday, November 06, 2015 7:25 PM
Auditor Attacks Use of Hawaii Hurricane Relief Fund
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Thursday, November 05, 2015 8:17 PM
DTRIC Insurance Founder And CEO Ron Toyofuku To Retire
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Thursday, October 01, 2015 7:11 PM
Firm Set To Pay $120M To Purchase Isle Insurer Zephyr Co.
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Thursday, September 17, 2015 11:52 PM
Hawaii Employers’ Mutual Insurance Co. Board OKs $2.75M Dividend
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Thursday, August 20, 2015 8:49 PM
Hawaii's DTRIC Insurance Co. Adds Cyber Risk Insurance To Its Offerings
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| Employment Gap: 25 Percent Of Insurance Professionals To Retire In Next Four Years |
| Thursday, April 28, 2016 |
Members of the insurance industry are getting nervous as about 25 percent of their workforce will retire by 2018 and in Hawaii it's worse, Jeff Shonka, president and CEO of First Insurance Company of Hawaii told PBN.
A study from McKinsey and Co. found that 25 percent of professionals in the insurance industry will retire by 2018, leaving a large talent and experience gap in the industry. The average age in the industry nationwide is 59, but in Hawaii it’s even older, Shonka said.
“The cost of living in Hawaii is such that people work a bit longer here,” said Shonka. “We have people who are in the 70 age range.”
Shonka thinks the the industry needs to start acting now as new recruits need to go through a “fairly robust training program.”
“Training is required and skills aren’t readily transferable,” he said.
The president and CEO thinks the industry in Hawaii should recruit more from the military. However, he added that insurance companies are going to have to increase their already high compensation.
Typical cash compensation for an entry-level college-educated underwriter or adjuster is in the $40,000 range, with more experienced underwriters and adjusters earning compensation in the mid $60,000 range.
“Frankly those numbers are going up because of the scarcity and we are already a very well-paying industry,” Shonka said. |
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