• Candidate shortages continue to be a prevailing issue in the market, with smaller firms finding talent acquisition difficult due to budget restraints and serving as a significant catalyst for M&A activity within the industry
  • Employee pushback results in 70% of firms adopting a hybrid work model, balancing time spent in-office with the flexibility of WFH
  • Candidates choosing to move away from cities with a particularly high cost of living, relocating to more affordable areas

Vancouver, BC, March 15, 2024  – The candidate shortage continues to shape the job market in the insurance sector and, while demand for talent continues to grow, salary growth has actually tempered slightly – not increasing as dramatically as in years prior.

Still, smaller firms are finding it challenging to compete against larger brokerages, due to tighter margins and less flexibility around compensation. This has been a catalyst for some notable mergers and acquisitions within the industry.

A major talking point has been workplace flexibility. Employers prefer to have their team in the office, but the resulting pushback from employees has resulted in a compromise, with a significant number of firms (approximately 70% of our client base) adopting a hybrid work model, in hopes of retaining current staff and attracting new talent.

Finally, insurance professionals are on the move, with a gradual migration happening as candidates relocate from high-cost cities like Vancouver and Toronto, choosing more affordable alternatives such as Alberta, Manitoba and Saskatchewan.

Impact Recruitment publishes the 2024 Salary Guide: Insurance Edition to showcase these trends and provide current salary data for hiring managers as well as industry professionals.

Download a full copy of the 2024 insurance salary guide here.

About the Salary Guide

Impact Recruitment’s 2024 Salary Guide: Insurance Edition was created to serve as a practical resource for insurance firms and insurance professionals alike. The salary information displayed is based on successful placements made over a twelve-month period by Impact’s insurance team, who specialize in placing insurance professionals across Canada.

Their vast knowledge of the Canadian insurance market allows them to share up-to-date information on trends, market outlook, compensation and perks pertaining to the insurance industry.

About Impact Recruitment

Impact Recruitment is a forward-thinking agency, driven by the desire to create viable opportunities for professionals and guide the growth of organizations.

Our experience, expertise and depth of industry knowledge are unparalleled in the recruitment space, and we’ve built our business by creating meaningful connections that become sustainable, long-term relationships founded in trust and mutual success.

A dedicated point of contact, an unsurpassed understanding of your field and our Certified Candidate® System, the most comprehensive employer-candidate matching system on the market today, combine to make us the ideal partner as you navigate an ever-changing hiring landscape.

For media inquiries, please contact:

David Cook
Vice President of Marketing
Impact Recruitment | AmbiMi