Briefing: Does the insurance industry have an ageism problem?

By Jon Guy

The insurance sector has done much in recent years to tackle issues around diversity and inclusion.

For example, its annual Dive In festival – which first started in the UK back in 2015 – has now gone global, with 2024’s event involving 46 countries across six continents.

The event’s agenda year-on-year has tackled workplace diversity issues concerning gender, race, ethnicity and lesbian, gay, bisexual and transgender (LGBT) individuals.

Social mobility and neurodiversity are still areas where the industry is struggling. But, if data published in January 2025 by the Age Without Limits Campaign – operated by the Centre for Ageing Better charity – is to be believed, there is a UK-wide issue with the approach to employees who are aged 50 and over.

This data indicated that a “worryingly high” proportion of the country believe ageist myths around older workers’ competency and value in the workplace.

The campaign’s latest survey revealed that ageist assumptions around older workers’ ability to work quickly, to be adaptable, to cope with technology and to be a long-term asset for an employer persist – especially among men, younger generations and individuals with the highest educational qualifications, who are most likely to have responsibility to hire and manage people in their 50s and 60s.

The survey found, for example, that 24% of respondents think it does not make business sense to employ someone over 50 because they will be a slow worker who will not be able to adapt. 

Carole Easton, chief executive at the Centre for Ageing Better, said: “The proportion of people who fail to see the value and benefits of employing people in their 50s and 60s is worryingly high, but sadly also not surprising.

“It is also concerning that the prevalence of ageist attitudes is higher among people with the highest educational qualifications, who are most likely to make decisions around hiring, promoting and developing workers who are in their 50s and 60s.

“Little wonder that older workers are less likely to receive in-work training, are more likely to be made redundant and experience greater difficulties finding work.”

An ageing sector?

As one of the country’s biggest employers, you have to ask whether this perception around older employees is an issue for the insurance industry.

Certainly, in London, the blame for a myriad of failed process reform initiatives has all too often been laid at the feet of 50 something middle management who are cited to be reluctant to implement new systems as they “have one eye on retirement”.

The insurance sector has also faced scrutiny over succession planning, with senior leaders in their 60s who are keen to continue working being called out for creating a so-called barrier preventing the next generation advancing into management roles.

This debate does leave businesses with questions to consider - especially as more experienced staff who may be the wrong side of 50 still bring with them vital expertise and lived experience at a time of ever more complex risks.

It will be interesting to see if age makes it onto the next Dive In agenda.