February 21, 2025
John McNeil — Associate Dean, Program Coordinator & Professor, Humber Polytechnic
The Canadian government’s recent policies regarding international students have impacted post-secondary institutions and industries reliant on global talent. The insurance sector is one of them.
The combination of reduced international study permits and adjustments to post-graduate work opportunities has created challenges for Ontario’s post-secondary institutions. These shifts not only affect the future of higher education in Canada but the availability of skilled professionals for in-demand industries like insurance.
In January 2024, the Canadian government made a significant policy change by introducing new measures to cap international student permits at 35%. The restriction was designed to limit the number of students arriving in Canada for post-secondary education.
In September 2024, the government announced an additional 10% reduction in international student permits. The added measure’s intent was to curb the growing number of international students even more, but the result has left many institutions with a reduction in international enrolments.
In November 2024, the government announced a new set of programs that would align with approved post-graduate work permits. While this move was generally welcomed, many programs, including Insurance Management, were left off the list.
Since its inception in 2017, Humber’s Insurance Management program has established itself as one of Canada’s top insurance programs, earning a strong reputation alongside esteemed, long-standing institutions including Fanshawe, Mohawk, Conestoga and Seneca. These programs have supplied a talent pipeline of high-quality candidates including international students for an industry in a talent crunch.
Individuals who pursue insurance programs choose the industry and commit 1-2 years of their life studying it. Humber’s Insurance Management program aims to produce a graduate who has a RIBO Level 1 license, up to seven Chartered Insurance Professional (CIP) courses and 15 weeks of Applied Systems training on industry-standard software like Epic, Applied Rating and Policy Works.
Humber stats show that 95% of its Insurance Management grads are hired in the insurance industry upon graduation. This is because insurance programs at the post-secondary level instill the needed foundation to produce a successful candidate.
Not only do they choose the industry, they stay in it—less than 10% of Humber grads leave the industry after joining it. One of the biggest struggles for employers has been talent retention. This includes international students who bring valuable strengths such as the ability to speak multiple languages, global insurance experience and expertise in sales, customer service and other key skillsets. Without the steady influx of international students, academic institutions are left to rely more heavily on domestic students, potentially leading to a gap in the talent pool and the demands of key industries like insurance.
For domestic students, the two main audiences that pursue insurance programs are new grads and career changers. Recruiting these audiences can be challenging as there are often obstacles financially or from a commitment perspective.
With many competing industries searching for highly qualified candidates, it’s that much more challenging for the insurance industry—currently facing a talent shortage—to attract talent. Today there are six insurance programs in Ontario. Next year, there’s a strong possibility the number will decline.
To address this growing shortage, there are many ways the insurance industry can step forward in support of insurance programs in Ontario.
Encourage New Talent
Insurance brokerages can collaborate with academic institutions to raise awareness about the value of insurance programs and the opportunities they provide. Take part in recruitment events, info sessions or career fairs, or refer friends and family to pursue insurance education at the post-secondary level.
Offer Part-Time Positions and Internships
Insurance brokerages can help create a direct pathway to full-time employment. Offer part-time positions or internships to students enrolled in insurance programs to provide valuable work experience and financial support while they complete their studies.
Provide Mentorship and Career Support
Insurance brokerages can offer guidance and help students navigate their career. Sign up to be a Mentor in IBAO’s Mentorship Program or connect with colleges to offer mentorship support to Insurance Management students—mentorship is a key part of the recruitment and retention funnel.
Develop Bursaries and Scholarships
Financial support can make a significant difference for students considering insurance education. By establishing bursaries or scholarships, brokerages can help alleviate the financial burden on students, making the field more accessible to a broader range of talent.
The reduction of international student enrollment in Canada has left insurance programs struggling to recruit a domestic audience. With brokerages in need of skilled talent, the opportunity is to come together in support of insurance programs while they’re still here.