London – UK Insurance Labour Market Trends, September 2024

London – UK Insurance Labour Market Trends, September 2024

Lloyd’s of London’s recent report highlights the most favourable underwriting conditions in over a decade, signalling a significant upturn in the insurance market. Profits have surged from £3.9bn in the first half of 2023 to £4.9bn in the same period of 2024, reflecting robust market growth. This positive trend has been mirrored in London’s job market, with insurance vacancies increasing by 6.6% this year.

HR – UK Insurance Labour Market Trends, July 2024

HR – UK Insurance Labour Market Trends, July 2024

The pandemic’s long-term impact on the industry is still evident, particularly in how we work. The sudden shift from structured, on-site roles to remote work has altered workplace dynamics, with traditional business principles now being challenged, especially by younger generations. This has created challenges for HR departments as businesses face resistance to returning on-site.

Transformation & Change – UK Insurance Labour Market Trends, May 2024

Transformation & Change – UK Insurance Labour Market Trends, May 2024

Insurance companies are facing a myriad of challenges at a time when there is deep uncertainty in the industry and the global economy. Similarly, transformation projects have changed and now require a far greater focus on data and analytics capabilities. The trend toward digitalisation has resulted in companies embracing the cloud, and with each wave of transformation, the level of cost and complexity has increased.

Risk – Insurance, UK Labour Market Trends, April 2024

Risk – Insurance, UK Labour Market Trends, April 2024

Insurance companies face new risks due to economic volatility, higher interest rates, geopolitical uncertainty, and climate change. This has led to a rise in demand for risk professionals, with vacancies up by 11.4% in 2024 compared to last year. March 2024 had the highest number of risk vacancies in over a year, indicating a continuing trend.

Claims – Insurance, UK Labour Market Trends, March 2024

Claims – Insurance, UK Labour Market Trends, March 2024

Claims continue to grow, with recruitment within insurance firms persisting across all sectors. The escalating impact of climate change on the property sector is evidenced by a long-term increase in insurance claims payouts, surpassing those of a decade ago.

Year in Review: UK Insurance Labour Market Trends, January 2024

Year in Review: UK Insurance Labour Market Trends, January 2024

In a world of ever-increasing risk, specialist insurance services rise as businesses look to mitigate their exposure. Hence, for the industry, 2023 has proven to be a busy year, with the sector being one of the top performers across all industries in terms of year-on-year activity this past year. On that point specifically, we saw vacancies drop by 15.1% compared to 2022. That compares to an all-industry fall of 30%.