Claims – Insurance, UK Labour Market Trends, March 2024
Claims hit record highs as recruitment surges
Key findings:
- In 2023, there was a 4.5% increase in vacancies nationally compared to 2022.
- General Insurance firms saw a significant increase, up 15.8%.
- Claims Negotiation is the fastest-growing area, showing a YOY increase of 196%.
- Direct Line recording the most significant year-on-year increase, up by 147.5%
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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. The cost of living crisis has also led to a rise in fraudulent claims, while auto claims are increasingly problematic due to a surge in thefts. Likewise, business interruption claims are still being processed. In 2023, there was a 4.5% rise in vacancies nationally compared to 2022, with recruitment volumes in 2024 remaining stable thus far. Demand for Claims roles in London has surged by 24.2% year-on-year. This is according to the latest UK Labour Market Trends report by Harrison Holgate and labour market data analysts Vacancysoft.
Matthew Waters – Managing Director of Harrison Holgate – comments;
“ Due to rising geopolitical risk, climate change manifesting into property damage, not to mention the ongoing business interruption cases working themselves through, we expect 2024 to be a busy year for the insurance industry, where services are in increased demand, and claims departments will struggle to keep up. ”
General Insurers lead in recruitment, claims negotiators in demand
General insurance firms witnessed a 15.8% increase in vacancies in 2023. They already held a dominant position in overall vacancies, comprising 75.2%. With this surge, their share rose to 83.3%. In contrast, non-life insurance firms witnessed a notable decline of 32.5%.
Regarding the skills in demand, while claims handling remains the dominant area, constituting 59% of the total, it has recorded a sharp decline this year, falling to 45.5%. In contrast, Claims Negotiation is the fastest-growing area, showing a year-on-year increase of 196%. Additionally, it now constitutes 12% of claims vacancies (compared to 0.7% of all vacancies in 2022 and 2% in 2023).
London became the largest region nationwide, the South slumps
With a year-on-year increase of 24.2% in London, the capital’s share of national recruitment rose from 23.8% in 2022 to 28.3% last year, making it the largest region nationwide. Similarly, there is an increase in claims vacancies across the North Regions, with volumes up 28.3% on the prior year.
In contrast, the steepest decline occurred in the South East, with vacancies decreasing by 33.5%, contributing to an overall slump in the South, down 25.2%. Consequently, after being the dominant area in 2022, it dropped to the third-largest region. Its total share has decreased from 31.5% in 2022 to 22.5% in 2023.
Direct Line lead recruitment amongst the top ten insurers, up 147.5%.
Direct Line has recorded the largest year-on-year increase among the top ten insurers, with vacancies up by 147.5% from 2022 to 2023. Similarly, Auxilis stands out with 350 claims vacancies in 2023, marking a 40% increase from 2022. Alongside Davies, they noted a significant year-on-year uplift, with vacancies up by 84.4% in 2022. It’s worth mentioning that Allianz has recorded the most substantial overall increase, with vacancies rising by 194.3% compared to 2022. However, this appears to be a one-time surge, considering the vacancies in 2024 so far this year.
Among the top ten insurers, only AXA experienced a decrease in vacancies in 2023 compared to 2022, with claims vacancies falling by 2.3%.
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