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 Holgatecomments;

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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