Demand for UK actuaries continues rising following record year, Phoenix Group busiest insurance industry recruiter — new report

May 4, 2022 | Insurance, News

  • Actuary jobs up 27% year-on-year in 2021, on course for 9% growth in 2022
  • Overall insurance vacancies smash monthly record in March 2022 
  • Phoenix Group, Aviva, Legal & General busiest recruiters of actuaries

Jobs for actuaries in the UK are maintaining their high levels going into 2022 following a surge in the last calendar year, with overall recruitment in the insurance sector soaring to record levels in the process, new research shows. According to a new report by recruitment industry data analysts Vacancysoft, insurers in England, Wales and Scotland published 1,075 vacancies for actuaries in 2021, up 48% year-on-year. With hiring levels in Q1 2022 already at 40% of last year’s levels, recruitment for actuaries is on course for 9% year-on-year growth in 2022.

Meanwhile, overall jobs within the British insurance sector are surging in the first few months of 2022, with March’s vacancies surpassing the 3,000-mark for the first time ever — and putting vacancy volumes on a trajectory to finish 55% higher than 2021.  

Vacancysoft CEO James Chaplin said:
“The pandemic was a challenging period for insurers. Many faced losses and uncertainty about the validity of their policies. The potential scope for new market products also broadened. Actuaries play a key role across both aspects, so it’s little surprise that hiring for these specialists grew steadily over the last calendar year.

“This year sees additional volatility entering the market due to the combination of stagflation and the war in Ukraine. Based on this, recruitment for actuaries looks set to increase further despite already being at record levels.”

 

Phoenix Group, Aviva, Legal & General busiest actuarial recruiters

Phoenix Group tops the list of firms hiring the most actuaries in 2022, publishing 27 vacancies so far this year. In 2021, the company topped the table with growth of 118% year-on-year. Rising from fourth in 2021 to second in 2022 is Aviva, which published 18 vacancies for actuaries by the close of Q1. 

Top 5 companies, actuarial vacancies, Great Britain, 2019-2022*

# Company 2019 2020 2021 2022 (Q1)
1 Phoenix Group 20 28 61 27
2 Aviva 9 40 47 18
3 Legal & General 45 30 50 16
4 Willis Towers Watson 32 16 50 16
5 Just 25 24 28 14
19 AXA 25 19 37 2

The largest surge in actuarial vacancies in 2021 was experienced by Willis Towers Watson, which published 50 new jobs — 212% more than recorded in 2020. Hiring levels at Legal & General grew by 67% year-on-year in 2021, and in early 2022 the firm lies in third for most vacancies (16 jobs). AXA has recorded the slowest growth so far in actuarial vacancies, at only 5.4% of 2021’s totals after three months.

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