Insurance Sector Report – 2020 in Review
As we entered 2020, nobody could predict a pandemic that put a massive strain on healthcare systems and sent tremors throughout the global economy. For insurers — who put simply, guarantee payments to policyholders for uncertain future events — it has proven a testing period.
Outside London, hiring levels fell by 30.1%; the capital recorded 17.8% fewer vacancies year-on-year. In terms of specialist vacancies, insurance and actuarial roles fell 16.8% in the capital, and 35.8% regionally — with the quarter-on-quarter data mirroring wider trends.
As 2020 draws to a close, many feel the industry should’ve done more to help policyholders whose businesses suffered because of the coronavirus. The sector looks to 2021 hoping to find better solutions to tackle future similar crises and avoid the reputational damage it has so far suffered as a result.