Insurance Snapshot

• Vacancies in the Insurance sector set to fall by 5.8% year-on-year
• Q3 sees 3.5% uplift on Q2, however August & September both trail 2023
• Broking leads the way, but Underwriting sees the biggest YOY uplift
• London outperforms the rest of the UK with monthly activity up by 2.5%

Despite Lloyds of London recording bumper profits, vacancies in the insurance industry are set to fall by 5.8% year-on-year, as businesses slow down on hiring. Indeed, after a very busy July, the gap between 2023 and 2024 has widened over the last few months, could the change in Government be the cause of this?

Broking remains the leading area Insurance Firms are recruiting for, equally, it is underwriting that has seen the biggest year-on-year increase, with vacancies increasing by 15.8%. In contrast, there has been a decline in broking roles nationally of 19.7%. Similarly, there has also been a significant drop in Claims vacancies, with these falling by 18.5%.

By region, London continues to dominate and is the only part of the country to see growth this year compared to last, in terms of vacancy volumes. This could in part be driven by the move by financial services organisations to return to on-site work, similarly, London has outperformed the rest of the country across a multitude of sectors.

Looking at the top ten Insurance Firms, Legal & General and Howden Group Holdings stand out as having a significant uplift in recruitment this year compared to last, whilst Aviva leads the way overall.

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