Insurance companies in the UK posted over 23,000 new jobs in 2021, a rise of 74% year-on-year and 31.7% higher than in 2019, according to figures published today.
The data, compiled by analytics firm Vacancysoft, represents a record for vacancies in the industry as it recovers from the impacts of the pandemic.
Further, monthly hiring volumes hit record levels in August 2021, with over 2,400 new sector vacancies, representing a 124.6% yoy rise and a 58.8% increase in the same month in 2019.
NFU Mutual was found to be the leading recruiter in 2021, publishing a little over 1,240 new vacancies (up 64.1% yoy). Hiring levels at The Ardonagh Group saw the fastest growth, up 482% yoy. At only 26.2% yoy, BGL Group experienced the smallest increase in vacancies out of the top 20 insurance companies.
James Chaplin, CEO of Vacancysoft, said: “The insurance industry in general has shown its resilience over the course of the COVID-19 pandemic. There were losses in life insurance because of heightened mortality rates, but as fewer people travelled and more worked from home, there were fewer claims in property and casualty insurance.
“Although restrictions and lockdowns impacted new business, and low interest rates and volatile markets impeded investment, insurers quickly adapted to the new environment. Despite ongoing concerns surrounding the pandemic, 2022 should see more growth — although regulation, talent shortages, and new and emerging consumer preferences will be hurdles to overcome in the coming 12 months.”
Out of industry-specific specialisms, the largest volumes of new jobs in 2021 were for insurance brokers, with vacancies up 121.6%. Hiring levels for risk specialists were up 126% yoy. The most modest increase was seen in actuarial positions, which grew by just 44.5% yoy.
Vacancies for IT professionals accounted for over 40% of non-industry-specific roles, with new jobs for these specialists up 41.6% yoy. Recruitment for consultants experienced the largest growth (400%) followed by new jobs for marketing professionals (79.7%).
London accounted for 39.4% of all new jobs in 2021. The 8,700+ new vacancies in the capital last year represent an 84.5% yoy increase, and a 52% rise compared with 2019.
The fastest growing region was the North East, where professional recruitment is up 201.6% yoy and 109.8% up on pre-pandemic levels. Hiring levels in the South West and the West Midlands, meanwhile, were the most muted, with both regions experiencing increases of 56% yoy.
Insurance industry vacancies, UK, 2020-2021 (Source: Vacancysoft)
1 NFU Mutual: 761 (2020); 1249 (2020); 64.1% (% up yoy)
2 The Ardonagh Group: 201; 1171; 482.5%
3 Legal & General: 691; 1065; 54.1%
4 AXA: 701; 1057; 50.7%
5 AA: 499; 849; 70.1%
6-20: Gallagher, RSA, Aviva, WTW, Admiral, Phoenix Group, Direct Line, AIG, Davies, Hiscox, Esure, BGL, Vitality, ReAssure, Munich Re