London – Insurance, UK Labour Market Trends, July 2023
Insurance is the only major sector to continue surging in London in 2023
- After record recruitment in 2022, 2023 is on track to see even greater hiring
- In contrast, activity slowing outside the capital, down 8.2%
- Claims on track to be up 29.5% in 2023
- Allianz has been the fastest-growing this year so far
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As one of the largest insurance markets in the world, the UK industry is surpassed in size only by the U.S., China, and Japan, where London is at the heart of that. With that, since quantitative tightening was initiated last summer, nearly all other market segments have slowed down in the capital. Not with Insurance, with January 2023 hitting all-time record levels according to Insurance specialists Harrison Holgate, and labour market data analysts Vacancysoft.
It is worth noting that the sector in London is trending above 2022 levels. This is in contrast to what we are seeing regionally, where in fact, there has been a decline in activity this year compared to last, of 8.2%.
Within the industry, we see that general insurance continues to dominate, accounting for 71.6% of the vacancies in this year so far. On top of that, the share of vacancies has increased, rising from 60% last year.
The largest growth has been within the claims division, which is expected to witness a remarkable 29.5% year-on-year increase. Anticipated to surpass the 1000 mark, the projected total for claims roles within London is 1158, following a comparatively slower 2022 with 894 positions. This surge has meant that claims have risen from constituting 18.2% of the vacancies in 2021 to 24.8% this year. In contrast, underwriting continues to slow down and has dropped from 33.5% of the vacancies in 2021 to 25.6% so far this year.
James Chaplin – Chief Executive at Vacancysoft – comments:
“Underwriting is a function which has been at the forefront of AI, so it is not a surprise to see this area shrink relatively. Equally, there are also opportunities within the sector being created through technology, specifically claims fraud is now easier to detect than ever before. As a result, insurance companies are now being able to be more profitable, by having bigger claims teams. How much more growth there is here though is another question.”
Finally, when analysing the top twenty companies, we see twelve of the top twenty increasing their vacancies per month in 2023 so far compared to last year, with Allianz, in particular, being one to watch.
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