London – UK Insurance Labour Market Trends, September 2024
Insurtech Growth Fuels Recruitment Surge as London’s Insurance Giants Expand
Key findings:
- London’s insurance vacancy share rose steadily to 38.5% in 2024.
- Insurtech growth drives a 22% increase in technology hiring within the insurance.
- Underwriting roles have increased by 11.4% compared to 2023.
- The Ardonagh Group leads in hiring, with a 13.3% increase in growth.
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Lloyd’s of London’s recent report highlights the most favourable underwriting conditions in over a decade, signalling a significant upturn in the insurance market. Profits have surged from £3.9bn in the first half of 2023 to £4.9bn in the same period of 2024, reflecting robust market growth. This positive trend has been mirrored in London’s job market, with insurance vacancies increasing by 6.6% this year. London’s share of insurance vacancies is projected to reach 38.5% in 2024, a nearly 7% rise since 2022.
In contrast, regional vacancy volumes have declined by 13.7%, signalling a shift in hiring concentration towards the capital, as regional activity wanes. This is according to the latest UK Insurance Labour Market Trends report by Harrison Holgate and labour market data analysts Vacancysoft.
Insurtech Growth Fuels Rising Demand for Insurance Specialists
The rise of Insurtech is pivotal in driving demand for insurance specialists beyond the traditional industry. With 9.5% of total vacancies now in sectors such as Accounting, Banking, Law, and Technology, skills in areas like Claims and Risk management are increasingly sought after across industries. As venture capital and private equity funding pour into the Insurtech sector, technology companies seek insurance professionals to enhance their product offerings. Notably, following last year’s dip in the technology sector, there has been a 22% increase in technology hiring in 2024, highlighting the growing importance of insurance expertise in tech-driven environments.
Underwriting Demand Rebounds with 11.4% Growth Forecast for 2024
Underwriting continues to hold the largest share of roles in the insurance sector, despite a previous decline. The demand for underwriters is forecast to grow by 11.4% by the end of 2024, reflecting a resurgence in the importance of this role. This growth is mirrored by the increase in its share, rising from 21.0% in 2023 to an estimated 21.9% in 2024. As the market faces emerging risks, such as cyber threats and climate-related exposures, the need for skilled underwriters to assess and price these novel risks is becoming more crucial, driving the upward trend in demand for the role.
Ardonagh Group Leads London Insurance Hiring
Focusing on the top companies in the London insurance industry, The Ardonagh Group continues to lead in hiring, with steady growth projected to reach 255 roles by 2024, representing 13.3% increase since 2023. Howden Group Holdings is experiencing rapid expansion, nearly doubling its recruitment from 107 to an estimated 251 in 2024, following its acquisition of Help Me Compare Group. Sedgwick has shown impressive growth, rising from 97 roles in 2022 to 231 in 2023, with further increases expected. In contrast, Allianz demonstrates volatility, with a sharp increase of 277.1% in 2023 followed by a projected decline of -51.7% in 2024, reflecting possible restructuring. Recent government stability and policy changes, including Solvency II reforms, are also poised to impact hiring trends positively in the insurance sector.
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