Risk – Insurance, UK Labour Market Trends, April 2024

New risks emerge for insurers as recruitment levels rise

Key findings:
  • In 2024, there was an 11.4% increase in vacancies nationally for risk roles specifically.
  • Non-life insurance firms saw the biggest surge in risk vacancies, up 18.3%.
  • London specifically saw a 22.3% increase in risk vacancies year on year.
  • Aviva is leading the way and is on track for an increase of 164% in Risk roles. 


For Insurance companies, risks are emerging that up until recently, were of little significance, the biggest of which is arguably linked to economic volatility with higher interest rates, along with the elevated geopolitical risk, not to mention new considerations, such as climate change. As a result, vacancies for risk professionals in Insurance companies are on the rise again. In 2024 so far, vacancies are 11.4% up on last year in terms of the monthly average, and it is in London specifically there has been the greatest increase. On top of that, March 2024 saw the highest volume of risk vacancies in over 12 months, and the signs are this is set to continue. This is according to the latest UK Labour Market Trends report by Harrison Holgate and labour market data analysts Vacancysoft.

Matthew Waters – Managing Director of Harrison Holgatecomments;

“The insurance industry is going through a period of change, and economic forces are increasingly a factor. With that, for the London insurance industry, risk mitigation is becoming a priority.”

Non-life Insurers lead in recruitment within Risk roles

When spotlighting the industry by sector, what we see is that the surge in risk roles has been greatest within non-life insurance, up by 18.3%; in General insurance, there has been an uplift of 9.2%, whilst in Life Insurance, volumes have increased by 8.1%. 

In terms of share of the total though, General insurance remains the biggest sector for risk vacancies by some way, accounting for 61.9% of vacancies this year. The surge seen in non-life insurance has seen its share increase, rising from 25.8% last year to 27.3% this year. 

London is the largest region nationwide when the south slumps.

The big story of 2024 so far, has been the uptick in London. The capital has always been the dominant centre for Insurance within the country, and so far this year, there has been an increase of 22.3%. In terms of relative share, it has risen from constituting 53% in 2022 to 63.7%. 

Also worth mentioning is the increase in Wales, which has recorded a 75% increase this year and, as a result, has taken over the midlands, in terms of being the third largest region, nationwide.

On the contrary, across the south, activity has been slower this year, with volumes dropping by 41% in terms of the monthly average.

Aviva is leading the way and is on track for an increase of 164%

Aviva is leading the way and is on track for an increase of 164% compared to last year. However, the biggest vacancy surge was recorded at QBE Insurance, up by 207%. Howden Group holdings are another company worth mentioning, given their increase of 95% compared to last year, combined with the uplift of 164% in the prior period.

In contrast, we have seen a slowdown at Phoenix, with a 31.3% drop in activity. AXA has also had a slight slowdown this year, a decrease in vacancies by 23.8%. However, the biggest fall has been seen at NFU Mutual, down by 41.2%.

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