Risk – Insurance, UK Labour Market Trends, June 2023

INSURANCE COMPANIES DOUBLE DOWN ON THEIR HIRING FOR RISK PROFESSIONALS AS VACANCIES SURGE IN THE CAPITAL

Recruitment in the UK insurance industry has remained remarkably resilient as the regulatory changes and pricing reforms introduced by the Financial Conduct Authority (FCA) in 2022 to protect consumers have forced companies to make changes and focus on technology and digital platforms to meet the evolving needs of their customers, according to the latest report by Harrison Holgate and labour market data analysts Vacancysoft.

Other Key findings include:

  • In 2022, risk-related vacancies increased by 66.9%, with 2023 so far only 3.4% down.
  • Life Insurance though has been a growth area this year, up 22.1% on last.
  • London is the only region on track to see growth year on year
  • NFU Mutual has been the leading recruiter for risk in 2023.

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The risk function experienced a significant surge in recruitment throughout 2022, recording a remarkable year-on-year increase of 66.9%. A total of 1,158 job openings were published by year-end, reflecting the industry’s expansion. As we move into 2023, we project similar figures, with minimal fluctuations and a marginal year-on-year fall of 3.4%.

“The impact of widespread financial market turbulence, increased global demand for goods with limited supply, along with world economies unwinding fiscal positions post COVID, not to mention the war in Ukraine, means that now more than ever, Risk functions must be best in class” according to Matthew Waters, the Managing Director of Harrison Holgate.

One of the most striking findings is the projected growth of the Life Insurance sector with our 2023 forecast revealing a 22.1% year-on-year increase. In contrast, a decline of 12.5% is expected for the Non-Life sector, according to our projection.

By region, London continues to reign supreme, boasting the highest volumes of job opportunities throughout the period. The capital is projected to surpass the 2022 total (655) with a year-on-year rise of 6.8% predicted in 2023, inching closer to 700 vacancies (and the only region on track to register a positive year-on-year growth).

“Across Financial Services, we are seeing a shift to hiring for permanent positions physically based in the capital again, which will lead to a natural tension between employers and employees who may want to resist the drive to be back in the office” according to the Vacancysoft CEO, James Chaplin.

Finally, other than NFU Mutual, companies worth watching for their hiring increases so far this year include AXA, Phoenix and Howden Group. However, as a word of caution, of the top 20 insurance firms, 8 are on track to have fewer vacancies this year than last, which indicates the uncertain nature of the current market.

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All data featured in this report is available in the Vacancy Analytics platform, which is updated in real-time and allows for interactive analysis, giving you the power to drill into trends to identify the key insights, you need to power your business.

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