City AM: Insurance sector outperforms financial services in 2023
Vacancies in insurance have decreased by 15.1%, demonstrating the sector’s resilience compared to a 30% decline in financial services.
Vacancies in insurance have decreased by 15.1%, demonstrating the sector’s resilience compared to a 30% decline in financial services.
In a world of ever-increasing risk, specialist insurance services rise as businesses look to mitigate their exposure. Hence, for the industry, 2023 has proven to be a busy year, with the sector being one of the top performers across all industries in terms of year-on-year activity this past year. On that point specifically, we saw vacancies drop by 15.1% compared to 2022. That compares to an all-industry fall of 30%.
According to the 2023 forecast, (Non-IT) Change vacancies are poised for remarkable growth, with a projected increase of 9.2%. As a result, vacancies this year on track to hit record levels, with a forecast of 113 versus 103 last year according to the latest UK Labour Market Trends report by Harrison Holgate and labour market data analysts Vacancysoft.
“In a boom market, anyone can make money, to grow when the economy turns, that’s the real challenge.”
The latest economic data to be released, will be of concern for recruiters, more than anyone. The economy is contracting. Whilst there has been a bounce in hiring over summer, this should give room for pause, for businesses, thinking about their next twelve months. Stick or twist, expand or contract? But even if recruitment is tidal, can a recruiter beat the tide? I would argue, with data, they can.
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.