
City AM: Busy claims year drives demand for risk professionals in London insurance market
High demand for risk professionals in insurance due to rising business interruption claims. London experiencing a significant surge in job opportunities.
High demand for risk professionals in insurance due to rising business interruption claims. London experiencing a significant surge in job opportunities.
Insurance companies face new risks due to economic volatility, higher interest rates, geopolitical uncertainty, and climate change. This has led to a rise in demand for risk professionals, with vacancies up by 11.4% in 2024 compared to last year. March 2024 had the highest number of risk vacancies in over a year, indicating a continuing trend.
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.
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.
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 finance report by Harrison Holgate and labour market data analysts Vacancysoft.