Insurance hiring outperforms Financial Services as risk rises
Key findings include:
- Financial Services drops 30%, In comparison, Insurance is down by just 15.1%
- The share of AI and data roles all IT vacancies, had risen from 13% to 18.6% in 2023.
- North East of England shows an impressive 115% increase in 2023.
- Allianz saw the largest growth in vacancies year on year, up 171%.
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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%. This is according to the latest UK Insurance Labour Market Trends report by Harrison Holgate and labour market data analytics firm Vacancysoft.
Matthew Waters – Managing Director of Harrison Holgate – comments;
“ By its nature the industry protects people and businesses against loss, with the scale of any event anticipated but undetermined at the point a policy is incepted. 2023 has seen another busy year for the industry and although hiring volumes have reduced somewhat from the previous year there remain key skill shortages across the sector. ”
Insurance Sector Sees Remarkable Growth in AI Roles
In 2019, AI and data roles accounted for 13% of all IT vacancies, rising to 18.6% by 2023, which makes it the largest increase relatively across all functions. Indeed, looking at 2023 specifically, even though the annual total of vacancies fell compared to 2022, the relative surge in terms of the share of IT jobs overall, was the greatest over the period. This is a super trend we are expecting to see continue, going into 2024 and onwards.
Scotland’s Insurance Sector Sees Sharp Decline
Scotland experienced a notable 25% year-over-year decline, contrasting with a robust 31% growth in 2022. Is this a sign of a downward trend, or just a rebalancing post-pandemic? Meanwhile, in the North East of England, vacancies surged by an impressive 115%. In terms of other regions worth profiling, Greater London had a 10% decrease, while the South East of England faced a substantial 30% reduction in vacancies.
Allianz Leads, Direct Line and Aviva Follow
Allianz emerged as a frontrunner, achieving a staggering 172% surge in vacancies, solidifying its position as the foremost global insurance brand according to Interbrand’s 2023 rankings. Direct Line also showcased robust growth, experiencing a notable 65.2% uptick in job openings. Meanwhile, Aviva, maintaining its stronghold on the market, demonstrated a steady 2.4% increase in available positions, reaffirming its presence in the industry.
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