The Insurance Sector’s Strong Performance in 2023

A recent report by specialist recruiters Harrison Holgate and market data analytics firm Vacancysoft, as detailed in a City A.M. exclusive, has revealed compelling trends in the job market. The report indicates that the insurance sector has surpassed the financial services market in terms of job vacancies in 2023.

According to the report, job vacancies in the insurance sector experienced a smaller decline compared to the financial services market. whereas vacancies in the insurance sector fell by 15.1 per cent, the financial services market witnessed a more significant decline of 30 per cent.

The report highlighted notable players in the insurance sector who experienced substantial growth in job openings. Allianz, in particular, stood out with a remarkable 172 per cent surge in vacancies. The Ardonagh Group and the Phoenix Group also demonstrated strong hiring activity, with 1,205 and 1,029 job vacancies, respectively. Direct Line and Aviva also reported positive growth, with job openings increasing by 65.2 per cent and 2.4 per cent, respectively.

One notable finding from the report is the increase in AI job roles within the insurance sector. In 2019, AI and data roles accounted for 13 per cent of all IT vacancies. However, this figure rose to nearly 19 per cent by 2023, indicating a growing demand for AI-related skills in the industry.

Matthew Waters, Managing Director of Harrison Holgate, shared his insights on the report, emphasizing the nature of the insurance industry in protecting individuals and businesses against loss. He noted that while hiring volumes have reduced from the previous year, there are still key skill shortages across the sector.

The report sheds light on the resilience of the insurance sector amidst challenging market conditions, positioning it as a noteworthy area for job opportunities.

In conclusion, the data presented in the report underscores the insurance sector’s strong performance in the job market in 2023. With promising growth in job vacancies and the emergence of new job roles, the sector presents exciting prospects for professionals seeking opportunities in the industry.