London’s insurance sector is booming, and the growth is driving a hiring spree in the capital.
Insurance vacancies in London increased by 6.6 per cent in the first half of 2023, with the city’s share of UK insurance job openings projected to hit 38.5 per cent by the end of the year – that’s just shy of a seven per cent increase since 2022.
This contrasts with regional markets however, where vacancy volumes fell by 13.7 per cent, further centralising hiring in the capital.
A key factor behind this trend is the rise of insurtech.
Venture Capital and private equity investment have poured into the sector, leading to a 22 per cent increase in tech-related hires this year.
Insurtech companies are seeking specialists in claims, risk management, and underwriting to enhance their tech-driven insurance products, driving demand for cross-industry skills.
Underwriting remains the dominant role in the industry, and its importance continues to grow.
Demand for underwriting roles is expected to rise by 11.4 per cent by the end of 2024, as underwriters’ share of the market is set to grow from 21 per cent to 21.9 per cent.
The need for skilled underwriters is also being driven by emerging risks, including cyber threats and climate-related exposures.
Among the major players in London’s insurance market, the Ardonagh Group continues to lead hiring efforts, with recruitment projected to increase by 12.3 per cent in 2024, to 255 new roles.
This uptick in recruitment reflects the sector’s overall profitability and expansion, with London emerging as a key hub as the industry grows in response to insurtech innovations.