Job vacancies in the insurance sector fell less than those in the financial services market last year.
According to City A.M.’s exclusive view of a report by specialist recruiters Harrison Holgate and market data analytics firm Vacancysoft, vacancies in insurance dropped by 15.1 per cent compared to the fall of 30 per cent for the financial services market.
It was Allianz that emerged as a frontrunner after it achieved a staggering 172 per cent surge in vacancies. It was followed by the Ardonagh Group which had 1,205 job vacancies in 2023 and the Phoenix Group, which had 1,029 job vacancies last year.
Direct Line showcased robust growth as well, experiencing a notable 65.2 per cent uptick in job openings. Aviva, maintained its stronghold on the market with a steady 2.4 per cent increase in available positions.
The report also noted that the insurance sector saw a remarkable growth in AI job roles. Back in 2019, AI and data roles accounted for 13 per cent of all IT vacancies but this figure rose to nearly 19 per cent by 2023.
Commenting on the report, Matthew Waters, managing director of Harrison Holgate said: “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,” he added.