Vacancysoft: 2021 Insurance Recruitment in United Kingdom Was Up 74%
The highest number of vacancies came in the broking industry.
- Anthony Bellano
- March 2022
Vacancies in the U.K. insurance industry hit roughly 23,000 last year, and recruitment was up 74% year-over-year in 2021, according to a labor market report published by Vacancysoft. The number of vacancies was up significantly over the five-year average and included an increase of about 10,000 from 2020, according to the report.
The increase in recruitment came after the market was down 24% year-on-year in terms of hiring levels in 2020.
August saw record levels of monthly hiring, with the publication of over 2,400 new vacancies. This was a 124.6% year-on-year rise.
The issues facing the industry are being felt across the job market as a whole.
“Businesses are trying to navigate their way through strategies to get people to return to offices, albeit on a flexible basis,” the report read. “A competitive jobs market, meanwhile, means that recruiting the right people—especially those with advanced IT, digital and data analytics skills—is difficult.”
To see growth in 2022, Vacancysoft says the industry will have to find a way to respond to issues such as sustained inflation and environment, climate change, diversity, inclusion and how insurers can manage investments in their people and emerging technologies.
The highest number of vacancies came in the broking industry, where recruitment was up 121.6% year-on-year. There was an increase of 126.2% in the hiring of risk specialists.
NFU Mutual posted a little more than 1,240 new vacancies—the most of any company, at an increase of 64.1% year-on-year.
The Ardonagh Group saw the most growth among the biggest firms, at 482.5% year-on-year. It had the second most vacancies in the United Kingdom last year.
The smallest increase in vacancies came in the field of actuarial positions, which grew by 44.5% last year in relation to 2020.
BGL Group saw the smallest increase in vacancies of any company in 2021, at 26.2% year-on-year.
While the London market continues to dominate U.K. recruitment for insurance vacancies, the northeast has been the fastest-growing region.