"The main challenge for all firms within the industry will be the building of a robust talent pipeline whilst maintaining and managing salary expectations and inflation."
2022 was a very successful year for the UK's insurance industry, according to a new report by Harrison Holgate and market data analysts Vacancysoft.
Vacancies consistently grew in London and the rest of England and Wales, with Greater London achieving over 4,600 new insurance vacancies, surpassing 2021 numbers. This equated to a year-on-year growth of 41.2% compared to 2021.
However, the largest numbers were published in the rest of England and Wales, surging 48.2% from the previous year, with almost 9,000 job postings published.
While April 2022 was the peak month of the year for insurance jobs across the Southern regions (which led the way in job volumes), achieving 470 jobs (1.5%), the fastest change month-on-month was in January (43.9%).
Activity within the Midlands hit record levels in May 2022 with up to 170 new jobs (19.7%), whilst the Northern regions were on top in April 2022, resulting in over 200 jobs (up 1%).
Out of industry-specific specialisms, the largest volumes of new jobs in 2022 were for insurance brokers, which were the most sought-after outside London. Leading the way was the Southern and Northern regions (53.9% and 60.1%, respectively), as well as the Midlands (50%).
Despite this, hiring levels across insurance specialisms in the South experienced the most significant rate of growth compared to 2021 in reinsurance, up 76.9% year-on-year. The smallest increase in the South was experienced by underwriting positions, which grew by a modest 16.5% last year compared to 2021. By contrast, this specialism was the fastest-growing in the Midlands (up 79%).
A comparison of vacancy numbers across the top insurance firms in the Southern regions reveals that The Ardonagh Group was the leading recruiter in 2022, publishing almost 400 new jobs (up 22.8% year-on-year). Similarly, NFU Mutual was the number-one firm in the Midlands with 356 jobs (45.9% compared to 2021), and vacancies for insurance professionals in RSA Insurance Group topped the table in the North with numbers over 200 (up 83.2% from 2021).
However, the largest surge in insurance vacancies in 2022 was experienced by A-Plan Holdings, with vacancies in the South 196.1% more than recorded in 2021. This meant a huge leap of 180% from 2021 in the Midlands. Meanwhile, Aviva, the British multinational, recorded the largest growth in insurance vacancies in the Northern regions, at 89.3% year-on-year.
Matthew Waters, managing director of Harrison Holgate, commented: "As the industry is continuing to manage the operational impact from Covid’s early retirements and downshifting, the regional levels of hiring activity seen through 2022 are likely to continue throughout 2023. The main challenge for all firms within the industry will be the building of a robust talent pipeline whilst maintaining and managing salary expectations and inflation."
