A report from Harrison Holgate and labour market data analysts Vacancysoft has found insurance vacancies are peaking with 12,688 new jobs so far for January-October 2022: the best like-for-like performance in terms of volumes. As a result the company estimates a healthy year-on-year growth of 59 per cent compared to 2021, with vacancies expected to break the 15,000 mark by the end of the year.
The peak month for insurance vacancies was March 2022, with 1,430 jobs. Notably, vacancies for Corporate Governance jobs within the insurance sector peaked in the same month with 448 new job postings.
James Chaplin, CEO of Vacancysoft, said: “For the UK’s insurance sector, Environmental, Sustainability and Governance (ESG) is increasingly becoming a top priority, so we expect insurance firms to strengthen the size and scope of corporate governance teams. Overall, there is a growing appetite and demand for businesses to adapt to modern regulatory frameworks.”
IT Management is expected to experience a year-on-year increase of 78 per cent in relation to 2021, with vacancies on target to surpass 2,000 job postings by the end of the year. This would constitute the fastest year-on-year rate of increase change during the period.
When considering the share of vacancies, IT Management is estimated to account for almost half (48 per cent), the biggest number of all. Executive Management takes the runners-up spot, estimated to record a year-on-year growth of 24 per cent compared to 2021, slightly lower than last year’s (26 per cent).
London surpassed its 2021 totals
A regional breakdown of the vacancy numbers in Corporate Governance shows London unsurprisingly heading the charts. Volumes are expected to go up by 35 per cent, hitting over 2,000 new jobs by the end of the year.
With 1,678 vacancies during January-October 2022, the region has already surpassed its 2021 result (1,490), confirming its dominant position in the insurance sector for England and Wales.
Wales has also performed well, ranking third in terms of recruiting volumes, with a remarkable year-on-year growth of 89 per cent compared to 2021. Vacancy numbers in the Principality are estimated to reach almost 300 by the end of 2022.
New jobs for AXA to register the fastest year-on-year growth in 2022
With 671 vacancies, Legal & General posted the highest number of jobs in 2020-22. The British multinational is expected to experience a growth of 44 per cent compared to 2021, exceeding 300 jobs by the end of 2022.
AXA takes the second spot, with 264 new jobs published during January-October 2022 – its annual total is estimated to top 300 vacancies. AXA is now forecast to record a spectacular growth of 120 per cent compared to 2021, which would be the fastest year-on-year change in 2022.
Ranked third, Aviva is expected to achieve year-on-year growth of approximately 65 per cent compared to 2021, slightly lower than its 2021 mark (61 per cent).
