The latest iteration of the Semi-Annual U.S. Insurance Labor Market Study, conducted by The Jacobson Group, the leading provider of talent to the insurance industry, and Aon, a leading global professional services firm, found 86% of respondents intend to increase or maintain staff size in the next 12 months.
The results of the Q3 2024 Insurance Labor Market Study, conducted by @JacobsonGroup and @Aon_plc, are now available: https://content.jacobsononline.com/2024-q3-laborstudyresults
“The insurance industry remains relatively stable with modest job growth expected for the next year,” said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. “While recruiting difficulty has slightly eased, insurance unemployment is low and turnover is slowing.”
“As companies continue their efforts toward building a resilient business and workforce, underwriting, claims and other technical roles remain in demand,” added Jeff Rieder, partner and head of Performance Benchmarking at Aon’s Strategy and Technology Group.
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Some of the study’s key findings include the following:
- In the next 12 months, 52% of insurance carriers plan to increase staff and 34% plan to maintain their current staff size. 14% are planning to decrease their headcounts, which is 4 points higher than last year.
- Underwriting, claims and technology roles are the industry’s greatest need. This is the first time in the study’s history that technology roles are not the most in demand.
- Seventy-nine percent of companies expect to grow revenue during the next 12 months; this is 2 points higher than the January 2024 study.
- During the next six months, 72% of companies expect most employees to work a hybrid schedule. Just 4% require employees in the office every day.
- Recruiting difficulty has eased in eight of 11 categories; however, most positions remain at least moderately difficult to fill. Actuarial, executive and analytics roles are the most challenging.
- If carriers follow through on their plans, the industry will see a 0.58% increase in employment during the next 12 months.
For more highlights and commentary, download the full results summary and view the recorded webcast here.
The insurance labor market study has been conducted semi-annually for 15 years. Collecting revenue and hiring projections from carriers across all sectors of the industry, it provides a valuable look at the insurance labor market outlook and hiring trends.
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