Q1 2024 Insurance Labor Market Study: Industry Enters Year with Cautious Optimism
The latest iteration of the Semi-Annual
“The industry’s unemployment rate is stable and just 10% of companies plan to reduce their headcounts this year. However, insurers appear to be operating with a bit more caution in terms of hiring,” said
“Companies appear to be in more of a holding pattern around staffing plans for the first half of 2024, as they evaluate growth plans and anticipate greater efficiency gains from technology improvements,” added
Some of the study’s key findings include the following:
- In the next 12 months, 52% of insurance carriers plan to increase staff and 38% plan to maintain their current staff size. Technology, underwriting and claims roles are the industry’s greatest need.
-
Seventy-seven percent of companies expect to grow revenue during the next 12 months; this is 5 points higher than the
July 2023 study.
- During the next six months, 76% of companies expect most employees in the office at least one day a week (hybrid). Just 6% require employees in the office every day.
- Recruiting difficulty has eased in five of the study’s 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 1.21% 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 since 2009. 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.
The study’s next iteration will occur in
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