Q3 2023 Insurance Labor Market Study Indicates a Strong Market
The latest iteration of the Semi-Annual Insurance Labor Market Study, conducted by The
“While the labor market appears to be settling compared to last year, recruiting remains difficult and the majority of insurers aspire to add staff,” said
“Many insurers have been challenged over the past year to achieve profit targets due to inflation, weather events and rising loss costs. However, the industry remains very resilient and we still see a high demand for the core claims, underwriting and technology functions,” said
Some of the study’s key findings include the following:
- In the next 12 months, 63% of insurance carriers plan to increase staff and 27% expect to maintain their current staff size. Technology, claims and underwriting roles remain the industry’s most in demand positions.
-
Seventy-two percent of companies expect to grow revenue during the next 12 months; this is down 7 points from the
January 2023 study.
- Currently, 92% of companies offer hybrid work and 68% offer fully remote work to their employees. More than half of respondents offer flexible hours.
- All roles are considered at least moderately difficult to fill, with technology, executive and analytics positions considered the most challenging.
- If the industry follows through on its plans, we will see a 0.66% 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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