The global insurance industry experienced a 15% drop in new job postings in Q4 2023 compared with the previous quarter, with the highest share accounted for by AXA with 3,273 job postings according to GlobalData’s analysis of insurance company job postings. GlobalData’s Insurance: Hiring Trends & Signals Q4 2023 report reveals comprehensive insights into hiring patterns, job roles, required skills, geographical trends, and key themes within the insurance industry, facilitating anticipation of future workforce needs. Buy the report here.
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Notably, Business and Financial Operations Occupations jobs accounted for a 21% share of the global insurance industry’s new job postings in Q4 2023, down 3% over the prior quarter.
Business and Financial Operations Occupations drive insurance industry hiring activity
Business and Financial Operations Occupations, with a share of 21%, was the occupation with the greatest hiring activity in the global insurance industry in Q4 2023, ahead of Management Occupations with a 16% share of job postings.
The other prominent roles include Computer and Mathematical Occupations with an 11% share in Q4 2023, Office and Administrative Support Occupations with an 8% share and Sales and Related Occupations with an 8% share of new job postings.
Top five companies in insurance industry accounted for 19% of hiring activity
The top five companies, in terms of number of new job postings tracked by GlobalData, accounted for a combined 19% share of the overall hiring activity in the global insurance industry in Q4 2023.
AXA posted 3,273 jobs in Q4 2023 and registered a drop of 21% over the previous quarter, followed by Allianz with 2,512 jobs and a 23% decline. Marsh & McLennan with 2,389 jobs and Progressive with 2,155 jobs, recorded a 4% growth and a 152% rise, respectively, while Arthur J. Gallagher & Co recorded a 4% drop with 2,136 job postings during Q4 2023.
Hiring activity was driven by North America with a 55% share of total new job postings, Q4 2023
North America held the leading share of the new job postings in the global insurance industry with a 55% share, 0.41% higher over Q3 2023. Europe stood next with 21%, registering a 23% decline over the previous quarter.
Asia-Pacific with a 16% share marked a 21% drop over Q3 2023. The Middle East & Africa and South & Central America accounted for shares of 5% and 91% respectively.
For further understanding of GlobalData's Insurance: Hiring Trends & Signals Q4 2023, buy the report here.
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