The global insurance industry experienced a 25% drop in new job postings in Q2 2023 compared with the previous quarter, with the highest share accounted for by UnitedHealth Group with 9,592 job postings according to GlobalData’s analysis of insurance company job postings. Buy the report here.
Notably, Business and Financial Operations Occupations jobs accounted for a 15% share of the global insurance industry’s new job postings in Q2 2023, down 19% over the prior quarter.
Business and Financial Operations Occupations drive insurance hiring activity
Business and Financial Operations Occupations, with a share of 15%, was the occupation with the greatest hiring activity in the global insurance industry in Q2 2023, ahead of Management Occupations with a 14% share of job postings.
The other prominent roles include Computer and Mathematical Occupations with a 12% share in Q2 2023, Office and Administrative Support Occupations with a 40% share and Sales and Related Occupations with a 6% share of new job postings.
Top five companies in insurance industry accounted for 24% of hiring activity
The top five companies, in terms of number of new job postings tracked by GlobalData, accounted for a combined 24% share of the overall hiring activity in the global insurance industry in Q2 2023.
UnitedHealth Group posted 9,592 jobs in Q2 2023 and registered a drop of 36% over the previous quarter, followed by Allianz Versicherungs-AG with 3,516 jobs and a 27% growth. Elevance Health with 3,164 jobs and Zurich Insurance Group with 3,097 jobs, recorded a 16% decline and a 117% rise, respectively, while Marsh & McLennan recorded a 0.36% rise with 2,534 job postings during Q2 2023.
Hiring activity was driven by North America with a 62% share of total new job postings, Q2 2023
North America held the leading share of the new job postings in the global insurance industry with a 62% share, 0.63% higher over Q1 2023. Europe stood next with 21%, registering a 19% decline over the previous quarter.
Asia-Pacific with an 11% share marked a 42% drop over Q1 2023. The Middle East & Africa and South & Central America accounted for shares of 0.05% and 16% respectively.