The North American insurance industry experienced a 31% drop in new job postings in Q3 2023 compared with the previous quarter, with the highest share accounted for by Allstate with 3,669 job postings, according to GlobalData’s analysis of insurance company job postings. GlobalData’s Insurance: Hiring Trends & Signals Q3 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.
Notably, Business and Financial Operations Occupations jobs accounted for a 20% share of the North American insurance industry’s total new job postings in Q3 2023, drop 16% over the prior quarter.
Business and Financial Operations Occupations drive insurance industry hiring activity
Business and Financial Operations Occupations, with a share of 20% new job postings, was the occupation with the greatest hiring activity in the North American insurance industry in Q3 2023 , ahead of Management Occupations with a 12% share of new job postings.
The other prominent roles included Computer and Mathematical Occupations with a 10% share in Q3 2023, Office and Administrative Support Occupations with a 9% share and Sales and Related Occupations with a 9% share of new job postings.
Top five companies accounted for 29% of hiring activity
Allstate posted 3,669 jobs in Q3 2023 and registered a growth of 13% over the previous quarter, followed by UnitedHealth Group with 3,298 jobs and a 67% drop. Arthur J. Gallagher & Co, with 1,550 jobs, and Elevance Health, with 1,522 jobs, recorded a 16% drop and a 52% drop, respectively, while Marsh & McLennan recorded a 7% decline with a 1,465 new job postings during Q3 2023.
Regional analysis of hiring in the North American insurance industry, Q3 2023
The US held the leading share of the North American insurance hiring activity with a 90.73% share, a 32% decrease over Q2 2023. Canada was next with 7.88%, four-percentage-point down over the previous quarter.
For further understanding of GlobalData's Insurance: Hiring Trends & Signals Q3 2023, buy the report here.