The global insurance industry experienced a 26% drop in new job postings related to social responsibility in Q3 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 26% decrease versus Q3 2022. 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 16% share of the global insurance industry’s social responsibility-related total new job postings in Q3 2023, down 11% over the prior quarter.
Business and Financial Operations Occupations drive social responsibility-related hiring activity
Business and Financial Operations Occupations, with a share of 16%, emerged as the top social responsibility-related job roles within the insurance industry in Q3 2023, with new job postings drop by 11% quarter-on-quarter. Management Occupations came in second with a share of 15% in Q3 2023, with new job postings dropping by 44% over the previous quarter.
The other prominent social responsibility roles include Office and Administrative Support Occupations with an 11% share in Q3 2023, Computer and Mathematical Occupations with a 9% share of new job postings.
Top five companies in insurance industry accounted for 39% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q3 2023 were UnitedHealth Group, Manulife Financial, Zurich Insurance Group, Intact Financial, and Arthur J. Gallagher & Co. Together they accounted for a combined share of 39% of all social responsibility-related new jobs in the insurance industry.
UnitedHealth Group posted 915 social responsibility-related new jobs in Q3 2023, Manulife Financial 675 jobs, Zurich Insurance Group 493 jobs, Intact Financial 421 jobs, and Arthur J. Gallagher & Co 346 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 58.03% share of total new job postings, Q3 2023
The largest share of social responsibility-related new job postings in the insurance industry in Q3 2023 was in the US with 58.03% followed by Canada (11.12%) and the UK (10.09%). The share represented by the US was five percentage points lower than the 63.01% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Hiring Trends & Signals Q3 2023, buy the report here.