The global insurance industry experienced a 22% drop in new job postings related to corporate governance in Q3 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 58% 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 24% share of the global insurance industry’s corporate governance-related total new job postings in Q3 2023, down 3% over the prior quarter.
Business and Financial Operations Occupations drive corporate governance-related hiring activity
Business and Financial Operations Occupations, with a share of 24%, emerged as the top corporate governance-related job roles within the insurance industry in Q3 2023, with new job postings drop by 3% quarter-on-quarter. Management Occupations came in second with a share of 14% in Q3 2023, with new job postings dropping by 50% over the previous quarter.
The other prominent corporate governance roles include Computer and Mathematical Occupations with a 13% share in Q3 2023, Office and Administrative Support Occupations with a 6% share of new job postings.
Top five companies in insurance industry accounted for 34% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q3 2023 were Marsh & McLennan, Lincoln National, AXA, Arthur J. Gallagher & Co, and Allianz. Together they accounted for a combined share of 34% of all corporate governance-related new jobs in the insurance industry.
Marsh & McLennan posted 376 corporate governance-related new jobs in Q3 2023, Lincoln National 315 jobs, AXA 298 jobs, Arthur J. Gallagher & Co 293 jobs, and Allianz 206 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 55.35% share of total new job postings, Q3 2023
The largest share of corporate governance-related new job postings in the insurance industry in Q3 2023 was in the US with 55.35% followed by the UK (8.58%) and Germany (4.70%). The share represented by the US was three percentage points lower than the 58.42% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Hiring Trends & Signals Q3 2023, buy the report here.