The global insurance industry experienced a 22% drop in new job postings in Q1 2023 compared with the previous quarter, with the highest share accounted for by UnitedHealth Group with 14,981 job postings according to GlobalData’s analysis of insurance company job postings. Buy the report here.
Notably, Management Occupations jobs accounted for a 17% share of the global insurance industry’s new job postings in Q1 2023, down 14% over the prior quarter.
Management Occupations drive insurance hiring activity
Management Occupations, with a share of 17%, was the occupation with the greatest hiring activity in the global insurance industry in Q1 2023, ahead of Business and Financial Operations Occupations with a 14% share of job postings.
The other prominent roles include Computer and Mathematical Occupations with an 11% share in Q1 2023, Office and Administrative Support Occupations with a 20% share and Sales and Related Occupations with a 6% share of new job postings.
Top five companies in insurance industry accounted for 30% of hiring activity
The top five companies, in terms of number of new job postings tracked by GlobalData, accounted for a combined 30% share of the overall hiring activity in the global insurance industry in Q1 2023.
UnitedHealth Group posted 14,981 jobs in Q1 2023 and registered a drop of 24% over the previous quarter, followed by Tata AIG General Insurance with 7,692 jobs and an 8% growth. Chubb with 4,436 jobs and Elevance Health with 3,782 jobs, recorded a 153% growth and a 17% drop, respectively, while Arthur J. Gallagher & Co recorded a 69% rise with 3,697 job postings during Q1 2023.
Hiring activity was driven by North America with an 63% share of total new job postings, Q1 2023
North America held the leading share of the new job postings in the global insurance industry with an 63% share, a 3% higher over Q4 2022. Europe stood next with 17%, registering a 35% decline over the previous quarter.
Asia-Pacific with a 16% share marked a 16% drop over Q4 2022. The Middle East & Africa and South & Central America accounted for shares of 33% and 30% respectively.