The global insurance industry experienced a 27% drop in new job postings in Q3 2023 compared with the previous quarter, with the highest share accounted for by AXA with 4,037 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 an 18% share of the global insurance industry’s new job postings in Q3 2023, down 15% over the prior quarter.
Business and Financial Operations Occupations drive insurance industry hiring activity
Business and Financial Operations Occupations, with a share of 18%, was the occupation with the greatest hiring activity in the global insurance industry in Q3 2023, ahead of Management Occupations with a 12% share of job postings.
The other prominent roles include Computer and Mathematical Occupations with an 11% share in Q3 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 25% of hiring activity
The top five companies, in terms of number of new job postings tracked by GlobalData, accounted for a combined 25% share of the overall hiring activity in the global insurance industry in Q3 2023.
AXA posted 4,037 jobs in Q3 2023 and registered a growth of 122% over the previous quarter, followed by Allstate with 3,674 jobs and a 12% growth. UnitedHealth Group with 3,317 jobs and Allianz with 3,246 jobs, recorded a 67% decline and a 27% drop, respectively, while Marsh & McLennan recorded a 15% drop with 2,267 job postings during Q3 2023.
Hiring activity was driven by North America with a 59% share of total new job postings, Q3 2023
North America held the leading share of the new job postings in the global insurance industry with a 59% share, a 3% lower over Q2 2023. Europe stood next with 23%, registering a 22% decline over the previous quarter.
Asia-Pacific with an 11% share marked a 23% drop over Q2 2023. The Middle East & Africa and South & Central America accounted for shares of 22% and 16% respectively.
For further understanding of GlobalData's Insurance: Hiring Trends & Signals Q3 2023, buy the report here.