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November 8, 2022

IT hiring in global insurance industry drops 11.0% in October 2022

By Carmen

The global insurance industry noticed an 11.0% drop in IT hiring activity in October 2022 over the previous month, led by UnitedHealth Group’s 15.44% share, according to GlobalData’s Jobs Analytics database.

The insurance industry’s overall hiring activity declined 7.96% when compared with September 2022.

Noticeably, IT jobs accounted for a 10.1% share of the global insurance industry’s hiring activity in October 2022, down 0.44% over the last three-month average share.

According to GlobalData, IT job opportunities available at the end of October 2022 were 12.63% lower when compared with the previous month.

The decrease was a result of 22.24% higher job postings as compared to job closures during the month.

Software and Web Developers, Programmers, and Testers drive insurance IT hiring activity

Software and Web Developers, Programmers, and Testers with a share of 45.06% emerged as the top IT occupation in the insurance hiring activity in October 2022, a 14.64% decline over the previous month. Database and Network Administrators and Architects came in second with a share of 17.34% in October 2022, down 8.4% over the previous month.

The other prominent IT roles include Miscellaneous Computer Occupations with a 17.23% share in October 2022, a decline of 23.05% over the previous month, and Computer and Information Analysts with a 14.64% share in October 2022 and a drop of 12.02% over September 2022.

Top five insurance companies by recruitment activity in October 2022

The top five companies, in terms of number of jobs as tracked by GlobalData, accounted for a combined average growth of 15.85% share in the overall IT recruitment activity of global insurance industry during October 2022 over September 2022.

UnitedHealth Group posted 679 IT jobs in October 2022 and registered a rise of 3.66% over the previous month, followed by Allianz with 362 jobs and a 316.09% growth. Zurich Insurance Group with 224 IT jobs and Sanlam with 186 jobs, recorded a 4.27% decline and a 28.74% drop, respectively, while Elevance Health recorded a 3.97% rise with 157 job postings during October 2022.

Regional composition of IT hiring in insurance industry

North America emerged as the leading region in the global insurance IT hiring activity in October 2022 with a 63.26% share, which marked a 20.8% drop over the previous month.

Europe stood next with 20.82%, registering a 27.58% month-on-month growth. Asia-Pacific was the third leading region with an 8.3% share and a 27.58% drop over September 2022.

In the fourth place was Middle East & Africa with a share of 6.59% and a month-on-month drop of 24.08%. South & Central America stood at the bottom of the table with a share of 1.02%, registering a 125% increase over the previous month.

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