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July 5, 2022

IT hiring in global insurance industry drops 6.4% in June 2022

By Carmen

The global insurance industry noticed a 6.4% drop in IT hiring activity in June 2022 over the previous month, led by UnitedHealth Group’s 15.72% share, according to GlobalData’s Jobs Analytics database.

The insurance industry’s overall hiring activity declined 6.62% when compared with May 2022.

Noticeably, IT jobs accounted for a 10.59% share of the global insurance industry’s hiring activity in June 2022, up 0.3% over the last three-month average share.

According to GlobalData, IT job opportunities available at the end of June 2022 were 7.9% lower when compared with the previous month.

The decrease was a result of 14.72% 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 46.94% emerged as the top IT occupation in the insurance hiring activity in June 2022, an 11% decline over the previous month. Computer and Information Analysts came in second with a share of 16.31% in June 2022, down 27.88% over the previous month.

The other prominent IT roles include Database and Network Administrators and Architects with a 15.98% share in June 2022, a decline of 11.73% over the previous month, and Miscellaneous Computer Occupations with a 14.86% share in June 2022 and a drop of 27.04% over May 2022.

Top five insurance companies by recruitment activity in June 2022

The top five companies, in terms of number of jobs as tracked by GlobalData, accounted for a combined average decline of 22.01% share in the overall IT recruitment activity of global insurance industry during June 2022 over May 2022.

UnitedHealth Group posted 748 IT jobs in June 2022 and registered a drop of 6.62% over the previous month, followed by Anthem with 276 jobs and a 71.31% decline. Zurich Insurance Group with 267 IT jobs and Teachers Insurance and Annuity Association of America (TIAA) with 266 jobs, recorded a 4.3% decline and a flat growth, respectively, while Swiss Re recorded a 6.22% drop with 211 job postings during June 2022.

Regional composition of IT hiring in insurance industry

North America emerged as the leading region in the global insurance IT hiring activity in June 2022 with a 66.83% share, which marked a 23.1% drop over the previous month.

Europe stood next with 13.71%, registering a 21.16% month-on-month decline. Asia-Pacific was the third leading region with a 12.84% share and a 34.29% rise over May 2022.

In the fourth place was Middle East & Africa with a share of 5.15% and a month-on-month rise of 64.43%. South & Central America stood at the bottom of the table with a share of 1.47%, registering a 31.37% decrease over the previous month.

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