Q1 2024 Insurance Labor Market Study: Industry Enters Year with Cautious Optimism
The latest iteration of the Semi-Annual U.S. Insurance Labor Market Study, conducted by The Jacobson Group, the leading provider of talent to the insurance industry, and Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, found 90% of respondents intend to increase or maintain staff size in 2024.
"The industry's unemployment rate is stable and just 10% of companies plan to reduce their headcounts this year. However, insurers appear to be operating with a bit more caution in terms of hiring," said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. "We're seeing a shift in how companies are viewing their staffing plans, making the Q1 findings incredibly relevant to insurance leaders."
"Companies appear to be in more of a holding pattern around staffing plans for the first half of 2024, as they evaluate growth plans and anticipate greater efficiency gains from technology improvements," added Jeff Rieder, partner at Aon and head of STG Performance Benchmarking.
Some of the study's key findings include the following:
- In the next 12 months, 52% of insurance carriers plan to increase staff and 38% plan to maintain their current staff size. Technology, underwriting and claims roles are the industry's greatest need.
- Seventy-seven percent of companies expect to grow revenue during the next 12 months; this is 5 points higher than the July 2023 study.
- During the next six months, 76% of companies expect most employees in the office at least one day a week (hybrid). Just 6% require employees in the office every day.
- Recruiting difficulty has eased in five of the study's 11 categories; however, most positions remain at least moderately difficult to fill. Actuarial, executive and analytics roles are the most challenging.
- If carriers follow through on their plans, the industry will see a 1.21% increase in employment during the next 12 months.
For more highlights and commentary, download the full results summary and view the recorded webcast here.
The insurance labor market study has been conducted semi-annually since 2009. Collecting revenue and hiring projections from carriers across all sectors of the industry, it provides a valuable look at the insurance labor market outlook and hiring trends.
The study's next iteration will occur in July 2024. To be notified when it opens, follow this link.
About The Jacobson Group:
The Jacobson Group is the leading provider of talent to the insurance industry. For more than 50 years, Jacobson has been connecting insurance organizations with professionals at all levels across all industry verticals. Jacobson provides insurance talent solutions to support virtually any human capital need. We offer executive search services and comprehensive staffing solutions, including professional recruiting, temporary staffing and interim experts.
Follow The Jacobson Group on LinkedIn, X and Facebook.
About Aon:
Aon plc (NYSE: AON) exists to shape decisions for the better ? to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon's newsroom and sign up for news alerts here.
Aon UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of regulated products and services in the UK. Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN. Tel: 020 7623 5500. Aon is not responsible for the content of the third party website.
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