Findings From The Q3 2024 Insurance Labor Market Study
Approximately 86% of insurance companies plan to increase or maintain their current staff size over the next 12 months says The Jacobson Group, a prominent provider of talent to the insurance industry, and Aon, a global professional services firm in its latest iteration of the Semi-Annual U.S. Insurance Labor Market Study. Published bi-annually for the last 15 years, the findings indicate a stable job outlook for the insurance industry as it winds down 2024 and looks towards 2025.
“The insurance industry remains relatively stable with modest job growth expected for the next year,” said Gregory P. Jacobson, co-chief executive officer of The Jacobson Group. He noted that while recruiting challenges have eased slightly, insurance unemployment remains low and employee turnover has slowed.
Overall insurance industry staying the course
Overall, while the broader U.S. economy has seen higher unemployment (4.3% as of July), the insurance industry continues to exhibit resilience, driven by steady employment growth, especially in technical and specialized positions.
The report highlights ongoing demand for key roles, with underwriting, claims, and technology positions being the most sought-after. This marks the first time in the study’s history that technology roles are not the top priority for insurers.
Key findings from the latest edition of the study
- 52% of insurance carriers plan to increase their workforce, while 34% expect to maintain their current staff size. However, 14% of respondents plan to reduce their headcount, a 4-point increase from last year.
- Seventy-nine percent of companies project revenue growth over the next 12 months, up 2 points from January 2024.
- Hybrid work remains prevalent, with 72% of companies expecting most employees to work a mix of in-office and remote schedules. Only 4% require daily in-office attendance.
- Recruiting difficulty has lessened across eight of 11 job categories, though actuarial, executive, and analytics roles remain particularly challenging to fill.
The report also projects a 0.58% increase in employment for the industry if companies follow through on their staffing plans.
For more details, the full report and a recorded webcast are available for download on the Jacobson website.
