Q3 2024 Insurance Labor Market Study: Recruiting Difficulty Eases Slightly

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, a leading global professional services firm, found 86% of respondents intend to increase or maintain staff size in the next 12 months.

“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. “While recruiting difficulty has slightly eased, insurance unemployment is low and turnover is slowing.”

“As companies continue their efforts toward building a resilient business and workforce, underwriting, claims and other technical roles remain in demand,” added Jeff Rieder, partner and head of Performance Benchmarking at Aon’s Strategy and Technology Group.

Some of the study’s key findings include the following:

• In the next 12 months, 52% of insurance carriers plan to increase staff and 34% plan to maintain their current staff size. 14% are planning to decrease their headcounts, which is 4 points higher than last year.
• Underwriting, claims and technology roles are the industry’s greatest need. This is the first time in the study’s history that technology roles are not the most in demand.
• Seventy-nine percent of companies expect to grow revenue during the next 12 months; this is 2 points higher than the January 2024 study.
• During the next six months, 72% of companies expect most employees to work a hybrid schedule. Just 4% require employees in the office every day.
• Recruiting difficulty has eased in eight of 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 0.58% 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 for 15 years. 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 January 2025. 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.

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About Aon:

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240820491124/en/

The results of the Q3 2024 Insurance Labor Market Study, conducted by @JacobsonGroup and @Aon_plc, are now available: https://content.jacobsononline.com/2024-q3-laborstudyresults