Booming London insurance market creates hundreds of new jobs amid tech innovation

London's insurance sector is experiencing a surge, leading to an increase in recruitment within the capital. The first half of 2023 saw a 6.6 per cent rise in insurance job vacancies in London, with the city's share of UK insurance job openings predicted to reach 38.5 per cent by year-end nearly a seven per cent increase from 2022.

This growth contrasts with regional markets where vacancy volumes have dropped by 13.7 per cent, further centralising hiring in London, as reported by City AM.

A significant driver behind this trend is the burgeoning insurtech industry. Venture Capital and private equity investments have significantly boosted the sector, resulting in a 22 per cent increase in tech-related hires this year.

Insurtech firms are on the hunt for specialists in claims, risk management, and underwriting to enhance their tech-driven insurance products, thereby increasing demand for cross-industry skills.

Underwriting continues to be the predominant role in the industry, with its importance steadily growing. Demand for underwriting roles is projected to increase by 11.4 per cent by the end of 2024, as underwriters' market share is expected to grow from 21 per cent to 21.9 per cent.

This need for skilled underwriters is also fuelled by emerging risks such as cyber threats and climate-related exposures.

Among the major players in London's insurance market, the Ardonagh Group remains at the forefront of recruitment efforts, with hiring anticipated to rise by 12.3 per cent in 2024, equating to 255 new roles.