Insurance Industry Braces for Major Hiring Boom in 2024

The insurance industry is on the verge of a significant hiring surge, with more than half of insurers planning to increase their workforce in the coming year, according to the Q1 2024 Insurance Labor Market Survey by the Jacobson Group and Ward/STG Performance Benchmarking. The property/casualty segment is leading this trend, with 53% of companies expecting to add staff, particularly in commercial lines. The primary drivers behind this expansion are anticipated business volume growth and entry into new markets.

However, the industry continues to face challenges in recruitment and retention, particularly in specialized roles like actuarial, executive, and analytics positions. Despite a slight improvement in hiring conditions compared to the previous year, recruiting remains a significant hurdle, especially as insurers focus on retaining top talent amid shifting industry dynamics. Technology, underwriting, and claims roles are expected to see the most substantial growth, while the ability to attract and retain skilled employees will be crucial to sustaining the projected expansion.