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In January we gave our predictions on what was in store for the General Insurance industry in 2022, and now we’re half way through the year, it’s time to reflect and look at what the latter half of 2022 has in store.
The war on talent will continue
During the first half of 2022, insurance companies were catching up on a two year recruiting deficit, thanks to the pandemic. Recruiting for headcount and growth has been a key focus for many businesses in the UK, as well as in Europe and the United States.
However, there’s been a 15% increase in the demand for talent, but a 20% decrease in available candidates. Pair this with the fact that the industry has lost high value talent with around 30 years of experience, due to retirement and other lifestyle changes, it’s safe to say the talent shortage will continue to be felt for the rest of 2022.
…but fresh talent will be brought in
In order to help close the skills gap and rebuild the workforce, Insurance companies are investing in apprentices and school leavers, offering a fair chance to individuals from a wide range of social classes to kick start their careers.
The employee is king
Following the pandemic, there was an intense debate on what the ‘new normal’ looked like in the insurance sector.
As the cost of living increased, professionals looked for better paying roles at companies that offered more benefits, such as remote working, life insurance and more.
This meant companies battled to retain talent, with 90% of departing employees in the Insurance industry receiving a counter offer from their current employers.
In the latter half of 2022, we expect to see more and more insurance companies drive improved conditions and offer better benefits and fair pay in order to protect their existing workforce and attract new talent.
We also expect to see high demand individuals like Account Executives, Account Handlers, Technical Underwriters and Senior Managers / Directors will seek to improve their careers with employment at these businesses offering better pay and benefits.
The shrinking market will get smaller
Mergers and acquisitions went through the roof in the first half of 2022, with a record number of brokerages choosing to sell up or merge with other companies.
Due to the amount of activity, the market is only going to get smaller. We predict we’ll see an influx of buyers from other countries such as America, due to the lower interest rates. This will shrink the market even further as many business owners begin to think about their own future and consider an exit strategy.
Make your next General Insurance move with IDEX
Whether you are looking for your next career opportunity or considering the future of your business, speak to us about how we can help you achieve your firm’s growth plans through our advanced, innovative solutions.
For more insights on what’s in store for the General Insurance industry this year, take a look at our 2022 Salary Guides.
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