Claims specialist vacancies surge
Vacancysoft claims that vacancies are hitting record highs after business interruption legal case
Insurance companies in the UK are publishing record numbers of vacancies for claims specialists as they gear up for a surge in Covid-19 litigation, following the landmark High Court decision in favour of business interruption insurance policyholders.
According to a new report by recruitment industry data analysts Vacancysoft, insurance claims vacancies began their pandemic recovery in January 2021, with hiring levels going on to finish the year 107% up in comparison to 2020 – and 19.5% on 2019.
Vacancysoft said that in January 2022 vacancies hit an all-time high, with the sector publishing nearly 400 vacancies. Although dipping in February, they still represented the second-highest monthly tally ever.
The busiest recruiter for insurance claims specialists so far in 2022 is Sedgwick, which published over 100 vacancies. This is equivalent to nearly 70% of the firm’s total from last year and represents the fastest year-on-year growth out of the top companies.
Last year’s leader for claims vacancies was Gallagher, its 169 vacancies representing 81.7% year-on-year growth (but a decrease of 11.5% on pre-pandemic levels). In early 2022, it lies fourth place, recording just under a quarter of its previous year’s tally.
By region, London is in the lead for claims vacancies, overtaking the South East – which accounted for the most new jobs in 2019 and 2020. In 2021, recruitment in the capital rose by 143% year on year and 73.4% compared to 2019.
In the first months of 2022, insurers in London have already published a third of last year’s vacancies for claims professionals – bumping up the capital’s share of overall hiring to an all-time high of 25%.
Although accounting for only 5.4% of all vacancies in 2021, Wales experienced the fastest growth in the UK (231% year on year). In early 2022, insurers in the country have already published the same number of jobs they did for claims specialists during the whole of 2021. Consequently, Wales now accounts for 19% of all claims vacancies – second only to London.
“Last year brought some much-needed stability to the UK insurance sector following a turbulent 2020,” said Vacancysoft chief executive James Chaplin. “However, claims jumped more than expected in 2021 due to, among others, a surge in climate-related flood events and higher severity motor insurance claims that increased costs.
“Insurers are already hiring claims specialists faster than ever with vacancies at record levels. Following the Wolseley ruling, recruitment for these experts is set to grow even further as the industry braces for a big increase in business interruption cases.”