The employment numbers within the insurance, reinsurance, and pension funding sectors in the UK are projected to show a year-on-year decline between 2024 and 2028. The latest forecast suggests a decrease from 109.31 thousand persons in 2024 to 106.37 thousand persons by 2028. This reflects a consistent shrinking trend, implying slight but steady declines in industry employment. In 2023, this employment sector stood at 110 thousand persons, indicating the start of the projected decline. Over the next five years, the compound annual growth rate (CAGR) would also indicate a negative trend.
Future trends to watch include technological advancements and automation impacting employment levels, potential regulatory changes affecting sector dynamics, and macroeconomic factors such as market consolidation or economic shifts that could alter the demand for employment within these industries.
