Labour costs in the UK’s insurance, reinsurance, and pension funding sectors are projected to rise steadily from 8.69 billion pounds in 2024 to 9.1 billion pounds in 2028. This illustrates a consistent annual growth trend, suggesting a focus on talent acquisition and retention in an evolving financial landscape. Year-on-year growth shows a stable increase, averaging approximately 1.6% annually over the five-year forecast period. The base value for 2023 was lower, demonstrating the sector’s sustained expansion.
Future trends to watch for include:
- Impact of digital transformation on labour demands.
- Implications of regulatory changes affecting employment costs.
- Shifts in pension funding structures necessitating specialized skills.
