Between 2013 and 2023, the UK insurance, reinsurance, and pension funding sector saw fluctuating employee numbers, peaking at 111.2 thousand in 2013. The steepest year-on-year decline was in 2014 at -7.2%, while 2019 reported a significant increase of 8.14%. The most recent data from 2023 indicates there were 100.58 thousand employees. Over the last five years, the sector experienced an average annual decrease of 0.39%. The forecasted period from 2024 to 2028 suggests a continued decline at an average annual rate of 0.21%, projecting a 1.05% drop by the end of the period.
Future trends to watch for include potential impacts of economic fluctuations, regulatory changes, technological advancements, and shifts in market demand on employment in this sector. These factors could influence long-term employment trends, either mitigating or exacerbating the forecasted decline.
