Insurance sector drives hiring activity in India, up by 87%: Report

The insurance sector continued to grow in hiring over the last year for the seventh time in a row

September 3, 2022

India’s hiring activity in August remains stable; insurance sector records steep growth

Hiring activity remained stable at 6 percent year-on-year (YoY), while the insurance sector was a driving force as it grew by 87 percent in August this year as compared to last year in India, a report said on Friday.

According to a report by Naukri JobSpeak, the insurance sector continued to grow in hiring over the last year for the seventh time in a row.

“After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilization, and it would be interesting to see how the trend continues in the coming months,” Pawan Goyal, Chief Business Officer, Naukri.com, said in a statement.

“Important to note that insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands with over 100 percent YoY growth in 0-7 years’ experience band,” he added.

Within the insurance sector, maximum traction was seen for the 4-7 years’ experience band (103 percent), followed by 0-3 years (99 percent), and 8-12 years (42 percent).

Looking at cities, the sector showed a significant jump in hiring activity in NCR (136 percent) and Mumbai (129 percent) in August 2022 as compared to last year.

Apart from the insurance sector, there has been a positive intent to hire in other sectors, including travel and hospitality (56 percent), banking, financial services and insurance (BFSI) (43 percent), auto/ auto ancillary (29 percent), real estate (24 percent), and retail (18 percent).

While pharma/ biotech remained flat, the IT/ software sector recorded degrowth of 10 percent YoY. Amongst tier-II cities, Coimbatore led the charts at 28 percent YoY growth, followed by Kochi at 27 percent.

Among metro cities, Mumbai led the charts at 21 percent growth, whereas Delhi/ NCR, Hyderabad, and Pune remained flat. Bengaluru showed a dip of 10 percent.

[With Inputs from IANS]

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