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2024: The year when talent ​ diversification finally comes of age?​

Welcome to the Sheffield Haworth Inclusive Insurance report 2024, where the Insurance and InsurTech team examines the industry’s major talent trends for the remainder of the year ahead.

2023 has been a tough year for the economy, but not so much for Insurance. With insurers enjoying a hard market that looks set to continue into 2024, and broking undergoing a period of intense investment, firms were more reticent to hire than we might have expected. Yet this reticence can’t last. In fact, the signs point to a more buoyant talent market in 2024, and this is where firms must take diversity more seriously in their hiring.

In our article “10 ways for insurance firms to increase diversity” Mark Lomas, Head of Culture at Lloyd’s, discusses cultural diversity principally regarding ethnicity and gender. Yet, his words could equally apply to any form of diversity, from the need to bring in and develop new skills (discussed in our article “Future skills: challenges and solutions for the insurance industry in 2024”) to the need to consider roles and responsibilities across organisations in a more holistic way (which we touch upon in our piece “Bringing fresh skills to insurance clients”).

We hope this Outlook will provide helpful insights as you develop talent strategies to achieve success in 2024 and beyond.

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