Job Posting Dynamics in the Insurance Industry, City of Toronto

Key Insurance Segments: Job postings, Average Posting Duration and Number of Companies Hiring

This section provides a detailed examination of job posting trends within Toronto’s insurance industry from April 2022 to December 2024, utilizing data from the Jobs TO platform. It focuses specifically on two key segments within the insurance industry: Insurance Carriers, with 16,727 active and 16,656 new job postings, and Agencies and Brokerages, with 4,254 active and 4,223 new job postings. This data is juxtaposed against the broader job posting metrics for all industries, which show 969,078 active and 961,809 new job postings.

The insurance industry plays a significant role in Toronto’s labor market dynamics. Insurance Carriers represent approximately 1.73% of all active job postings, while Agencies and Brokerages account for about 0.44%. Notably, the Insurance Carriers segment exhibits a substantial volume of both active and new job postings, indicating a robust demand for professionals. The minimal discrepancy between active and new postings in these categories suggests a vibrant job market characterized by a predominance of new opportunities rather than reposts. This vigorous job posting activity could also be indicative of high turnover rates or substantial shifts in skill requirements driven by technological advancements or regulatory changes. Consequently, professionals in this field may need to continually enhance their skills to stay competitive.

Figure 16 depict a 12-month trends in job postings for the Insurance Carriers and Agencies and Brokerages industries as a percentage of all job postings in Toronto from January 2024 to December 2024.

Considering the overall market dynamics where job postings across all industries increased from January to July 2024 and then declined, the increase in Insurance Carriers’ job postings as a proportion of total job postings from January to May 2024 reflect specific sectoral needs that outpaced general market trends. This could have been driven by industry-specific factors such as regulatory changes, new product launches, or strategic expansions. The decline in Insurance Carriers’ job postings as a proportion of total job postings from June onwards, even as the overall market was still on the rise until July, suggests that the initial drivers of growth were either temporary or were adjusted for in operational strategies. The subsequent decline aligns more closely with the overall market decline post-July, indicating that external market forces or a saturation point might have influenced hiring practices.

The relative stagnation in Agencies and Brokerages’ job postings proportion, despite the overall market growth, suggests that the demand in this area is less sensitive to general economic conditions. This could be due to a steady demand for their services, which are essential but not necessarily expansive in nature. Their stability in job postings could also indicate that they have reached a market equilibrium where new hires are primarily for replacement rather than for expansion.

 

Average job posting durations as reported by Figure 17 can provide insights into the health of the job market within these industries, showing how quickly companies are able to attract and hire suitable candidates. Faster hiring could signal a more competitive and active market, while longer durations might suggest challenges in finding the right match or perhaps less urgency in filling positions.

Job postings in the Insurance Carriers sector tend to fill slightly faster (22 days) compared to the overall average (24 days). This suggests a relatively higher efficiency in filling vacancies or a higher demand for jobs within Insurance Carriers, which leads to quicker hires. Job postings in Agencies and Brokerages have same duration (24 days) compared to the overall average.

Job Type and Duration Trends in Insurance

This section dissects the job posting numbers within the insurance industry of Toronto from April 2022 through December 2024, focusing specifically on the nature of employment—whether full-time or part-time—and the duration of these engagements—permanent, contract, or temporary. The aim is to offer a granular view of job posting dynamics in Insurance Carriers and Agencies and Brokerages in Toronto.

Overall, the job posting data as reported by Table 1 reflects a strong demand for stable, full-time, and permanent positions in Toronto’s insurance industry. This supports Toronto’s status as a stable and mature job market within the industry, attracting talent looking for long-term employment. Part-time Positions are significantly fewer, indicating that the roles requiring continual professional engagement and regulatory compliance are less suitable for part-time arrangements.

Contract and Temporary jobs are more prevalent in Insurance Carriers compared to Agencies and Brokerages. This could be due to the project-specific needs or the introduction of new systems and technologies requiring temporary specialized skills. This is particularly relevant in Toronto, where technological advancements and digital transformations are influencing traditional business models.

Top In-Demand Occupations by Job Posting in Insurance, City of Toronto

As Toronto continues to serve as a hub for the insurance industry, analyzing the distribution of jobs across key occupational groups becomes essential. Table 2 reports the top occupations by job counts in insurance, from the period of April 2022 to December 2024 in Toronto. This can offer crucial insights for job seekers, educators, and industry leaders looking to align their strategies with the realities of the market.

The job posting data on top in demand occupations reflects a dynamic and growing insurance industry in Toronto, with significant opportunities for employment across various levels and functions. It highlights a need for a diverse set of skills ranging from high-level managerial and financial analysis to client-facing and administrative support roles. The high demand for Senior Managers and Specialized Financial roles such as Underwriters and Financial Analysts by Insurance Carriers reflects the industry requiring high-level financial expertise and leadership. The demand for Administrative Officers indicates a robust support structure needed to maintain customer relations and manage internal processes effectively. For Agencies and Brokerages, the highest demand is for Agents and Brokers, which is fitting as these roles are directly involved in the selling and managing of insurance policies, acting as the face of the insurance service to customers. This mirrors the sales-oriented nature of these firms and their focus on expanding client bases in a competitive metropolitan market like Toronto. Similar to Carriers, there is also significant demand for underwriters and administrative support, highlighting the need for risk assessment expertise and efficient administrative systems to manage client interactions and back-office processes.

Job Market Linguistic Requirements in Insurance Industry, City of Toronto

Table 3 below reports job postings categorized by language requirements within Toronto’s insurance industry, from April 2022 to October 2024.

Insurance Carriers’ higher volume of job postings for Bilingual language categories compared to Agencies and Brokerages confirms their broader operational scope or a more varied customer base that these carriers serve.

Mandarin language jobs which take the third position, indicate a targeted approach to serve Mandarin-speaking clients. Also, as a proportion (since there are far few job postings for brokers) – this is notable. It is because of the traditional role of the broker as an intermediary and part of community (cultural or ethnic. It also aligns with a 2021 survey by Statistics Canada, that found that among the most common non-official mother tongues in Canada, Mandarin topped the list.

By detailing the demand for bilingual and Mandarin language skills, the data provides insights into the evolving linguistic needs of the industry. This breakdown helps understand how language proficiency influences hiring trends and shapes the workforce in Toronto’s competitive insurance market. Insurance Carriers’ higher volume of job postings for Bilingual language categories compared to Agencies and Brokerages confirms their broader operational scope or a more varied customer base that these carriers serve.