News Karnataka
Tuesday, September 27 2022
Business News

87% growth in insurance sector driving hiring activity in India

87 growth in insurance sector driving hiring activity in India
Photo Credit : IANS

New Delhi: Hiring activity remained stable at 6 per cent year-on-year (YoY), while the insurance sector was a driving force as it grew by 87 per cent 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 stabilisation, 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 per cent 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 per cent), followed by 0-3 years (99 per cent), and 8-12 years (42 per cent).

Looking at cities, the sector showed a significant jump in hiring activity in NCR (136 per cent) and Mumbai (129 per cent) 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 per cent), banking, financial services and insurance (BFSI) (43 per cent), auto/auto ancillary (29 per cent), real estate (24 per cent), and retail (18 per cent).

While pharma/biotech remained flat, the IT/software sector recorded degrowth of 10 per cent YoY.

Amongst tier-II cities, Coimbatore led the charts at 28 per cent YoY growth, followed by Kochi at 27 per cent.

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

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