The proportion of highly experienced claims professionals working across the Lloyd's market has fallen over the past two years, according to new research from the Lloyd's Market Association, as employers continue to grapple with recruitment and retention challenges.

The LMA's latest Claims Talent Survey found that professionals with more than 15 years' experience now account for 31% of the Lloyd's market claims workforce, down from 37% in 2023.

New entrants, including graduates, school leavers and people from outside the insurance industry, now make up 52% of junior claims roles, compared with 37% two years ago.

Based on responses from managing agents representing just over half of the Lloyd's market, the survey also found recruitment from within the existing market fell from 74% to 69%. Hiring of professionals with more than 15 years' experience also declined, accounting for 17% of recruitment compared with 22% in 2023.

Claims specialists said competition for claims staff remains intense, particularly among individuals with five to seven years' experience, and those with more than 15 years in the market. Respondents also pointed to rising salary expectations, skills shortages in specialist classes and the impact of technology and automation alongside concerns about declining market knowledge and expertise.

Janine Powell, claims director at the LMA, said: “Claims has a growing story to tell as a career destination, and the future of claims depends on getting the balance right. It’s great we’re attracting new talent, and must continue initiatives to do so, but we cannot afford to lose the depth, judgement and experience that sit within our mid-career professionals.”

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