There could be a slowdown in hiring among insurance companies all over the world as fewer CEOs are planning to increase their workforce this year, a new survey suggests.
Professional services giant PwC polled 1,379 CEOs in 79 countries and discovered that in the insurance industry, 41% of the top executives are expecting to boost their headcount in 2017.
The figure is down from 49% in 2016, 50% in 2015 and 59% in 2014. The downward trend continues despite a brighter growth outlook among CEOs of all industries.
According to the survey, CEOs’ confidence in their one-year revenue growth is on the rise in nearly every major country across the world.
Globally, 38% of CEOs are “very confident” of short-term revenue growth this year, up from 35% in 2016.
On growth drivers, organic expansion tops the agenda of 79% of CEOs, while 41% are planning new merger and acquisition activities in 2017. Also, 23% of top executives intend to strengthen their innovation capabilities to capitalise on new opportunities.
“Despite a tumultuous 2016, CEO confidence is moving back up – albeit slowly and still a long way from the levels we saw back in 2007,” said PwC global chairman Bob Moritz.
“But there are signs of optimism right across the globe, including in the UK and US, where despite predictions of a Trump slump and a Brexit exit, CEOs confidence in their company’s growth are up from 2016,” he added.
This article is from our sister site Insurance Business NZ by Louie Bacani.