Life insurers to cut jobs
Thu, 15 Jan 2009
According to a new survey by the Confederation of British Industry (CBI), at least 91 per cent of life insurance providers are likely to axe jobs over the coming three months.

The study also found that banks and other financial companies in Britain will cut around 15,000 jobs in this quarter. The CBI report claims that an estimated 10,000 financial services jobs were lost in the last quarter of 2008. It is thought that the sector, which employs around one million people, could axe another 12,000 to 15,000 positions in the first three months of 2009.

The survey reveals that the jobs that are likely to be lost will mostly affect banking, which accounts for around half the sector and life insurance, which has seen a rapid decline in demand for products.

Business volumes in the three months to December fell compared to the previous quarter, with only 7 per cent seeing a rise. Business volumes have now declined for 15 consecutive months.
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