As most Australian employers pare back growth plans and hiring expectations, the insurance industry is entering a growth phase, according to new figures from recruitment group Manpower.

It says the insurance sector is looking to take on more new staff and showing signs of optimism.

Manpower’s Employment Outlook Survey of more than 2200 Australian employers indicates that while the pace of hiring may soften over the next three months across the broader business community, the insurance, finance and real estate industries are hiring.

Manpower Australia and NZ MD Lincoln Crawley told insuranceNEWS.com.au the insurance industry is bucking the general trend, with optimism increasing by 1% from the third quarter and a massive 20% from last year’s fourth quarter.

“The finance and insurance sector is continuing to rebuild its workforce after making deep cuts during the global financial crisis,” he said. “We’ve also seen the latest bank profit results which suggest the sector is in good shape and will continue to grow.”

Mr Crawley says the insurance industry now has high recruitment expectations.

“Unlike other industries, including manufacturing and transport, finance and insurance companies aren’t subject to big shifts in demand, and this is reflected in the high employment expectations of this sector as compared to others around the country,” he said.

Results were mixed across industry sectors and geographies. Transport and utilities employers anticipated the most turbulence, with their outlook dropping 19 percentage points.

The seasonally adjusted employment outlook showed a five percent drop from the last quarter, while the number of employers planning to increase hiring has remained steady at 27%.

The number of employers planning to cut their headcount has increased 6%.