Released on: March 3, 2009, 3:51 am
Author: Hays Plc.
Industry: Human Resources
Hays, specialist recruitment company, reports the demand for senior professionals across the UK is buoyant across all disciplines of the insurance sector, including commercial broking, underwriting, claims and actuarial. Despite the general market uncertainty, there have been a steady number of senior insurance appointments, both in the London and UK regional markets.
"We are experiencing a steady flow of recruitment activity for a range of senior insurance roles, from commercial account executives to senior underwriters, claims and pricing managers. While employers are keen to take on individuals with very specific skill sets, some professionals are wary about changing jobs in the current climate," said David Carr, Regional Director for Hays Insurance. The demand for project managers is also growing, as many organisations focus on saving money and improving specific areas of their businesses in order to drive efficiencies, manage finances and make a tangible impact on the bottom line.
Compliance requirements for blue-chip insurance organisations to adhere to the industry regulations implemented by the Financial Services Authority (FSA) and the European Commission have fuelled demand for experienced regulatory and compliance managers. "These individuals can provide support and guidance on all aspects of business compliance. An understanding of the Solvency 2 Framework (to be implemented in 2012) and individual capital assessment are also advantageous," added David.
The growing importance of risk management across a business has also brought about a requirement for experienced actuaries and recruitment levels for suitably qualified professionals have not slowed. Senior actuaries are important decision-makers - commercial acumen, communication skills and the ability to explain complex concepts to a non-technical audience are all key competencies sought by employers. "Increasingly complex capital models need to be formulated to adhere to the regulatory changes. Business development, risk management and risk re-pricing are all prized skills," commented David.
While the demand for underwriting managers and directors remains steady, there is a particular emphasis on niche products and specialist underwriting roles, in areas such as commercial property and liability. But there is also demand for senior claims roles and partner level opportunities within the larger broking houses. There are also senior director positions available for reinsurance professionals in the City, as primary insurers are hedging their risk positions to ensure their liquidity ratios meet obligations.
"There has been an increase in reinsurance given the climate of loss minimisation and this is further helping to support the insurance sector during the difficult economic climate," David concluded.
Note to Editor:
About Hays Insurance
Hays Insurance is part of Hays plc, the leading global specialist recruitment group and specialises in insurance jobs. It is market leader in the UK and Australia, and one of the market leaders in Continental Europe. As at 30 June 2008, the Group employed 8,872 staff operating from 393 offices in 27 countries across 17 specialisms.
For the year ended 30 June 2008:
- the Group had revenues of £2.5 billion, net fees of £786.8 million and operating profit before exceptional items of £253.8 million;
- the Group placed around 80,000 candidates into permanent jobs and around 300,000 people into temporary assignments;
- the temporary placement business represented 49% of net fees and the permanent placement business represented 51% of net fees.
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