Employment Boost in the Insurance Sector. by Íde Tierney

“The fear of moving role has eased, therefore opportunities currently available within the sector are vast. All of the major Insurers have hired people into senior level roles in the past quarter. Roles at CEO, COO, CFO, CRO level have formed a part of 2010 and early 2011 hiring across the industry. Most of the Life, Non Life, Reinsurance and International Insurance Companies we have spoken with expect to have vacancies this year. Junior and entry level roles certainly still exist, however recruitment for these roles is currently being completed through direct application given the volume of candidates with one to four years market experience.”

“The highly regulated environment over the past number of years has resulted in significant increases in requirements for candidates across risk, compliance and regulation roles and we expect that compliance and financial roles will form a large part of 2011 hires. Regulation across the financial services and insurance industries has changed dramatically in the past two years. Key areas of focus for the Financial Regulator over the coming year are Solvency II implementation, risk-based supervision, and corporate governance standards. Firms are being encouraged to place these subjects at the top of their agendas and to apply people to these roles without delay. Among the candidates in demand are those with experience or qualifications in compliance, risk, project management, Basel II implementation and SOX compliance, as well as those coming from ‘big four’ consulting backgrounds. These people can apply their skills to the insurance Industry and we see them making these moves on a weekly basis.”

“Having seen a general dip in salaries within the industry in 2008 and 2009, we have experienced a strong 2010 where qualified accountants, actuaries, product development, compliance and other specialist professionals enjoy a wealth of opportunities. To give an example – due to the influx of recently qualified ‘big four’ candidates into the market following non renewal of training contracts in 2008/09 -salaries within these areas dropped back to the early 40ks,(compared to €55-€60k in 07-08). Through 2010 however, and into 2011, a stronger market has prevailed with hires across reinsurance and insurance seeing these salaries bouncing back somewhat with the median being €52.5k for a recently qualified accountant. Salaries for finance professionals in Insurance and reinsurance are somewhat similar, the key differences being benefit packages. Packages in reinsurance tend to be considerably stronger.”

“Given the recent noticeable in demand for actuaries, salaries have clearly increased in line. Adding to this demand is the draw of an even stronger and more lucrative London industry. Employers in Dublin are struggling to keep their resources and are often involved in counter offers with actuaries in an attempt to retain their skill, knowledge and experience within the company.”

“Compliance is another area where the demand, in particular for mid-level positions is extremely high. However we have found that clients are standing firm and are not paying excessive salaries to candidates in these areas – they are taking stock of years of experience and are paying accordingly. They are also being more flexible allowing for candidates to transfer their skills to this sector, rather than getting into a ‘price war’ with candidates.”

“In summary, we find that our Insurance Clients are very fair when it comes to salaries and offer good benefit packages, have good working culture and provide career progression opportunities to candidates.

“There is an increasing trend of people leaving the banking industry for the greener fields of insurance. They are often happy to take a salary decrease due to the added security of the insurance sector.”

“Based on conversations with clients, we are looking forward to a strong 18 months across the industry with hiring continuing. The Insurance Industry is a major contributor to the economy in Ireland and this is set to continue. There have been countless new entrants into the Reinsurance Industry in Dublin in the past year, generally starting small and increasing their numbers over time.”

“For a time back in 2008 and 2009 attrition reduced significantly, however people are now moving around again. It is rare that we call people who at the very least are not curious about what is happening in the market. Fear of moving from role to role for candidates has eased considerably.”