Insurance Market Update Q3 2016

Gavin Hayes / November 14, 2016

Insurance Market Update Q3 2016
From a career and opportunity perspective, the insurance market is in a positive space and will continue on the upward trajectory experienced all through 2016.

Insurance Market Overview Q3

Against the backdrop of Brexit, the Irish Insurance industry has come under increased public and media scrutiny. To date, we have seen a positive trend for Ireland as reports indicate career opportunities remain plentiful and varied across the insurance sector.

It is estimated that approximately 27,000 are employed in the Irish insurance sector, 14,000 employed directly by insurance companies and 13,000 employed by companies directly related to the insurance industry such as brokering, loss adjusting, loss assessing, risk management, captive management and outsource service providers.

Post Brexit, we have seen early indicators of some UK insurers looking to relocate EU focused operations to Ireland, allowing them to write EU business without the requirement for passporting from the UK into the EU. Some UK based insurance organistaions already have subsidiaries based in Ireland and may seek to move additional business to our shores. All of this means that the demand will remain high for experienced candidates.

To attract the best of talent to the industry we have noticed an increase in salaries of between 4% – 8% along with attractive benefit packages. We see a continued demand for experience across a range of skill sectors, the broker market continues to grow and with that there is a demand for talent at all levels from junior to director level.

The general insurance market presently has a continuous requirement for sales, claims, underwriting, compliance and actuarial staff. From a career and opportunity perspective, the insurance market is in a positive space and will continue on the upward trajectory experienced all through 2016.

If you are considering a career move or looking to find out more about available opportunities in this industry contact Gavin Hayes on 01 661 0444 or email ghayes@lincoln.ie.

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