Insurance Market Update Q2 2016

July 12

Insurance Market Update Q2 2016

General Observations

The Insurance Market as a whole has experienced a heightened degree of scrutiny in recent times due to spiralling premiums. Trading conditions in the Irish market remain difficult for the foreseeable future. Premiums continue to increase for Motor and Business which has led to a national debate and forced the government to take action.

The Department of Finance is presently undertaking a review of the motor insurance market as premiums have increased over 30% within the last 12 months. The report is expected to be finalised by the end of 2016.

From an employment perspective the difficult market for consumers does offer a positive impact on the workforce in the industry, as it was in 2015 increased profits and available capital supporting the industry will bring additional investment into the workforce.

Where is the demand for talent?

We have seen some positive movements driving hiring within the Insurance sector in the first quarter of 2016. Brokering, the broker market continues to grow from strength to strength within Ireland on the general, pension and life side. Both large and SME brokers are actively recruiting in line with the increased market activity.

[pullquote align=”right” cite=”” link=”” color=”” class=”” size=””] Q3 is optimistic for recruitment in the insurance space and we expect an upward trend in hiring.   [/pullquote]

In the risk and Compliance / Actuary arenas, both of these areas are quite specialist and are typically short of candidates. We have seen in Q2 a high demand for compliance executives across the sector while the Actuarial space has continues to be a “hot” area in recruitment in both permanent and temporary roles.

The Sales and Business Development sector, in what is a fiercely competitive market, executives with experience and a proven records of success are always highly sought after. The continued growth of the broker market is testament for the demand for sales leaders and experienced sales executives.

Claims is a unique sector of the insurance market in the sense that there is an abundance of claims staff.  In recent times several of the large direct insurers have opted to streamline their claim departments by opting to relocate positions outside of Ireland.

Q3 is optimistic for recruitment in the insurance space and we expect an upward trend in hiring.

If you would like more market information and would like to look at your options for a career move, for a confidential discussion please contact me on ghayes@lincoln.ie or call 01 661 0444.

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Lincoln Recruitment

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