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Insurance Market Update Q2 2017
Now a year on from the historic Brexit decision and uncertainty still prevails in the Irish employment market. But are we more informed as to the impact specifically on the Irish Insurance sector?
At the beginning of the year, expectations were high that the industry would experience both a flood of new players into the market and existing entities expanding their Irish operations. These expectations were dampened somewhat when AIG had opted to choose Luxembourg over Dublin as the location for their European operation. Furthermore, Llyod’s who had been actively examining Dublin as an option for their European base decided on Berlin as their European site post-Brexit.
Although this was a setback, it has not been all negative with reports that 30 UK insurance firms have contacted the Central Bank this year to discuss authorisation. From an Irish perspective, unfortunately, the initial deluge of opportunity post-Brexit did not come to fruition, but we remain positive and patient that the second half of 2017 will experience more activity.
[pullquote align=”right” cite=”” link=”” color=”” class=”” size=””] Unfortunately, the initial deluge of opportunity post-Brexit did not come to fruition, but we remain positive and patient that the second half of 2017 will experience more activity.[/pullquote]
Where is the demand for talent?
In the first half of 2017, a number of the traditional general insurance companies within Ireland conducted staffing and salary reviews. This resulted in several companies opting to run voluntary redundancy initiatives, leading to a rise of senior insurance candidates entering the jobs market. The positive knock-on effect for candidates is that these large insurance organisations have already been actively recruiting across a range of functions within their business.
The demand for experienced compliance staff has been starkly evident in 2017. This can be traced back to the immediate Brexit aftermath and the potential entry of multiple insurance organisations into the Irish market, all aiming to ensure a smooth transfer of operations. This increase in demand for compliance professionals can also be related to the fact that Insurance companies are experiencing high levels of scrutiny from the regulator and ombudsman than ever before. Therefore, insurance companies are eager to hire expert and qualified individuals in this area. In relation to salaries, they remain negotiable based on experience but are very much in favour of the candidate.
Actuary & Analysts
Throughout Q2, the requirement for Actuary and Analyst professionals has remained constant for candidates at both graduate and experienced levels. Furthermore, Sales Leader, Business Development Manager and Sales Executive positions continued to be in ample supply on the market. Candidates with proven track records in sales, sourcing new revenue streams and product launches will always be in demand within the Irish insurance market through good times and bad.
On another positive note, the broker market continues to go from strength to strength, resulting in a demand for individuals with strong broker development experience. Also, there has been a rise for Commercial Account Executives roles within the SME space.
Even though Reinsurance is quite a niche market, it continues to grow year on the year leading to a surge for candidates with quantitative experience along with account management experience.
Finally, the requirement for underwriters remains consistent as with previous years across the General Insurance and Life & Pensions side of the industry.
While this year has not proven just yet to be as positive as predicted in the Insurance sector, the general insurance market continues to provide ample opportunities in sales, claims, underwriting, compliance and actuary for candidates.
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 firstname.lastname@example.org or call 01 661 0444.
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