2020 is, has been and is set to continue to be a challenging and disruptive time across most sectors and industries. However, within the area of Fintech, there has been a continued rise in terms of financial activity and investment going on within the sector. According to recent figures from multinational professional services network KPMG, … Continued
Insurance Sector Hiring & Employment Trends Q1 2018
The Insurance market has experienced steady growth throughout 2017, and this trend has continued into the first quarter of 2018. From a recent Lincoln survey 88% of insurance employers in the Irish market confident about their growth prospects in 2018. This has largely been driven by an increase in premiums, which has led to a rise in business activity and the result is a need for extra staff. With confidence in the market growing, candidates at all levels are increasingly willing to explore opportunities and/or move jobs to further their careers.
[pullquote align=”right” cite=”” link=”” color=”” class=”” size=””]There has been a requirement for Insurance staff across all sectors of the Insurance industry this year, but especially in the area of claims, which has been a dominant force.[/pullquote]
There has been a requirement for Insurance staff across all sectors of the Insurance industry this year, but especially in the area of claims, which has been a dominant force. Claims professionals with liability and personal injury experience are increasingly sought after as organisations compete to fill the required headcount.
Personal Lines and Commercial Lines continue to go from strength to strength, through both direct channels and broking channels, as premiums increase year on year (most notably within the motor sector). Business activity has also increased, resulting in the need for account handlers within this space. As insurance organisations compete for talent in this area, it is expected that salaries will increase, albeit at a steady pace.
The broker market has experienced sustained growth over the last few years and this is set to continue as many firms have grown their teams out in the past year. We have observed brokers successfully enticing candidates away from insurance companies and into the broker market, and as well as an increased number of insurance professionals who opt to remain within the broker space, rather than seek to make the move to Insurance companies.
It was expected that Dublin would benefit from Brexit, but looking back on the year, the EU influx of subsidiaries from the UK did not materialise in the volume or pace initially expected. There were, however, some notable exceptions. XL Caitlin, SureStone DAC, Beazley, Beazley Re Dac, Aviva and Legal and General have all added to their Irish operations to ensure they are able to maintain access to the EU market.
Reinsurance and Captive experience continues to be in high demand. It has historically performed well in Ireland, and we can expect this sector to grow further in the future as companies plan to relocate to Ireland.
There have been tempered salary rises across the Insurance sector throughout the year with pay rises typically in the region of 2.5-5%. There has also been a notable improvement in the benefits being offered as organisations continue to compete to attract new staff and retain high performers. Benefits typically include performance incentives, flexible working hours, and healthcare and gym memberships.
As we near the end of the first quarter of 2018, it is envisioned that over-regulation will prove to be a serious challenge for the industry. The requirement to implement an abundance of regulatory reforms across multiple areas has resulted in a rise in the cost of compliance demands.
Overall, the Irish insurance industry is experiencing a period of growth and positivity that is likely to result in further expansion and investment over the coming year. This will provide both ample opportunities for experienced Insurance professionals and valuable long-term career prospects for those looking to enter the market.
Our Insurance Sector recruitment team are consistently ready and prepared to assist with hiring requirements for small and large projects. To view up to date salary trends for 2018 please see full survey comparison by sector here.
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