Global Trend Report Insurance 2015: Rising Demand for Insurance Professionals
Morgan McKinley is active in recruiting professionals for insurance companies around the globe. We asked consultants in three of our key markets to provide their thoughts and insights into the state of employment across the sector (including consulting, direct, brokerage and reinsurance).
It is clear that overall demand for talent has increased recently, and this trend will be sustained by a generally optimistic economic outlook combined with tougher regulatory frameworks.
RISING DEMAND FOR INSURANCE PROFESSIONALS
“In China the insurance sector has been relatively stable and robust over the past year or two so we have seen no major surprises, and certainly no negative changes,” says Rio Goh, Country Head, Morgan McKinley China. Demand for insurance professionals has been steadily increasing, in particular to fill specialist compliance, risk and actuarial roles and for sales and marketing executives. We expect to see this trend continue and also increased demand for investment specialists.
On the other hand, the organisational changes that are in progress at many insurance companies may result in the consolidation of some functions, while others have applied the brakes after a period of expansion. Hiring processes can often be lengthy.
Professionals who are early in the career and have a relevant actuarial qualification (e.g. Institute and Faculty of Actuaries) will find suitable roles easily. The same is true of risk specialists with an MSc in risk or an FRM or GARP certificate. Other financial qualifications that are highly regarded in China’s insurance sector include HKCPA, CPA, CA, CIA, CISA, CFA.
SALARIES & BENEFITS
Average salary increases in 2015 will be in the range of 10-15%, though specialists moving between jobs can expect rather more.