Talent deficit hits insurers
Ireland's expanding insurance industry is struggling to meet its staffing needs, with some recruiters forced to look to the UK market to track down additional candidates.
Demand for staff is particularly strong in areas such as underwriting, legal and compliance, life and general insurance, and also in brokerages. And if you're lucky enough to be an actuary, it seems the world is your oyster these days as far as job opportunities go.
Michael Shalloe of Asset Recruitment tells us that there is such a shortage of these mathematical whizz-kids in Ireland that the agency is now turning to the UK market in the hunt for staff. The UK is an ideal choice as it has similar legislation to Ireland, he says, and so people's experience will be relevant over here.
Nowadays, companies are less fussy about looking for specific degrees, Michael says, and instead are interested in people with specific actuarial experience. And actuaries are being well rewarded. Demand has pushed salaries up by around 10% over the last few years, and medium level actuaries can expect a salary in the €65,000 to €95,000 bracket, with bonuses and benefits added on top.
Edwina Sweeney of Capital Recruitment says the insurance sector is expanding across the board, causing a shortage in areas such in claims, personal lines, reinsurance and underwriting. She explains that it is very difficult to "headhunt" staff in these areas as people tend to stay within the same company.
