Inside the small yet wonderful world of Australian reinsurance recruitment
If you're an experienced reinsurance professional and you want to move, well, you can - and usually for a hefty salary increment. Although the sector doesn't generate many openings, a skill shortage means candidates are largely in control of the job market.
Reinsurance employees are comparatively loyal to their firms, so not many vacancies are created because of attrition. "It's not a high volume market. This is especially true on the broking side, where people tend to know each other well and placements happen over a drink," says one recruiter, who asked not to be named.
But hiring is happening, he adds. For example, Zurich and IAG are after reinsurance managers and there is demand across the industry for analysts and actuaries. And when firms recruit, the limited talent pool for their specialist roles means it's not always easy to find the right people.
This puts candidates with reinsurance experience in a strong position. "If you're a good reinsurance person and you want a new role, the only issues are timing and benefits," says Liza Garrido, director, Enigma HR.
To counter this, reinsurers are slowly becoming more open to hiring from direct insurers, depending on the candidate's level of expertise. "Six or so years ago this was never heard off - they only wanted people from reinsurance competitors. But you must still be spot on technically. They want people who don't need training on things like reinsurance policy wording," adds Garrido.
Life reinsurers are the most willing to hire candidates from direct insurers because they are particularly aggressive in expanding their businesses in Australia.
But are those in direct insurance keen to make the switch? The short answer is yes. Garrido explains: "Most of them aspire to work in reinsurance because the roles are perceived to be more technically complex, working only with cedents and large corporates. Direct insurance is sometimes seen as limited in terms of professional challenges."
Another way to alleviate the talent shortage is to hire from overseas. "Reinsurance firms are generally open to experienced claims people, underwriters or analysts as many of the skills in these areas are internationally transferable. Candidates from the UK, South Africa and New Zealand are the most common," she says.
For reinsurance firms who only want reinsurance candidates, however, money is a key factor. "Good professionals from within the sector can basically say 'this is what I am seeking' in terms of remuneration."
