Needed in Ireland: Expertise in implementing Solvency II

In 18 months' time, Ireland's insurers will need to have implemented the European Union's Solvency II directive stipulating that insurers have to hold far stricter capital reserves in response to the risks they underwrite. In the UK, the response has been fevered recruitment of solvency II practitioners, often on a lucrative contract basis (up to £2k a day). There's also been strong demand for market risk expertise as insurers try to get to grips with the new risk measurements accompanying the legislation.

Now it's starting to look like Ireland's insurers need to get similarly busy.

Fiona Muldoon, head of insurance supervision at Ireland's Central Bank, warned this week that Ireland's insurers don't seem very prepared for the Solvency II directive and that a lot of work remains to be done.

"There is an enormous execution and implementation challenge presented to these companies. We urge you and your groups to consider carefully the extent of the project management task and not to get caught out in your preparedness," she said.

Reading between the lines, we'd say project managers with Solvency II expertise are going to be very, very popular.