How insurance professionals can escape the UK and work somewhere more exciting
Job prospects for insurance professionals in the UK are looking a little shakier, but those with wanderlust can take solace in the fact that international markets are expanding and keen to hear from those with experience in the London and UK market. Where should you be looking?
Australia:
Why?: For a start, Australia (like all countries in Asia-Pac) is experiencing something of a shortage of actuaries. However, outside of this, general insurance demand remains strong, with claims and financial lines underwriting roles all desirable. Within life insurance, both technical positions and business analysts are being hired, according to the latest quarterly update from recruiters Hays.
Which roles?: Actuarial, claims, underwriting in commercial insurance and more strategic business analyst and project management positions.
How much?: Underwriting roles in Sydney pay A$55-80k (£36-52.4k), according to figures from Hays, rising to A$70-100k (£46-65.5k) at a senior level. An account manager in insurance broking should expect A$70-90k (£46-59k), while a senior claims assessor can bring in A$55-70k (£36-46k).
China:
Why?: The Chinese financial sector is still heavily weighted towards local recruits and the insurance industry is, unfortunately, no exception. However, this is a stance that it may need to change, particularly for technical positions where a skills-shortage exists to such an extent that some roles are open for over a year, according to local recruiters. International firms have moved into China to capitalise on the lack of significant local players and opportunities are being created. However, there are some caveats. Flora Shi, senior consultant, Morgan McKinley in Shanghai, says that most people being hired by international firms are returnees and, while Western expats are considered, language skills are necessary. “Any international certification such as FSA is recognised. Mandarin is definitely essential in most cases and local market knowledge is preferred,” she says.
Which roles?: Largely actuaries, but also sales and specialists in auto-insurance.
How much?: An experienced actuary should expect paltry 200-400k yuan (£20-40k) a year, according to recruiters.
Singapore:
Why?: There are some significant recruitment sprees planned in Singapore’s insurance sector, notably Zurich Life, Manulife and Markel International, but generally the buzz surrounding the industry is more about future growth potential. Firms in the Island State are keen to take on underwriters, brokers and actuaries, but (so far at least) it’s struggled to prise professionals away from the UK.
Which roles?: As we mentioned, underwriters, actuaries and brokers are being sought-after, but increasingly, firms are looking to hire actuaries with capital adequacy experience gained by working on Solvency II projects.
How much?: As a general rule, you should expect two-thirds of what an equivalent role would pay in London, suggest recruiters. Hays’ 2012 salary guide says that an underwriting manager role pays S$120-190k (£62-98k) and a senior actuarial manager should expect S$160-200k (£82.5-103k).
Zurich:
Why?: The majority of large international general insurance firms, as well as large local reinsurance firms like SwissRe, run operations out of Zurich and they’re feeling an acute shortage of actuarial talent, says Paul Walsh, CEO of actuarial recruiters Acumen Resources. “The London market is very well-regarded, and most firms speak English as the business language, so it makes sense for actuaries in the UK to consider opportunities.”
Which roles?: Actuaries, predominently.
How much?: Junior actuaries should expect CHF100-120k (£66-80k), while more experienced or specialist roles pay CHF150-160k (£100-107k). This sounds OK, until you consider the high cost of living in Switzerland.
