Insurance market update
Mike Hackett, manager of Michael Page Insurance, provides an overview of the market and speaks about potential recruitment trends for 2012.
The turbulent economic climate has meant that the recruitment industry as a whole has been flooded with experienced candidates competing for the best jobs in what has been a relatively flat market. This trend has also been felt by the insurance sector, where businesses across the spectrum of the market have hunkered down to conserve capital and trim expenses.
This has resulted in salaries being lowered, non-core functions streamlined, and hiring managers enforcing strict criteria demanding candidates demonstrate their ability to bring immediate and tangible value to their business. Recruitment processes have been slow and sign off for hiring has often been required at board level. In summary, the market has stuttered for the last couple of years.
However, 2012 looks to have a far more positive outlook:
- There is a sense that the market will stabilise
- Internet comparison sites have been firmly embedded within the industry and are now understood in their positioning and longer term impact
- Rumours of acquisitions are rife within the market
Insurance job trends from Michael Page Insurance
Michael Page Insurance has seen a 12% increase in job vacancies within the sector against the same period in 2011. We’ve also noticed an increase in applications coming from candidates currently working, suggesting that confidence is beginning to ease back into the sector.
Additionally, major change projects across the sector including Solvency II and the Claims Transformation Programme will mean a continued increase in temporary or contract assignments, whereby the need for a fast solution should play into the hands of those candidates who have been unsuccessful in gaining full-time permanent employment during the economic downturn.
Outlook for 2012
Of course, the industry will continue to be hugely impacted by the wider economic situation, and with speculation as it currently is, there is very little anyone can be sure of. All things considered, the last three years has been a difficult period for those within the insurance industry, however the signs are looking far more positive for 2012, meaning we can be quietly confident going into the final quarter of the year.
To discuss the insurance market, your job search or hiring requirements in more detail, please get in touch with Mike Hackett.
T: 020 7269 2243
E: michaelhackett@michaelpage.com
