SALARY SURVEY 2013 - Robert Walters Singapore

LONDONLONDONACCOUNTING&FINANCEINSURANCELONDONACCOUNTING&FINANCE-INSURANCEACCOUNTING&FINANCE-INSURANCERobertWaltersGlobalSalarySurvey201311Ourinsurancedivisionrecruitspermanent,temporaryandcontractfinance,actuarial,underwriting,claimsandbrokingspecialistsforavarietyofsectorswithintheinsurancemarketincludinggeneralinsurance,Lloyd’smarket,reinsurance,lifeinsurance,brokingandpensions.Thedivisionrecruitsacrossalllevelsofseniorityfromentrytoexecutive-levelappointments.MarketOverviewTheinsurancejobsmarketremainedrelativelystrongin2012,primarilybecausethesectorislargelyresilienttowidermarketconditions.Althoughthishasbeentypicaloftheindustryduringthedownturn,2012alsoprovedafarmorepositiveyearforthesectorthan2011whenthevolumeofclaimswasparticularlyhighduetothenumberofnaturaldisastersthatoccurredand,fewfirmswerefocusingonrecruitmentasaresult.Inaddition,increasedinter-companyM&Aactivitywithintheindustryledtoariseinjoblevelsasfirmslookedtointegratetheirclaims,underwritingandfinancesystemsandrequiredadditionalsupporttodoso.TheLondoninsurancemarketwasalsoboostedbyavarietyofpositivedevelopmentsthroughouttheyear.Inparticular,theannouncementofLloyd’s‘Vision2025’programmeaffirmedthefirm’scommitmenttogrowingpremiumincomesinestablishedmarkets,furtherinternationalisationofitsbrokerandunderwritingnetworksandthesetupofanewoverseashub.Foritspart,thegovernmenthaspledgedtokeepregulationfirmwhilealsosupportingthecontinuedgrowthofinsurerswritingbusinessintheUK.Atthesametime,AONistomoveitsheadquarterstoLondonfromChicago,providingamajorboostfortheindustry.Althoughoveralljoblevelswerehigh,thecontractrecruitmentmarketwasslightlynegativelyimpactedbycapitaladequacyrequirementandtheextensionoftheSolvencyIIdeadline.Asaresult,mostdemandforcontractorswasdrivenbytypicalreportingrequirements.Wesawmorevarietyintermsofthetypesofprofessionalssought-afterinthepermanentjobsmarket.However,individualswithspecificinsurancesectorexperiencewereconsistentlysought-after.Amonginsurancefirms,wecontinuedtoseesignificantdemandforSyndicateaccountantsduetothespecialistexperiencethesecandidatespossessed,whileexpenseaccountantsweresought-afterasfirmssoughttocloselymonitortheiroverallexpenditureandestablishpotentialefficiencies.M&Aactivityintheinsurancesectorhasledtodemandforfinancebusinesspartnersasemployersseektoclearlyforecastplansforthenexttwotothreeyears.Newly-qualifiedprofessionalsfromaninsuranceauditbackgroundandIFRSand/orUS/UKGAAPexperiencealsocontinuetobesought-after.Asfirmsplacedahighvalueontheabilitytoaccuratelypredictriskinthecurrentclimate,demandforactuariesremainedstrong.Specialistexperienceinthepropertyandcasualty,lifeinsuranceandreinsurancesectorswasparticularlyvaluedfortheseroles.Thejobsmarketforunderwritersremainedpositive,withdemandespeciallystrongforprofessionalswith3-8years’experienceandrelevantindustryknowledge(inparticular,commercialpropertyandspecialitylinesincludingterrorismandpoliticalrisk).Atthejuniorlevel,firmswereincreasinglyfocusingonhiringuniversity-educatedprofessionalswithstrongmathematicsorbusinessbackgroundsinterestedinpursuingtheCIIqualification.Significantly,teamsofunderwriterswithexpertiseinspecificareascontinuedtomoveenmassefromoneinsurertoanother.Thiswasespeciallyprevalentfordivisionsspecialisingincertainareas,suchasagriculturalreinsuranceandterrorismrisk.Wesawlittledemandforclaimsprofessionalsduetothelackofactivityinthisareacomparedto2011.Incontract,thebrokingmarketremainedrelativelystableandtherecontinuedtobenotabledemandinthisareaforprofessionalswithspecialistskillsets(e.g.treatyreinsuranceplacement).Themajorityofsalariesremainedrelativelyconsistent,althoughwedidseeslightincreasesatthepart-qualifiedlevel.Professionalsmovingjobsweretypicallyreceivingpayrisesof7-12%whendoingso.However,themajorityofcandidateswereprimarilyattractedbycareerprogressionandimprovedlifestyle.Outlookfor2013Inadditiontotheencouragingdevelopmentshighlighted,clientsareincreasinglylookingtoplacemoreriskintheLloyd’smarketandextendthelinesofbusinesstheyunderwrite.Becauseofthisandthegeneralpositivityintheinsuranceindustry,weexpectjoblevelstosteadilyincreasethroughout2013.Syndicateaccountantswillremaininparticularlyshortsupplyandhighdemand,whileexpenseprofessionalswillalsobesought-afterasfirmscontinuetoscrutinisecosts.