Hays Insurance - January 2008
New Zealand
Hotspots
Senior underwriters are required for all specialist areas, particularly life underwriters in Wellington and engineering and professional indemnity underwriters in Auckland. Actuaries and brokers (commercial, corporate and professional indemnity), product and compliance specialist skills are also required nationwide at the senior level.
This demand continues due to the short supply of specific insurance skills. In addition to the traditional movement of some employees overseas at this time of year, others have been offered better prospects and job opportunities by employers keen to secure their skills, while some employers are refocussing their business and areas of specialisation, creating increased needs for staff. A focus on compliance and product specialist employees is due to insurance regulation and companies preparing for new legislative requirements.
Superannuation has also had a significant impact on the insurance market, although the major staffing requirements have been an increase in permanent and temporary roles within the managed funds sectors as opposed to the insurance sector.
The coming quarter
Speaking with employers, it is clear the New Year will be very busy with demand in the hotspot areas above showing no signs of abating. Companies envisage that apart from a few organisations restructuring and making redundancies, the majority will focus on growth and therefore will continue to recruit talented individuals as they become available.
Salaries
Companies requiring specialist skills are prepared to meet market expectations to gain the expertise and knowledge of appropriately skilled and experienced candidates, although employers are also being realistic and are not prepared to enter a bidding war. Salaries for lower level positions have increased dramatically in the areas of customer service and claims over the past 12 months, with salaries now expected to stabilise in the 12 months going forward.
Candidate trends
After successful New Zealand Job Expos in London and Manchester, a number of experienced insurance candidates have indicated their desire to relocate to New Zealand in 2008.
This is extremely positive news for the industry. There is a huge shortage of senior end local candidates with specialist skills and insurance companies need to be more innovative in attracting candidates to their organisation.
