Insurance Sector Commentary
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Market changes
Australia’s insurance industry enjoyed
solid premium growth with profitability
remaining relatively sound amid the
current global financial turmoil. Careers in
insurance continued to flourish and there
have been relatively few reports of
redundancies. Most sectors and states
still experience a shortage of quality
skilled insurance candidates.
General, commercial and life insurance
remained strong while increased activity
occurred in the private health
insurance sector.
The superannuation market remained
resilient and recruitment was steady.
Changes to
recruitment practices
The focus remains firmly upon hiring for
critical and sales roles while the use of
temporary assignments will increase. A
number of organisations have
implemented online systems to enhance
their own database but few maximise its
usage compared to the databases of
specialist recruiters.
Positions in demand
Demand is high for technical expertise
such as commercial and life underwriting,
loss adjusting and brokers. The talent
shortage within these areas remains.
Strong business development managers
and sales professionals are also in demand
across all insurance sectors while the need
for broker support officers has increased.
Demand is ongoing for claims and workers
compensation professionals and those
with in-depth superannuation experience.
Recruitment activity rose in life insurance
in response to higher demand for income
and debt protection policies.
Salary movements
Salaries reached a period of stabilisation
in most geographic locations, with the
exception of Melbourne and Adelaide
broking, claims and workers
compensation roles.
Typical salaries also rose for Melbourne,
Brisbane & Gold Coast and Adelaide
sales & service roles. For example, typical
salaries rose for a telesales consultant in
Brisbane & Gold Coast from $35,000 to
$40,000, for a team leader in Melbourne
from $50,000 to $58,000 and for a client
services manager in Adelaide from
$60,000 to $70,000.
Download the Insurance Salary Guide Tables
