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The Demand for Actuarial Talent in Light of Solvency IIThe expected increase in actuarial jobs created by Solvency II legislation has been confirmed in a report this month. (September 23, 2011)
LONDON, UNITED KINGDOM -- (Marketwire) -- 09/23/11 -- When the Solvency II directive was published in 2009 there was speculation about the impact it would have on actuarial jobs, and with just over a year to go until the legislation takes full effect employers and recruiters have been seeing the effects for some time.
The Migration Advisory Committee (MAC) published their Skills Shortage report this month, and working in conjunction with the Institute and Faculty of Actuaries, PWC and a major insurance company to determine the level of demand from actuarial talent, have identified a shortfall of experienced candidatesfor actuarial jobs.
From this report, it is clear that Solvency II is already having an effect on actuarial jobs in the UK, producing a demand for talent which is not currently being met by candidates. The recommended inclusion of this profession on the skills shortage list would create a larger supply of potential candidates for these roles.
Actuaries play a crucial role in modelling and planning for risk management and capital adequacy, and the Institute and Faculty of Actuaries explained that insurers are investing heavily in this area ahead of the Solvency II legislation coming into play fully in 2012. As a result, those with experience are enjoying an increase in choice of actuarialjobs and opportunities. The insurance company consulted by the MAC reported a 30 to 40% rise in demand for talent and confirmed that openings for experienced actuaries are the most difficult to fill, suggesting a favourable market for candidates. The high salaries on offer for certain roles also reflect this - annual packages in excess of GBP 200,000 and daily rates in excess of GBP 1,000.
The demand means that niche recruitment companies with experience and contacts in this sector will play a vital role in helping businesses connect with and attract talent.
Louis Manson, Managing Director of Star Actuarial Futures, a specialist actuarial recruitment company, commented: "Solvency II has created huge demand for actuarial and risk management skill-sets. We do not envisage any let-up in this demand during 2012. Our advice to companies: Be decisive and positive in your Solvency II appointments. Our advice to candidates: Find a role that will give you the maximum opportunity to learn and influence during this key period for the insurance industry."
About Star Actuarial Futures
Star Actuarial are specialist recruiters working solely within the actuarial market. This focus and expertise has enabled them to build up a strong network, and gives them in depth industry knowledge which ensures they can guide both clients and candidates to the best outcomes, with integrity, energy and long term perspective.
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