Is the City Bouyant - A Recruitment Co. Perspective - 2009-06-05
Is the City Buoyant?
Recruitment and the number, or lack, of opportunities available has always been a good indicator as to the activity in the market. We are well positioned as established specialist insurance recruiters to give our thoughts on what is currently happening and what we see developing in the future. Recent snap shots of news show the level of movement and the money available to attract / move individuals.
"The Financial Services Authority has dished out almost £20m in bonuses – a 40% increase on the previous year.The watchdog paid out £19.7m last month, compared to £13.9m in 2008. The move comes as new questions have been raised over the collapse of Northern Rock".
There is no denying that insurance is an ever changing industry, never more so of late with the economic climate. However, insurance as an industry does tend to miss specific economic down turns as has been seen in previous financial problem years. But that said, because of the down turn and by way of an example of where recent resource has been required, there has been an increase in household and corporate level claims with an ever more number of these being fraudulent. As a result insurers need to take on extra staff to deal with the increase. Legal firms are also involved at the corporate end so both still have a demand for educated and experienced staff.
"Charles Taylor Adjusting has appointed Gary Parlour as senior adjuster in the professional and financial risks team of its non marine division. He joins from Crawford & Company where he spent nearly 10 years as an adjuster, handling financial lines claims".
We have seen continued personnel movement, particularly within brokers, with small to medium firms still keen to attract teams and therefore income. The underwriting market is also open to team moves and we know of a couple of news start-ups this year on both sides still to be announced which is encouraging. Recent “mergovers” such as AON / Benfields never help with the job availability in the City and lead to staff with one specific skill all looking / available at the same time, but we have found most people have enough transferable skills to adapt to other roles.
"KPMG has appointed Karen Newbury as a director in its restructuring insurance solutions practice. She joins the team from PwC and is a fully qualified actuary with over 14 years of experience in the non-life insurance market."
There is and always will be a need for good, experienced and adaptable people within the City. We haven’t seen many pure claims roles of late but are aware that there is still activity within the specialist side of claims; mainly file audit, commutations and run-off review. On front end business the more recent “legacy” as opposed to run-off work is very busy with peer review, IBNR and effective inwards and outwards reinsurance protections with the urgency to get premiums paid and keep clients happy with a renewal friendly service.
If there are any members who require confidential advice on the current recruitment procedures or would like to pick our brains on salary levels or staff movement in the market then we happy to talk further.
Contact Andy Edwards on Tel: 020 7556 1134
About the AuthorAuthor: Andy Edwards (Synergy Recruitment Consultants)
Principal Consultant
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