An Insurance Market Update from Michael Page

    LONDON, ENGLAND, February 15, 2012 /24-7PressRelease/ -- Due to a challenging economic climate, the recruitment industry as a whole has been flooded with an abundance of experienced candidates who are competing for limited jobs in a relatively static market. This is no different in the insurance sector, where businesses are acting cautiously in an effort to conserve capital and cut expenses.

As a result, we've seen lower salaries across the sector and streamlining of non-core functions. Now, more than ever, HR managers are enforcing strict criteria for applicants to ensure that candidates can demonstrate their immediate, tangible value for the business. Over the last couple of years, the market has been rather sluggish and recruitment processes have been slow to sign off.

Having said this, there's a more promising outlook for 2012. The market looks as though it will stabilise and there's much talk of future acquisitions within the market. Also, the position of online comparison sites within the industry is now firmly embedded and understood in terms of their long-term impact.

Job trends in the insurance sector
Compared with 2010, Michael Page Insurance has seen around a 12% increase in job vacancies within the sector throughout 2011 - which bodes well for the next 12 months. We've also noticed an increase in applications coming from candidates who are currently employed, suggesting that confidence is creeping back into the sector.

In addition, major change projects across the sector including Solvency II and the Claims Transformation Programme, will offer a continued boom in temporary or contract insurance jobs. The need for a quick solution to staff these projects should be beneficial for those candidates who've struggled to secure full-time, permanent employment in the current climate.

What's the 2012 outlook?

The wider economic difficulties will of course continue to impact on the growth of the sector and there will continue to be a level of uncertainty around the insurance jobs market.

Yes, the last three years have been difficult for some within the insurance industry, but the signs are looking far more positive for 2012.

Website: http://www.michaelpage.co.uk

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