Star Actuarial Futures

Star Actuarial Futures

October 31, 2011 12:00 ET

Delay in Solvency II Legislation Could Impact Actuarial Recruitment

A Possible Delay to the Introduction of the Solvency II Legislation Could Affect Actuarial Recruitment.

LONDON, UNITED KINGDOM--(Marketwire - Oct. 31, 2011) - When the Migration Advisory Committee (MAC) published their Skills Shortage report in September, it was clear that the impending Solvency II legislation was having an impact on actuarial recruitment.

That actuarial vacancies were deemed so hard to fill that they had made it onto the skills shortage list for migration was a clear indication that the directive, due to take force in Jan 2013, was changing the staffing needs of insurance companies.

However this month has seen a likely delay to the introduction of the legislation as a result of stress-testing. While the results from the stress-testing are mostly positive, according to the report, debate has been sparked surrounding the real world implications of the legislation which could push back the start date.

The delay should not affect the volume of actuarial vacancies, as insurance companies will continue to seek to prepare themselves for the introduction of Solvency II, in which actuarial talent will play a key role. However, the actuarial recruitment industry might see delays in vacancies or start dates as companies review their options and seek to strike the right staffing balance.

As Antony Buxton FIA, Managing Director of specialist recruitment company Star Actuarial Futures said; "We are already aware of one large insurance company who have put their contract vacancies on hold pending completion of a review of their requirements."

Last month it was reported that Solvency II had caused a 30 to 40% increase in actuarial vacancies, and that it was a candidate driven market with annual packages in excess of £200,000 and daily rates for contractors in excess of £1000. Star Actuarial do not predict a dip in this demand, however they do believe that the delay will have some effect on actuarial recruitment.

Antony Buxton says; "Such a delay could affect the balance between consultancy support, contract resource and permanent staff deployed by European insurers for Solvency II projects. 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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