Australia’s insurance industry is faring better in the economic crisis than other financial service sectors, according to specialist recruitment firm Hays. It says the same situation is becoming clear in the UK.

A Hays survey in Britain found that one in three employers believe the insurance industry has been less affected by the crisis than most other sectors.

Most UK insurers say levels of activity have not dropped off much, with 34% reporting steady conditions and 55% noting a marginal decline.

Hays Australia Senior Regional Director Jane McNeil says the recruiter is finding the local insurance industry more resilient than other financial services sectors, although there is no equivalent local survey available at this point.

“We’re in the process of collecting results for our annual salary survey which we produce in June, and we get a very good feeling of business sentiment,” she told insuranceNEWS.com.au. “It’s certainly far more positive in the insurance sector than in other areas of financial services.”

The UK survey found that although 73% of companies are scrutinising their costs, almost a third are not putting their recruitment strategies on hold. In fact, 15% are planning to expand and diversify their business.

The biggest challenge they see is retaining a client base in light of the current price-led market (67%).