Local insurers doing okay as US jobs start to go
Some Australian financial services companies will have to restructure following the global financial crisis, but financial market volatility is yet to be felt locally.
Donington Group CEO Geoff Officer, whose US parent company Challenger Gray & Christmas has just completed a report predicting major job cuts in the US financial services sector, told insuranceNEWS.com.au he is optimistic Australia will fare favourably with other countries.
He says the local insurance industry is “pretty stable at the moment”.
Mr Officer says no major Australian financial services companies have closed due to the economic crisis in the US, but there will “definitely be restructuring within Australian companies”.
The research shows the US financial services sector has been badly affected by job losses. Month-to-month losses surged 7.2% in September as international credit and stock markets endured a particularly volatile month.
The US financial services sector was ranked fourth among industries most affected. Insurance professionals got off lightly, with insurance ranked just 22nd from 25 industries surveyed. It lost just 366 jobs. The IT industry suffered the most job losses.
Donington Group CEO Geoff Officer, whose US parent company Challenger Gray & Christmas has just completed a report predicting major job cuts in the US financial services sector, told insuranceNEWS.com.au he is optimistic Australia will fare favourably with other countries.
He says the local insurance industry is “pretty stable at the moment”.
Mr Officer says no major Australian financial services companies have closed due to the economic crisis in the US, but there will “definitely be restructuring within Australian companies”.
The research shows the US financial services sector has been badly affected by job losses. Month-to-month losses surged 7.2% in September as international credit and stock markets endured a particularly volatile month.
The US financial services sector was ranked fourth among industries most affected. Insurance professionals got off lightly, with insurance ranked just 22nd from 25 industries surveyed. It lost just 366 jobs. The IT industry suffered the most job losses.