Demand for experienced insurance workers will remain high this year and next, with brokers, claims staff, commercial underwriters and life insurance professionals among the most employable, according to recruiter Hays.

The annual Hays Salary Guide says confidence is returning to the sector but its average salary rise is forecast to be less than 3%, with cost pressures preventing more generous offers.

About 54% of financial services employers are planning pay rises below 3% this year, while 58% awarded less than 3% in their last reviews.

Some 4% of employers expect to increase salaries by more than 6% this year, compared with 2% last year, according to Hays Insurance NSW director Jane McNeill.

“I take that as a positive. It’s moving favourably.”

Employers are trying to do more with less, she says. “They are still under pressure to manage costs and the ceiling for salary increases has lowered in many organisations across Australia.”

Competition for skilled staff has risen as online companies enter the market and banks expand their insurance portfolios.

“Brokers with strong networks or a track record of generating consistent results and new business development are able to demand a premium salary package when looking at new opportunities,” the guide says.

Those with a strong technical background in property and liability products are particularly popular.

In general insurance competition for staff with technical and commercial lines experience is particularly high, with quality candidates hard to find.

“As a result, commercial underwriters and claims candidates can expect to do well when moving roles.”

In WA brokers are in high demand due to renewed growth and large projects in the oil and gas market.

In NSW there has been a spike in workers’ compensation salaries as staff switch to life insurance, which remains an area of high candidate shortage, especially in claims.

“We think the life insurance sector is probably growing, certainly the number of jobs seem to be,” Ms McNeill said.

Experienced life claims candidates can expect strong salary increases when moving, especially if they have medical, allied health or nursing experience or qualifications.

In New Zealand life underwriters are in demand, Hays says.