The Hayne royal commission is expected to cause a labour shortage among insurance risk and compliance professionals in the first half of the year.

Recruiter Hays says changing regulatory and compliance requirements will force banks and other financial services groups to expand their compliance teams.

Project managers and business analysts can also take their pick of jobs, as competition intensifies for people with change management experience.

Demand for specialist digital and technology skills is also growing as the insurtech market continues to expand.

Hays says more workers’ compensation case managers are transitioning to life insurance claims amid changes to workers’ compensation contracts, and demand is slowly increasing. However, few insurers are willing to train candidates into the role.

Demand is expected to remain high for senior life insurance professionals with experience in total and permanent disability cover, trauma, death lump sum and other complex areas.

However, insurers are expected to maintain current employee numbers by replacing departing staff, rather than expanding the workforce.