The insurance market continues to experience an acute skills shortage, according to this year’s Hays Salary Guide.

The report says a “continued lack of investment in attracting graduates and entry-level staff into insurance” remains a problem.

However, Hays notes a rise in internal promotions to team leadership and management roles, and an increase in the volume of permanent hiring to fill senior positions.

The recruitment company reports increased demand for loss adjusters, actuaries and loss claims assessors – particularly those with exposure to high-value claims portfolios.

The news is particularly good for actuaries.

“Actuaries are few and far between… and any candidate looking for a new role can expect to field a number of offers,” the report says.

Despite skills shortages and growing demand, salary movements are moderate overall.

Insurers are finding other ways to attract skilled staff.

“Many of the big insurers [are] looking at using increased flexibility to attract staff, as well as improving the quality of the work environment to increase employee engagement and retention,” the report says. “In many sales roles we have seen an increased opportunity to work from home.

“As with most sectors in the finance industry, we have also seen an increased focus on gender diversity from insurers. Companies are offering flexible working options, such as the opportunity to work from home, as a key strategy in attracting more female talent.”

Across the Tasman, the job market is in a state of flux.

Hays says the New Zealand insurance industry has experienced “dramatic change” in the past year, with several large and small companies, brokerages and loss adjusting businesses merging, being acquired, restructuring or offshoring non-core functions.

“Some firms are remodelling their business… to meet objectives, while others are utilising increased or new technology to reduce costs, improve efficiencies, increase customer satisfaction and ultimately capture more market share.”

Salaries in general have not dramatically increased, but candidates with track records of growing markets and building businesses are an exception.

“Candidates in demand will remain those with business improvement and strategic operational management experience… commercial brokers with a strong business development focus and underwriters in the commercial space who are relationship and client-facing are also in demand.”

Where the top salaries are in general insurance, according to Hays:

Australia

Note: Australian salaries include superannuation

New Zealand ($NZ)

Note: New Zealand salaries exclude superannuation