Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • July 2018
07

Brexit, a changing job landscape 

Open-access content Tuesday 10th July 2018 — updated 5.50pm, Wednesday 29th April 2020

Lewis Maleh examines how the UK’s exit from the EU could impact positions in the European insurance market

2


There are a number of different scenarios when it comes to how Brexit could look, all of which have been well documented. The next few months could be a critical time for some of the key issues to be negotiated - issues that will have a big impact on both insurers' plans and how people feel about living in the UK.

Opinion in the UK seems divided; from what I've gleaned during conversations with friends, colleagues and clients, people seem to be polarised into one camp or another. Even the cabinet appears to be split over which is the best path. Contrast this with what seems to be a coordinated European Union, and we are in for an interesting lead-up to Brexit.

LinkedIn produces a UK workforce report every month using information from the profiles of more than 24 million people in the UK. The April report, based on the latest data from March 2018, looks at hiring and professional trends in the UK. Its key insight is that the UK has become a net loser of international talent: professionals from the rest of the world are instead choosing to move to other EU member states.

Brexit could have a significant impact on the UK insurance industry - especially firms with operations in Europe. UK insurance companies are looking at their operating models and designing strategies to mitigate the potential effects. Having the right people in the right locations will be critical, and Europe could benefit. More and more insurers are implementing their plans and starting to hire.

Many insurers are opting for Belgium, Ireland or Luxembourg, with the regulators all expecting some degree of local presence and structure. Generally, we are seeing regulators wanting to approve candidates who are sufficiently qualified and based in the relevant country. The types of posts being hired include CEO, CFO, CRO, chief actuary, and legal and compliance positions. These are highly skilled roles, most of which are being hired for locally.

We are seeing an increase in recruitment as a result of new insurance subsidiaries in the EU, which has led to an increase in demand for people who possess specialist skills - such as actuarial, risk, finance, compliance and law, and underwriting. We are also seeing this in speciality classes, where the pool of talent possessing the relevant skill set is small. We have also seen an increase in hiring at some local regulators, such as in Luxembourg, and at consulting firms, as they play their part in developing Brexit strategies for their clients. In Luxembourg and Dublin, there might not be a sufficiently large pool of talent with insurance experience - but if firms are prepared to look into adjacent sectors, such as banking and asset management, they will find plenty of suitable people.

If firms are deciding to set up in markets that have a lower availability of talent, companies will need to think about accessing the global insurance talent market to secure the best available candidates. The easiest options will be EU citizens, candidates commuting from the UK, and expats. There will need to be careful consideration about how to attract these candidates, and why their career and personal life would be better served in a new position and country, versus their current role and location.

We are also seeing a growing number of EU companies setting up branches or subsidiaries in the UK as an insurance policy against Brexit. It's difficult to say how much of an impact this will have on insurance jobs in the UK, but we've seen a small increase.

In summary, talent availability should be one of the key considerations for firms that are deciding on their Brexit strategy. Each regulator will require firms to establish a staffed office, but to varying degrees. So far, Brexit seems to have created more jobs in the EU insurance market. Over the next few years, there will likely be other developments that will have a bigger impact on the number of jobs in the EU and UK insurance market, such as artificial intelligence, automation and an increase in mergers and acquisitions. We still don't know what Brexit will look like, or what the effects will be - the only certainty is that things will be changing. 


Lewis Maleh is the CEO of Bentley Lewis 








This article appeared in our July 2018 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Insurance penetration in Latin America and the Caribbean

Ricardo González reports on the state of insurance penetration in Latin America and the Caribbean, and the key factors that will influence it going forward
Wednesday 11th July 2018
Open-access content
2

Microinsurance: no job too small

David Dror explains how to approach micro health insurance packages in a way that maximises success
Wednesday 11th July 2018
Open-access content
2

Insurance in an unstable world

Liz McMahon discusses the findings from Aon's latest annual Risk Maps and what it means for the insurance markets
Wednesday 11th July 2018
Open-access content
2

Growth potential for African insurance

Insurers need to become catalysts for innovation in order to drive growth across Africa, writes Tavaziva Madzinga
Tuesday 10th July 2018
Open-access content
2

Routes to the top

In the first instalment of our routes to the top series, Bradley Shearer talks to four senior executives and managing directors about their career journeys, and shares their practical professional advice
Tuesday 10th July 2018
Open-access content
1529

A big market reaches new heights

The global catastrophe market has proved itself a powerful force in reinsurance.Thomas Johansmeyer reports on its performance
Tuesday 10th July 2018
Open-access content

Latest from Risk & ERM

KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content
cj

Natural capital investing

Chris Howells and Andrew Dreaneen discuss how today’s investments in natural capital profit portfolios as well as the planet and humanity
Wednesday 1st February 2023
Open-access content
bl

'Takaful' models of Islamic insurance

Ethical, varied and a growing market – ‘takaful’ Islamic insurance is worth knowing about, wherever you’re from and whatever your beliefs, says Ali Asghar Bhuriwala
Wednesday 1st February 2023
Open-access content

Latest from Regulation Standards

tfd

A matter of adjustment

Private assets will continue to shine even under the Treasury’s proposed changes to the Solvency II matching adjustment, says Ziling Jiang
Wednesday 2nd November 2022
Open-access content
ykf

A home run: reducing inequality through impact investing?

Sophie van Oosterom, Wojciech Herchel and Mark Callender consider how ‘impact investing’ in social housing could help to reduce inequality
Wednesday 5th October 2022
Open-access content
hgv

Exchange of ideas: IFRS 17 implementation in the Caribbean

Servaas Houben considers how IFRS 17 principles could benefit insurers in the Caribbean – and what European insurers could learn from the region when it comes to implementing the standard
Wednesday 31st August 2022
Open-access content

Latest from General Insurance

td

Brain power

The latest microchips mimic cerebral function. Smaller, faster and more efficient than their predecessors, they have the potential to save lives and help insurers, argues Amarnath Suggu
Wednesday 1st March 2023
Open-access content
bl

'Takaful' models of Islamic insurance

Ethical, varied and a growing market – ‘takaful’ Islamic insurance is worth knowing about, wherever you’re from and whatever your beliefs, says Ali Asghar Bhuriwala
Wednesday 1st February 2023
Open-access content
il

When 'human' isn't female

It was only last year that the first anatomically correct female crash test dummy was created. With so much data still based on the male perspective, are we truly meeting all consumer needs? Adél Drew discusses her thoughts, based on the book Invisible Women by Caroline Criado Perez
Wednesday 1st February 2023
Open-access content

Latest from July 2018

Investors with trillions in assets call for end to Brazilian deforestation

Global investors managing more than $2.8trn (£2.1trn) in assets have joined forces to put an end to forest loss driven by commodity production in Brazil’s Cerrado region.
Tuesday 31st July 2018
Open-access content

Insurers warn of "volatile" financial reporting arising from IFRS 17

Insurers face a significant challenge ensuring they do not introduce “artificial noise” or volatility into their financial reporting under the incoming accounting standard IFRS 17.
Tuesday 31st July 2018
Open-access content

Cyber security fears skyrocket

Security professionals across the world are more than twice as worried about data breaches and cyber attacks today than they were this time last year.
Monday 30th July 2018
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 07

2

Jules Constantinou - A true pioneer

The new IFoA president Jules Constantinou discusses the opportunities, threats and potential areas of development for the actuarial profession with Francisco Sebastian
Tuesday 10th July 2018
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Manager - Building new team!

London (Central)
Up to £130k + Bonus
Reference
148845

Shape the Future of Credit Risk Model Development

Flexible / hybrid with 2 days p/w office-based
£ six figure salary with excellent bonus potential + package
Reference
148843

Longevity Director

Flexible / hybrid with 2 days p/w office-based
£ six figure salary with excellent bonus potential + package
Reference
148842
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ