Insurers salaries have risen by 30% over the past year thanks to Solvency II expectations creating a need for more risk, audit and compliance professionals, according to a survey by recruiter Robert Walters.
Its 2014 salary survey indicated that the postponement of Solvency II deadlines had an extreme effect on recruitment patterns. Skills that will be much needed include fully qualified actuaries and finance business partners who can build relationships with underwriters.
However, many of these professionals will be hard to source as many have already secured roles in 2013, Adam Whitehouse, associate director of insurance recruitment at Robert Walters said.
'Clarity around the status of incoming regulations has had an effect on desired skill sets, as has direction from the Financial Conduct Authority and Prudential Regulatory Authority on where their attention will be focused this year,' Whitehouse continued.
'This explains the increase in the number of roles coming to market, including in actuarial, risk management insurance and reporting positions.'
The coming pay hike was likely to see a chief actuary's salary jump by £10,000, from around £150,000 to £160,000. Salaries in the profession could hit a peak of £220,000 this year, the recruiter noted in its survey.
Qualified actuaries with eight years experience or more should expect a salary of £130,000 to £160,000, the recruiter said. Those with three years actuarial experience or less could earn between £80,000 and £100,000.
Risk, audit and compliance professionals across the market with five years experience or more could earn an average of £135,000 in 2014, according to the recruiter, while a less skilled professional in this market could earn a top-end salary of £75,000.
Shortages are anticipated for 'high quality' staff between two and five years of experience across the insurance market, revealed the survey. It added that professionals with business partnering skills are in high demand.