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
  • August 2015
08

Regulatory demands boost UK insurance sector job vacancies

Open-access content Monday 3rd August 2015 — updated 5.13pm, Wednesday 29th April 2020

Increased scrutiny from regulators has led to a significant rise in the number of job vacancies in the UK insurance industry in the past three months.

Recruitment firm Robert Walters said vacancies in the sector increased by 14% from 27,030 in January to March to 30,719 between April and June, based on the number of insurance jobs posted online.

Richard Johnson, insurance manager at the recruiter, said the increase in available roles was due to regulatory and compliance demands from the Financial Conduct Authority and the Prudential Regulatory Authority (PRA).

He said: "I would say at least 70% of risk and compliance roles have stemmed from regulatory deadlines and their expectations of insurance companies.

"You could say that regulatory requirements have also led to boards increasing the size of audit functions to give them more oversight and more 'eyes on the ground' - taking this into consideration you could say 50-60% of requirements have been attributed to this," he said.

The recruitment firm said the year-on-year rise in insurance jobs was 8% compared with 28,426 in Q2 2014.

Vacancies in London increased by 13% over the past year. The recruiter said rises in other regions were also strong due to their operating costs being lower than in London. Roles in north west England went up by 29% compared with 12 months ago, while the Midlands saw a 22% increase during the same period.

Johnson predicted vacancies would continue to increase in the third quarter due to Solvency II demands for the Senior Insurance Managers Regime (SIMR). Under the regime, firms are required by the PRA to submit a governance map, which clarifies the accountability and responsibility of individual senior managers and directors and sets out responsibilities for each key function holder.

"Moving into the third quarter we expect to see demand continuing to increase as companies prepare for the Solvency II January deadline and submit information for the SIMR," he added.

This article appeared in our August 2015 issue of The Actuary .
Click here to view this issue

You may also be interested in...

Zurich makes £5.6bn offer for RSA Group

The board of British insurer RSA Group has recommended its shareholders accept a takeover offer from Swiss firm Zurich.
Tuesday 25th August 2015
Open-access content
2

GAD makes four senior appointments to new roles

The Government Actuary’s Department (GAD) has appointed internal candidates to four newly created functional leadership roles.
Wednesday 5th August 2015
Open-access content
2

Financial sector urged to help narrow gender pay gap

Financial institutions in the UK are being called on to respond to a government consultation on the gender pay gap.
Thursday 20th August 2015
Open-access content
Nepal earthquake, Kathmandu © Shutterstock

'Quietest' first six months for natural disaster costs in nine years

The first half of 2015 was the quietest since 2006 in terms of both economic and insured losses, according to Aon Benfield's modeling division Impact Forecasting.
Monday 3rd August 2015
Open-access content

Thomas Bond Sprague Prize

Wednesday 29th July 2015
Open-access content

Join the Chinese Actuarial Network UK

Wednesday 29th July 2015
Open-access content

Latest from Professional

dxf

Bespoke tailoring: the UK government’s proposed reforms to Solvency II

Vrishti Goel discusses the UK government’s proposed reforms to Solvency II
Wednesday 31st August 2022
Open-access content
Financial services seen as most desirable sector for career changers

Financial services seen as most desirable sector for career changers

Over a third of UK workers will look to start a new career in the next year due to the cost-of-living crisis, with financial services seen as the joint most desirable sector, KPMG research suggests.
Wednesday 24th August 2022
Open-access content
web_p43_Student_student_july_2_CREDIT_Simon-Scarsbrook.jpg

Three’s a charm: the next iteration of the internet

Adeetya Tantia explains what we can expect from the next iteration of the internet, and how it could shake up the insurance industry
Wednesday 6th July 2022
Open-access content

Latest from August 2015

2

More motorists running out of fuel after 'getting into bad habits'

The number of motorists breaking down as a result of running out of fuel increased to 827,000 in 2014, up 50,000 on 2013, an insurer has found.
Thursday 27th August 2015
Open-access content
2

'Solvency II could push up pension buyout cost by 10%'

The new regulatory regime, Solvency II, could add up to 10% to pension buyout deals, according to PwC.
Thursday 27th August 2015
Open-access content
2

More than 27,000 uninsured cars seized this year including Ferraris and Lamborghinis

Police forces across the UK have seized at least 27,688 uninsured cars in 2015 to date, including luxury brands such as Ferraris and Lamborghinis, according to research by Churchill.
Thursday 27th August 2015
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from 08

2

More motorists running out of fuel after 'getting into bad habits'

The number of motorists breaking down as a result of running out of fuel increased to 827,000 in 2014, up 50,000 on 2013, an insurer has found.
Thursday 27th August 2015
Open-access content
2

'Solvency II could push up pension buyout cost by 10%'

The new regulatory regime, Solvency II, could add up to 10% to pension buyout deals, according to PwC.
Thursday 27th August 2015
Open-access content
2

More than 27,000 uninsured cars seized this year including Ferraris and Lamborghinis

Police forces across the UK have seized at least 27,688 uninsured cars in 2015 to date, including luxury brands such as Ferraris and Lamborghinis, according to research by Churchill.
Thursday 27th August 2015
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Capital & Reserving, Nearly Newly

London (Greater)
Depending on experience
Reference
149031

Reserving Actuary

Dublin
Competitive
Reference
149027

Senior Analyst - Actuarial and Funding Risk

England, London
£60000 - £65000 per annum + bonus + benefits
Reference
149029
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