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Insurance Market Overview
There has been a lot of re-structuring in the Insurance industries as organizations are re-aligning their focus to best suit the market conditions as well as comply with the regulatory changes. Due to these re-structuring there have been some impact with certain functions in both insurance and Re-insurance sectors. This impact is largely seen at the top management as also within the regional management teams.
There is a clear lack of talent pool within the insurance industry across most functions especially around Underwriters, Claims, risk and speciality lines. The insurance industry is an employee driven market and most are quite happy to continue with their existing employers hence there is a lack of strong push factors and employers will have to come up with creative ways to pull these employees away.
There have also been organisations that have been transforming their systems and processes and that have seen an increased demand for Business Analysts in this industry. There is a dearth of good Business Analysts at all levels and that trend is set to continue in the short run.
Salaries have been quite constant within this sector - however, employers are now finding it tough to attract the right talent and hence we see a gradual increase in the salary levels for the difficult to find roles. At an average the salary increments are slightly higher during job change and could be between 15 to 20%. We expect the insurance industry to recruit more in 2014 however, with the recent focus on fair practise policies from the Ministry of Manpower there could be challenges to find these candidates within Singapore.