Despite an expected spurt of mergers and acquisitions within the insurance sector, the industry still needs qualified underwriters and actuaries.
Conning Research and Consulting, an insurance industry advisor based in Hartford, recently projected an acceleration of mergers following three years of strong stock performance. But Robert Hartwig, chief economist for the Insurance Information Institute, says that while there is some M&A activity on the horizon, ''there is nothing to suggest there is going to be a massive wave of consolidation.'' .
''Employment in this industry will remain relatively stable,'' he believes. ''By that, I mean not a lot of growth. It is a slow-growth industry, one that does offer a fair amount of security and stability (for its workers).''.
However, underwriters and actuaries are in hot demand since increasingly competitive insurance companies see their skills as being key to their profitability. ''Experienced underwriters are in short supply today because insurers realized the key to long-term success is underwriting smartly: evaluating risks, and making sure every facet of the transaction is examined and priced appropriately,'' Hardwig says. ''That takes patience and experience.''
Hartwig says demand is even sharper in places like Bermuda, where many insurance start-ups are born. ''They soak up a lot of talent,'' he says, adding that because of its size, the industry as a whole ''always has opportunities for aggressive, smart people as well as new college graduates.''
Scott Kotroba, president of GreatInsuranceJobs.com, said the insurance industry's employment practices in the face of M&A are not unlike those of other sectors: middle management positions are consolidated and back office staff is let go.
''The actual underwriting and actuarial jobs are always going be there. It's just a matter of where they're located and what those jobs entail,'' Kotroba says.
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