Solvency II is driving demand for risk professionals in the insurance industry and pushing up pay scales, according to executive search firm Kinsey Allen International.
Combined with the lack of suitable candidates qualified to help insurance companies meet the deadline this is pushing up day rates for the right professionals.
In 2009, the average day rate for an interim risk analyst was £310. But that has now risen by 30% to £400.
Meanwhile retention bonuses have risen from 10% of day rate in 2009 to 20%. Contracts have stretched from three months to six months.
Kinsey Allen said insurers are looking for actuaries as well as financial risk and operational risk experts with project management experience. However, those Solvency II experts with change and risk experience with the appropriate “soft skills” are in most demand.
There’s money in Solvency II