3000 jobs to be created within the Irish Insurance sector

3000 jobs to be created within the Irish Insurance sector
Article contributed by John Mansell
Written on 11 March 2016

A recent report by PwC, forecasts the creation of an additional 3,000 jobs in the sector over the next five years.

The report known as ‘Creating the Future for Insurance in Ireland’ highlighted the following;

  • 3000 additional jobs to be created within the Irish Insurance Sector
  • Investment of €1 billion in Irish infrastructure projects
  • Healthcare and pensions were noted as the key areas of focus
  • The Irish insurance sector contributes over 4% of total net tax receipts with total tax payments estimated at €1.6 billion.
  • There are over 27,000 people currently employed in the insurance sector in Ireland, 14,000 employed directly by insurance companies and the remainder by companies directly related to the sector such as consultants and financial advisors.
  • The report suggests that Ireland can be developed as a global centre for insurance

The question I ask is “How to find the right talent within the Irish market?”

The Central Bank of Ireland introduced the Minimum Competency Code 2011, this now requires those who work in accredited roles or fulfil a specified function, must be compliant with its requirements - which include holding recognised qualifications within the industry.

This has made hiring within the industry more difficult and added limitations to the talent pool available within the Irish market.

The talent pool has also been affected by the following stats of Irish people emigrating abroad.

  • There are now more than three-quarters of a million people, who were born in Ireland, now living abroad(Source: Irish Times & UN International Migration Report).
  • Australia has surged in popularity, with 77,500 Irish born people living in Australia in 2013.The number of first generation Irish living In Australia has risen by 43% when compared to 1990.
  • The number of Irish living in Luxembourg has increased by a whopping 257%, which is indicative of Ireland’s huge footprint in the insurance and financial services sector, which would not have been the case in 1990.
  • There are 8,869 Irish born people living in New Zealand, a 40% increase since 1990.
  • Another interesting finding is that South Africa has become a major destination for Irish emigrants, with nearly 12,000 Irish living in South Africa in 2013.
  • The majority of Irish emigrants have the UK as their preferred destination, although it has declined in popularity by over 30% following the financial crash in 2008
  • Figures from Indeed.ie confirm that there are currently 854 live job opportunities within the Insurance Sector in Ireland.
  • 658 Full Time Positions
  • 119 Contract Positions
  • 68 Temp Positions
  • 28 Part Time Positions
  • 5 Internships

The amount of open positions within the sector has made Insurance companies in Ireland reflect and seek information on how the rest of the world is doing things, meaning that candidates returning from places like Australia, the UK, New Zealand etc....are of interest to hiring managers, keen to breed new ideas into resurging teams and fulfill hiring requirements.

Ireland’s economy is growing again and with a current GDP of 4.9%, 2016 could be the perfect time and opportunity for the insurance professionals who have departed to return home and take up employment and career advancement If you would like to discuss any of the above, please feel free to contact us at Stirling Andersen on 01 6993139

If you would like to discuss any of the above, please feel free to contact us at Stirling Andersen on 01 6993139

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