Original Publication - Postonline.co.uk - 27th June 2011
Actuaries working on Solvency II projects are commanding wages of more than £1000 per day as insurers rush to become compliant with the new rules.
According to business and technology staffing firm ReThink Recruitment
, actuaries on Solvency II projects are being awarded contracts worth £1100 per day - equivalent to around £275 000 a year.
ReThink said salaries have almost doubled from last year, when staff were earning £600 per day. The firm said that in-demand candidates - such as actuarial systems modellers - have received pay rises of over 20% in the last six months alone.
Candidates on contracts worth £900 per day are now receiving offers from rival firms of up to £1100 a day. Many candidates are also being offered bonuses of up to 25% just to stay in their current job for six months. These bonuses, which are designed to stop rival insurers poaching key workers, are only given to the contractor on completion of the contract and usually amount to a five figure sum.
Guy Stubbing a ReThink consultant based in London
commented: “The rush to comply with Solvency II is creating enormous demand for candidates with both actuarial and IT skills. These ‘hybrid’ candidates, who are qualified actuaries with IT skills and experience in areas like risk modelling and reporting systems, are in very short supply. What we are seeing now is a bidding war, which will only intensify as the deadline draws nearer.” Click here for full details......