Actuarial IT professionals working in the insurance sector are receiving pay rises of up to 50% as insurers upgrade their systems to be fully compliant with new regulatory standards. ReThink Recruitment says that actuaries with IT skills working on Solvency II projects are earning up to £900 per day, which is the equivalent to around £225,000 a year. There has been a massive increase in demand for IT contractors as insurers prepare for the Solvency II requirements, due to come into effect 31 December 2012.
The Solvency II regulations will impose new capital adequacy and risk management requirements, which will require insurers to update their internal risk models, databases and reporting systems – all of which will require investment in IT. ReThink says that skilled candidates are increasingly receiving offers of 50 per cent or more on their existing pay.
Guy Stubbing at ReThink said, “The rush to comply with Solvency II has created enormous demand for suitably skilled candidates. Many of the people we are placing are hybrid IT people. They are part-qualified actuaries who have IT skills in areas like risk modelling and reporting systems. Insurers will need new or enhanced risk management systems. For many this will mean building bespoke IT systems.”