“With two-thirds of chief economists expecting a worldwide recession in 2023, the global economy is in a precarious position.”
With a slowdown in the economy, “The Great Resignation” has begun to subside. Unsurprisingly, we saw a larger increase in actuaries starting a new position over the past 6-9 months. In addition, we have seen a lot of companies continuing to grow with many more opportunities across the market.
With the worldwide recession looming, the market has started to anticipate this, with candidates becoming even more resistant to perceived risk. Hurricane Ian also brought huge losses to a lot of P&C insurance and reinsurance companies, with a large impact across catastrophe modelers. The typical candidate seems to be very concerned about the economy and about the stability of their jobs, which is understandable in such a climate; however, this has also seen candidates wait too long to make a decision – with key clients still hiring. However, there doesn’t seem to be a slowdown in hiring in the P&C actuarial space, and actuaries are still very much in-demand.
Following in this report, we will share our thoughts on hiring and market trends, including;
Skills-specific hiring trends based on pricing, reserving, CAT modeling, capital modeling and data analytics/science
Market trends, including hybrid working, actuarial transformation, and D&I
