"Commercial carriers find themselves at an inflection point as they face a continuing cycle of economic uncertainties.” – McKinsey & Co.
Since P&C insurance entered the hard cycle, the annual premium growth rate has been at 8% over the past 2 years compared to 4% prior to 2018. The premiums have been increasing with more stringent underwriting criteria and reduced capacity with even less competition among insurance carriers. The most recent property insurance market is the perfect example, as some of the key P&C insurance players exited certain markets while other remaining insurance carriers increased their premiums.
With the uncertainty of the changing climate, e.g., California and Canadian Wildfires, as well as some of the major P&C insurance carriers exited the property market after Hurricane Ian, there is some interesting shifting in the market, which has impacted hiring trends.
In this report, we will share our thoughts on the hiring and market trends for 2023 H1, including;
Skills-specific hiring trends in Pricing, Reserving, Catastrophe Modeling and Data Analytics/Science based on the recent market shifts.
Market trends: including topics like remote working, its impact on progression, benefits, Actuarial modernization and technology, and candidate availability