The US Property & Casualty (P&C) market entered a more competitive phase this year, with premiums having fallen year-on-year ‘for the first time in decades outside a recession’ (James Finucane, Swiss Re). Despite the softening market, headline profitability has remained strong.
With this context in mind, what can candidates and insurers expect in terms of market timing, in-demand skills and hiring processes as we head into 2027? Read on to find out.
Market timing and P&C actuarial talent movement
For many actuaries, Q4 is a reflection period. The end of the year is when many take stock of where their career is at, versus where they want it to be.
For our US actuarial practice at Eames Consulting, the start of the year is consistently one of our busiest periods. Employers open new headcount, and many candidates who have been weighing their options are ready to move once their bonus is paid, typically in February or March.
Because so many candidates wait for this reward before moving, employers looking to hire earlier in the year often offer sign-on bonuses to cover the reward a candidate would leave behind if joining earlier in the year.
For candidates, that means waiting for your bonus before making a move isn’t always necessary. For employers, it’s a common and effective way to stay competitive in attracting top talent.
What experience and skills are in demand in P&C Actuarial?
Demand in Excess & Surplus (E&S) lines has seen significant growth over the past year (Gia Snape, Insurance Business Magazine).
The E&S market (or non-admitted market) which covers more novel, complex, high-hazard or volatile risks (for example cyber liability) involves judgmental rating, flexible form-building and higher risk-load margins. This requires experienced actuaries with strong commercial awareness.
Professional lines experience is niche but highly sought after, and we have supported several recent searches in this area.
What technical skills are in demand in the US P&C actuarial market?
SQL is usually a baseline requirement, and Python has moved from a “nice to have” to a “must have” for many hiring managers.
Predictive modeling experience is also in high demand, whether in generalized linear models (GLMs), the long-standing industry standard, or gradient boosting machines (GBMs) and wider machine learning. These skills are increasingly sought after and hard to find.
AI is helping actuaries work with more data and automate routine work, yet insurers still need commercially minded specialists who can question and challenge outputs, understand assumptions, and explain it all to the business.
What challenges are US P&C actuaries facing?
As is the case in the UK, entry-level roles are becoming harder to find as the tasks which historically developed junior actuaries’ skills and commercial judgment are automated.
More experienced actuaries in Property & Casualty who decide to stay put at long-established insurers and state bodies may struggle to build the technical skills the market wants now. Staying put out of loyalty can therefore mean falling behind.
It’s therefore worth staying close to what is happening in the wider market and upskilling to keep technical skills relevant. Completing online courses or bootcamps may also help candidates stand out to prospective employers and develop more niche skillsets.
What employers want (and what’s driving P&C actuaries to move)
Soft skills are increasingly important, with employers wanting strong communication. Technical excellence may be in demand, but if candidates are unable to interview well or face clients or MGAs, this can be a dealbreaker.
Insurers are seeking P&C actuaries who have either deep expertise in one product line or a well-rounded profile across carriers, insurtechs and consultancies with multi-line knowledge.
For talent, the three top priorities when considering opportunities are salary and benefits, career progression (with a clear trajectory), and work-life balance.
How insurers can attract and retain top actuarial talent
In P&C actuarial, star performers often have multiple offers, therefore clients that do not give feedback within 48 to 72 hours could miss out on top candidates.
Insurers can also widen their talent pool by being flexible on requirements for niche roles. Keeping interview processes short (for example, three stages instead of eight) helps to streamline the process and avoid hiring taking so long that actuaries pursue faster-moving opportunities.
To retain their actuaries, insurers should aim to provide transparency on career paths, regular compensation reviews benchmarked against the market, and regular check-ins with top performers.
Looking to build a top-tier actuarial function? Get in touch with Paula Coughlan on paula.coughlan@eamesconsulting.com or speak to our Specialist Disciplines team.
