Randstad Hong Kong’s 2023 market and salary outlook report includes key labour trends and employer insights on salaries, bonuses, hiring outlooks and talent expectations. Download the full report for more information to guide your talent attraction and workforce planning strategy in 2023.
According to the Hong Kong SAR’s Insurance Authority, the total gross premiums of the local insurance industry reached HK$602.7 billion in 2021. New office premiums of long-term business also increased by 25% year-on-year to HK$166.8 billion.
Insurers are responding to business demands by creating new roles and job opportunities.
In 2023, we expect to see increasing demand for talent in insurance operations, actuary, underwriting, digital transformation, data management, and analytics.
enter greater bay area with a growth purpose in mind
Insurance companies in Hong Kong SAR have a huge growth potential ahead of them if they play their cards right.
A Manulife research found that 96% of respondents from nine Greater Bay Area (GBA) cities are eager to visit Hong Kong when the border reopens, with 70% of mainland insurers citing an interest to purchase insurance as their reason for visiting. The company also said that the insurance penetration of the nine GBA cities is only at 5.5% and insurance premiums per capita are nine times lower than the two Special Administrative Regions.
Under the China Risk Oriented Solvency System, mainland companies will benefit from reduced capital requirements if they cede their businesses to eligible Hong Kong professional reinsurers. This will create more business opportunities for insurance companies in Hong Kong SAR to support mainland enterprises’ investment in Belt & Road countries.
Insurers are expanding their underwriting scope and capitalising on financial incentives for new business development to meet the surge in demand for solutions and to prepare for border reopening.
insurers are forging ahead with digital transformation
Insurers will continue to automate and streamline the end-to-end underwriting and claims systems to speed up the process for customers and reduce costs.
To enable that, insurers will need to advance their data management and analytics capabilities, which will be done through upgrades of data management systems to drive greater transparency and collaboration across the business.
Companies would also prioritise hiring skilled talent who are equipped with data visualisation and analytics skills to identify competitive differentiation and accelerate innovative decision-making to sustain profitable growth.
managing the high and comprehensive expectations of insurance talent
Candidates’ job search appetite has reverted to the height of the pandemic when most people are less likely to change jobs as they prioritise their income security given the global economic climate.
While the average salary increment for lateral moves is expected to fall between 15% to 20% in 2023, some companies in the insurance sector may be offering up to 30% more to boost their recruitment strategy to attract specialised talent.
Deloitte has pointed out that expectations for fringe benefits like flexibility, diversity and inclusion have shifted from the “good to have” parameters to “we need it all”.
Besides salary increments, insurers will need to offer employees more discounted insurance products and solutions to cover every aspect of their lives - from medical to housing, investments to retirement.
download the randstad hong kong’s 2023 market and salary outlook report
The 2023 Hong Kong’s Market Outlook and Salary Snapshot report looks at talent analysis and new salary benchmarks in the following industries:
- Banking & Financial Services
- Accounting & Finance
- HR & Business Support
- Sales & Marketing
- Life Sciences
- Property, Construction & Engineering
- Sourcing & Supply Chain
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Our specialised recruiters partner closely with employers and talent for the perfect match with our true-fit methodology - a qualitative measurement designed to evaluate a talent’s suitability across three dimensions - job fit, boss fit and company fit. Connect with our recruitment consultants for the latest market insights and your talent recruitment needs.