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The COVID-19 pandemic and political instability in Hong Kong SAR have resulted in the slowing down of the local insurance industry, with an obvious slump towards the end of 2020. A dip in policy sales was attributed to the movement restrictions between Hong Kong SAR and mainland China. The political unrest has also further deterred some mainland customers from travelling to Hong Kong SAR, bringing less business to the local insurers.
Most companies in the insurance space have also pivoted their business models to focus on developing and offering more digital products and services. Insurance companies are expected to step up on re-branding and marketing efforts for more traditional insurance products like life, health and savings policies in 2021.
Besides digital talent, there is also a high talent demand for actuarial professionals. Although valuation actuaries are highly sought-after, there is a dip in demand for pricing actuaries due to the muted economy. Larger insurance companies in Hong Kong are seeking professionals who have in-depth knowledge in Risk-Based Capital, International Financial Reporting System and Hong Kong Financial Reporting Standards to meet reporting deadlines and ensure that their businesses are compliant with the new regulations.
2021 labour and salary trends for insurance specialists
Due to the economic uncertainty, bonuses and salaries are expected to remain low until border controls are relaxed and when the pandemic stabilises. Insurance professionals looking to change employers in 2021 can expect a 3% to 5% increment in their salary.
To manage operation costs with lower revenues, most insurers have reduced their hiring appetite or froze headcount, with many top-tier firms restructuring their business operations.
download the digital copy of the hong kong SAR 2021 market outlook and salary snapshot
key highlights in the insurance industry outlook in 2021
- evolution of job responsibilities and required skills for insurance in 2021.
- anticipated job mobility of professionals across industries and different levels of seniority.
- salary snapshots for more than 20 different insurance jobs in Hong Kong.
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read more on 2021 talent trends in Hong Kong in other industries:
- banking & financial services
- compliance & risk management
- accounting & finance
- human resources & business support
- sales & marketing
- information technology
- life sciences
- sourcing & supply chain
If finding exceptional talent for your business is a key challenge or if you want to take your workforce ready for the future of work, please get in touch with us. You can also check our key areas of expertise in insurance recruitment.