The insurance industry in Hong Kong SAR is expected to have a positive outlook in 2022. Many insurance companies have recovered by pivoting their business focus on the growing local market.
Large insurers will continue to increase their headcount to boost local sales and leverage the rapid growth of investment-linked life policies, which allow policyholders to invest in a variety of funds for differentiated and higher returns.
Such policies are highly appealing to Hongkongers as the pandemic has motivated them to reconsider their income stability and financial goals. Many people are seeking to take control of their own financial portfolio while being protected by the securities and guarantees of a long-term insurance policy.
While the local insurance market appears to saturate soon, many insurers are optimistic that the reopening of the HK-China border will help revitalise the industry.
technology creates business opportunities that drives talent demand
The pandemic and digital transformation have created new business opportunities for insurance companies.
Organisations are exploring the latest technologies to develop new products and services. Digital technologies have also made the collaboration between traditional insurers and fintech companies much easier and efficient, alleviating complex challenges faced by consumers, regulatory and digital landscape.
With its increasingly interesting career prospects and low barriers to entry, many workers from other industries are seen to be joining the insurance industry.
2022 labour and salary trends for insurance specialists
Insurers are adopting digital solutions to enable remote work for their employees. Many multinational insurers have already implemented hybrid work policies that include lessons learnt from the COVID-19 pandemic as well as shifting employee expectations. We expect to see smaller and local players adopt similar work policies to increase their chances of attracting and retaining talent.
Having good hybrid work guidelines, comprehensive wellness benefits that also extends to mental health, as well as a positive work environment would be critical to an employer’s ability to attract potential employees.
In 2022, insurance job candidates can expect a salary increase ranging from 10% to 15% on their base income when switching employers. Professionals working in the insurance industry can also expect to receive a 3 to 4 months’ bonus in 2022.
download the digital copy of the Hong Kong SAR 2022 market outlook and salary snapshot
key highlights in the insurance industry outlook in 2022
- evolution of job responsibilities and required skills for insurance in 2022.
- anticipated job mobility of professionals across industries and different levels of seniority.
- salary snapshots for more than 40 different insurance jobs in Hong Kong.
read more on 2022 talent trends in Hong Kong in other industries:
- banking & financial services
- compliance & risk management
- legal
- accounting & finance
- human resources & business support
- sales & marketing
- information technology
- life sciences
- property
- sourcing & supply chain
- contracting
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.