To kick off our focus on the Actuarial sector we have Rowan Mollison provide his insights into the Australian Actuarial industry.
What’s happening in your sector?
The big buzz in the Actuarial market is around the new IFRS 17 standards that come into effect in January 2021. It is a key discussion point for everyone in the industry as businesses start to get their heads around it.
We are seeing in the Australian market a similar pattern of behavior to that of Europe during the implementation of Solvency 2. There is a mix of activity in the market in response to IFRS 17. Some organisations are highly proactive in hiring talent now and we have seen a big increase in contract positions already; whilst others seem to be holding off making decisions. The consultancies have certainly been active in increasing their capability across Actuarial and specifically building capability to deliver IFRS 17 projects, indicating they feel increased business coming soon from the changes.
Any big industry moves? Mergers, key staff moves
There has been consolidation in the market with key players such as CommInsure selling to AIA and Onepath to Zurich. For these businesses, we anticipate that there will be requirements for Actuaries to work on the consolidation and integration of reporting systems for the new, combined entities.
What skills are in demand?
Candidates with reporting experience and in particular IFRS will be highly sought after in Australia as we get closer to the deadline for IFRS 17. We have seen an increase already in demand for Actuarial contractors.
Candidates with strong soft skills that can effectively communicate and present data to a wide range of audiences are highly sought after.
With the abundance of mergers in the market at the moment there will continue to be increased demand for Actuarial contractors to deal with the transitions.
Any trends in terms of qualifications or training you have noticed?
Newly qualified Actuaries will always be in demand and we often see a spike in movement in the market after exam results come out and there is a new group of qualified Actuaries looking to step into new roles and enjoy the increased financial rewards.
Salary expectations – are salaries on the rise?
The Actuarial market in Australia is very much candidate lead with good candidates always in demand. However, we are not necessarily seeing this translate to increases in salaries for perm roles and salaries are remaining quite flat. We are however anticipating this to change with higher demand expected in the second half of the year.
Upcoming Actuarial Events:
The Joint Regional Seminar (JRS) is an annual event co-organised by the Institute & Faculty of Actuaries, Actuaries Institute Australia and Society of Actuaries with the support of the local actuarial societies in the region. It is designed to assist actuaries and other professionals in meeting their CPD requirements.
https://www.actuaries.asn.au/Library/Events/Other/2018/JRS2018SydneyBrochurewithProgram.pdf
The Actuaries Institute run regular events and networking activities each month. To see what’s coming up visit https://www.actuaries.asn.au/events/calendar
Rowan Mollison is Principal Consultant – Actuarial at Ensure Recruitment.
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