Freelance actuaries working through umbrella companies on Solvency II projects have their incomes soar, according to data from the recruitment agency ReThink Recruitment. The pay rate for these contractors has broken through the £1,000 per day barrier, as insurers try hard to meet the compliance deadline of December 31st 2012.
ReThink has revealed that it has been placing actuaries on contracts for Solvency II projects at rates of £1,100 per day – nearly twice as much as they were attracting last year. Such contracts would bring in a total annual income of £275,000.
In the last six months alone, actuarial systems modellers (the most sought after candidates) have enjoyed a pay increase of 20 per cent. Candidates earning £900 a day are now routinely being offered a daily rate of £1,100 from rival firms. Moreover, to tempt them into staying in their current posts, their present firms are offering generous bonuses of up to 25 per cent. These will only be awarded upon completion of the contract but they usually add up to a five-figure amount.
Solvency II imposes a complex set of new regulations on all insurance firms operating in the EU and will necessitate heavy investment in new IT systems. PAYE umbrella professionals specialising in IT contracting are, accordingly, also much in demand. ReThink’s Head of Insurance Practise, Guy Stubbing, said that “hybrid” candidates in particular – qualified actuaries with proven abilities in the IT skills market, especially in areas such as reporting systems and risk modelling – are in short supply. “What we are now seeing is a bidding war,” he said“, which will only intensify as the deadline draws nearer.”