Solvency II creates jobs

Recruitment firm Acumen Resources says Solvency II will force the Irish insurance industry to create an extra 250 actuarial jobs in Ireland this year alone, the Irish Independent reports.

The new rules, dubbed Solvency II, aren't due to kick in for another three years but insurance companies and the Financial Regulator are already hiring staff to begin preparations.

85% rise in jobs

Paul Walsh, head of Acumen's Europe operations, said: "We have about 80 [actuarial] jobs on our books now, we would have had about 15 this time last year.” He said "about 85%" of the jobs had been created by Solvency II.

"There's a max of 1,000 actuaries in Ireland, so 250 new jobs is large in terms of the size of the industry," he said, adding that there were "lots of people coming in from abroad".

The regulator pays about 30% less than insurers for the same staff. It confirmed that it would grow its insurance team from 50 to 90 by the end of the year, with actuaries among the new hires.