Insurance Market September 2022
The insurance sector has grown significantly in the last 6 months, especially for traditional and local insurance companies. The main recruitment demands are within the claims and underwriting fields when it comes to back-office and sales, along with tied insurance agents in the front office area. Local businesses are struggling to remain competitive when it comes to back-office roles. International companies in Malta are offering a more generous remuneration with more solid benefits packages which often includes pension scheme, hybrid/remote working options and full insurance coverage.
Front office roles typically speak Maltese within local businesses, making the Maltese language the desired skill, offering Maltese speakers more presence in this territory and therefore offering more opportunities for career development and growth.
An interesting trend is the introduction of boutique insurance companies and new entities joining the market. Brexit forced companies to set up European companies to operate in the EU through license passporting.
Malta has been one of the ideal destinations due to its relatively agile legislation and promising opportunities for insurance professionals who are looking to gain vital knowledge and international exposure. Incidentally, the positions on offer are CEO/Managing Directors, CO, Chief Claims Officer and Chief Underwriting Officers.
In this particular scenario, we have seen companies that tend to value the educational background of their employees, especially in more junior roles. The majority of Malta’s international insurance companies are willing to support ACII studies by combining these academic qualifications with career growth. This tends to be the same situation when it comes to actuarial and technical insurance degrees.
As a direct consequence of this, it is common that companies offering junior roles are in search of candidates that possess soft skills such as flexibility and willingness to adapt to a variety of roles and scenarios. The idea is to have professionals that understand different areas of insurance, who can be used in different departments and can contribute to the growth of the business. In terms of senior roles, the need for key experience within the specialisation is crucial. This causes the market to look for professionals with specific experience which is often found outside of Malta, which makes the Maltese market a strong destination for foreign insurance experts.