Insurance Jobs Market April 2023
The insurance industry is going through an intriguing phase where businesses are expanding their current departments and strengthening their teams. A few new players have joined the market in recent months through new joint ventures and/or acquisitions, but consolidation appears to be more important than new business.
In procedures and claims, insurance is almost entirely spoken in Maltese along with greater flexibility in junior positions in terms of knowledge of the business. Roles in underwriting and risk management are expanding, attracting foreign workers which is creating extremely diverse departments.
The Legal and Compliance department also reflects this trend, which is to embrace a mix of expertise from both domestic and international sources. The locals contribute knowledge of the local legal system, whereas the foreigners bring experience on a large scale. With intriguing hiring difficulties in department design, the combination of the two elements appears to be the key factor.
Actuarial specialists continue to be essential to product development, so as long as foreign businesses relocate to Malta in search of a robust local market or an entry point into the European Union via a Maltese license, there will always be a demand for actuaries at all levels. Due to their rarity and ability to be appointed by the MFSA, actuaries with a fellowship from the Society of Actuaries are in high demand. In many circumstances, this qualification is a requirement in order to obtain or keep a license in Malta.
An essential skill for actuaries is typically the ability to code, but social skills are also very important because a good statistician can see the big picture in addition to being skilled with data analysis and prediction/approximation models. Although life insurance is becoming increasingly essential in Malta and is still historically strong, life actuaries are in high demand.
Overall, the industry is a stand-alone, somewhat unique, and depending on the period and professionals, is either highly or poorly regarded. In general, we can say that it is strong in Malta and that it is luring more professionals with unusual benefits like more extensive insurance coverage and a pension plan that is uncommon in this industry and in Malta.
For more information on the current Insurance jobs market and the latest salary bands, please download our Salary Survey below.