Insurance sector jobs increase to record levels
The insurance sector in the US is hiring and intends to fill more than 22,000 jobs by the end of the year according to a new report. The study by greatinsurancejobs.com reveals that the barriers to filling those positions are lack of budget and lack of talent. Among the 78 companies surveyed there were 7,262 jobs open and more than 8 out of 10 companies said they have current openings. The insurers expected to create another 15,534 positions by the end of the year. The unemployment rate in the insurance sector is at a 9 year low, just 2.3 per cent but 80 per cent of respondents to the poll said that finding the right candidates is a challenge. The roles that have the largest number of jobs created are insurance brokers and agents, underwriters, technology managers, customer service and call center workers.
Where have all the hurricanes gone?
The US is experiencing a ‘hurricane drought’ with none of category 3 or above in the last ten years. A report published in Geophysical Research Letters this week showed that the last major hurricane was in October 2005 when Hurricane Wilma hit south Florida. There hasn’t been a longer period without a major hurricane since 1851. Kelly Hereid, a researcher with ACE Tempest Re, who co-authored the report, says their modeling found that a break of this long is very unusual; in fact it’s estimated to occur just once in 177 years. The report says that there is no reason to believe that a longer break increases the risk of a hurricane in the coming year. It concludes that the chance of a major storm hitting the Atlantic or Gulf coasts in any given year is between 39 and 41 per cent.
New global insurance leader at PwC
PricewaterhouseCoopers (PwC) has announced the appointment of a new global insurance leader. Stephen O’Hearn takes over from David Law who retires in June. O’Hearn is currently based in Zurich and heads the firm’s insurance practice in Europe, Africa and the Middle East. He was previously based in New York where he led the insurance practice. Tokyo and Milwaukee complete his jet-setting career. O’Hearn is also a director of the International Insurance Society and has more than three decades of experience in the industry.
