Although it looks possible that Quinn Insurance will be rescued from administration, the affect on employment in Ireland if the firm fails would be disastrous. If this happens, what are the chances of its redundant employees finding alternative employment?

The regulator’s decision to place Quinn Insurance in provisional administration has elicited a furious response from the usually publicity shy owner, Sean Quinn, as well as some 2,800 Ireland-based employees who descended on the Dáil to express their displeasure over the move.

The fate of the firm’s employees still hangs in the balance, of course, but are there other options available to them, should things take a turn for the worse?

The good news is that insurance recruitment has held up comparatively well in the face of the crisis and a clutch of firms – including RSA Insurance, Aviva and Zurich Life – have relatively numerous vacancies currently.

Sadly, though, the types (or number) of roles on offer don’t really match the activities currently being carried out by Quinn’s staff in Enniskillen, Cavan, Navan, Cork and Blanchardstown.

John Mullally, senior consultant – banking and financial services at Robert Walters, says: “The larger domestic insurers unsurprisingly provide the greater volume of roles on the market. They have been recruiting for financial accountants (with strong insurance experience), senior underwriters, qualified actuaries, and senior claims managers. They are not recruiting as many operational or administrative staff; such as junior claims staff, policy administrators, and database administrators.”

He adds that the majority of roles coming to market are at the senior end, and middle management and junior roles remain thin on the ground.

But Andrea Clarkson, manager – financial services at recruiters Premier Group, remains more optimistic about insurance job prospects going into 2010.

“The nature of the market is that in a recession, there is a corresponding increase in claims and with the recent bad weather and flooding causing millions of euro of damage across the country, loss adjusters and claims professionals with recognised industry qualifications will be in high demand,” she says.