Plenty of insurance firms need new actuaries, but for a number of different reasons, they’re having trouble finding them.

“The actuarial function can’t be duplicated and it’s critical to the business,” says Graeme Bradley, state manager, Marks Sattin. Moreover, recent natural disasters mean new insurance models need to be produced.

But while the need for actuaries is high, the number of active candidates on the market is staying low. “It’s not a massive shortage, but demand is definitely outstripping supply,” says Craig Fletcher, manager, operations, Robert Walters.

Barriers to entry are significant given the academic and professional training needed to qualify as an actuary. This limits the talent pool by putting off many people from considering the function in the first place.

Even those who do qualify may be lured into more lucrative roles in the banking sector, says Bradley. Remaining at an insurance firm typically only means going up one salary band. “Newly qualified actuaries sometimes move into quant roles at banks, which increases demand as people are needed to replace them,” he adds.

An emerging factor behind actuary scarcity is that Singapore, which is growing in status as an insurance hub, is attracting actuaries from Australia, says Patrick Tan, principle consultant, Key International Search & Consulting, Singapore. Mathematical-based actuarial skills are transferable to other markets.

Underlying all this is the fact that the profession is comparatively loyal – many actuaries just don’t like changing jobs too often.

“Firms find them hard to recruit. Actuaries all know each other and don’t want to burn bridges with hasty job moves. They typically have their own networks and find work via referrals,” says Fletcher.

Another recruiter, who asked not to be named, says Suncorp and IAG are in the market for actuaries.