Asian insurance recruitment looks set to continue its winning streak into 2012, in stark contrast to its banking brethren.

Stella Tang, associate director, Robert Half International, Singapore, is seeing open roles in general and life insurance, reinsurance and in brokerage firms. “Insurance has always been pretty robust both this year and last year. There has been some replacement positions this year, but also a number of new jobs with budgets having been approved,” she adds.

So who’s sought after? Mainly front-office revenue generators like business developers and sales people, as well as underwriters and accountants. Tang says there’s also demand for roles servicing Indonesia and Thailand out of Singapore.

Better insurance than i-banking

That’s not to say it’s a roaring employment market just yet. Janet Lee, director, Burke Associates, Hong Kong, explains: “There will be some slowdown in Q1 and Q2, but we are definitely still seeing opportunities. It’s not a huge expansion, but I expect things to pick up again in Q3. The industry has been through a couple of downturns, but it’s never borne the brunt of the impact because the structure of the business is just very different – it’s a lot more stable than the hiring and firing at investment banks.”

Recruiters haven’t seen much retrenchment in insurance. However, Tang says that the candidate-led market means even the “few” that were laid off last year for underperforming were able to quickly secure new roles.

Candidate sentiment

Currently, candidates seem to be quite content to stay put, especially since some already moved last year. Of course if the right opportunity comes up (read: better rewards and status), these professionals are open to having a discussion, adds Lee.

The premium in getting senior insurance employees to move can range between 10 to 20 per cent depending on the experience level and position, says Tang. Most of these professionals are typically risk-adverse and won’t actively switch jobs unless poached.