2013 saw a lot of activity in the insurance industry for company secretaries not just from a recruitment point of view, but also the regulatory changes and general market improvements.
With the FSA being split into the FCA and PRA, the constant regulatory evolution and the ever looming Solvency II issue, company secretary departments within financial services, and in particular insurance, have seen their exposure and visual importance increase throughout company departments and the executive. This has lead to a strong upturn in recruitment within secretariat departments and contributed to the company secretary profession being the fourth quickest growing department in the UK in 2013, according to the Telegraph’s employment survey.
The market saw a significant increase in the number of IPOs last year, and a good few from within the insurance sector including; Partnership Assurance, Esure Group and Just Retirement. This has been very positive news for the sector and the secretariat profession and will no doubt have a knock-on effect this year.
I see these factors as a sign of confidence for this year as the financial services institutions, like banks and insurance business, typically lead the economic recovery curve. This, coupled with the positive conversations with those within my insurance network, make me comfortable in asserting the potential for continual growth within insurance company secretariats especially at the junior to mid level.
The strength of my insurance network made it possible me to produce the first company secretarial salary survey for the Sector, which was well received when it was released last year. If you are interested in receiving a copy please do drop me a line. Similarly if you have any ideas on further salary and benefits differentiators within this sector or would like to discuss your departments or personal remuneration in confidence do not hesitate to contact me: 020 3058 1443 / Rory@dmjcosec.com
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