Although hiring in the insurance sector remained at positive levels, there was a decrease in overall insurance hiring compared to 2012, research has found.
Specialist recruiter Robert Walters said the most actively hiring institutions were from the Lloyds insurance and reinsurance markets, with acutely high demand for actuaries, auditors and underwriters, including part-qualified candidates and those with less experience.
Insurers are also competing fiercely for talent across a number of key areas, leading to shortages of skilled personnel with regulatory and technical expertise.
Additionally, bonuses paid in the first quarter of this year generally outperformed those awarded in 2012, with the average insurance professional receiving around 8-15% of their base salary.
Adam Whitehouse, associate director of insurance recruitment at Robert Walters said: "There have been several factors contributing to the decreased levels of hiring we've seen this year; however, economic uncertainty has been the key driver in most cases.
"This uncertainty has made both candidates and employers alike particularly cautious to making any bold moves. It seems, senior levels candidates are reluctant to explore their options and employers alike are utilising pay increases and stretching out bonus periods in an effort to retain key members of staff.
"Despite this, certain professionals within the insurance industry are receiving unprecedented levels of demand due to their sector specialisation and an increase in regulatory legislation. Similarly, juniors are still in high demand as employers move away from costly contractor measures as projects from last year are coming to a close."
