Looking back on 2011 - and forward to 2012

In the third quarter, many companies were also once again severely impacted by losses from financial market turmoil.

Normally this level of catastrophes with high claims combined with investment pain would push prices up across the board, but while areas affected by the catastrophes have seen premium rises, many casualty lines have remained flat. The much hoped for move away from the soft market, still looks a while away.

Solvency II has also dominated the insurance headlines in 2011 as companies struggled to get to grips with the impending regulation, often complaining if a lack of detail. Now that full implementation has been put off for at least a year, Solvency II will still be a hot topic in 2012.

Jason Sykes looks at the major staffing trends for 2012:

1. Switzerland

As more insurance companies set up shop or beef up their staff in Zurich, Switzerland holds a lot of potential for anyone looking to further their career. From senior management to actuaries, back office to claims, companies are looking for a broad range of talent. And being truly European, they will seek talent from not only the UK, Germany, France and Switzerland, but also further afield in Asia and China - so good language skills might be handy as well.

2. Claims

The London Market may have been talking about market reform for a while, but as this slow-rolling stone moves forward, managing the claims process is still important. In 2012 we believe that claims will be one of the hottest areas in the market, as companies expand their departments and fall in line with ECFII. Finding the right person to join a claims team and head it up will move further up the list of priorities.

3. Professional Services

In an earlier article, we have gone into some detail about how Solvency II has increased the need for actuaries specialising in insurance. But the changes to the European capital models have had - and will continue to have - a deeper effect. The Big Four accountancy firms have been on speed-dial for some time, and will continue to be during 2012 as everyone is still working out the finer points of Solvency II. Anyone working in professional services should be looking forward to a busy year ahead.

4. Start-ups

There have been a number of start ups in Bermuda and the U.S. this year - so all kinds of new staff will be recruited.