Wednesday 25 April 2018

Growth in insurance sector 'has stalled over lack of qualified staff'

Peter Flanagan

Peter Flanagan

A shortage of qualified staff is preventing growth within the insurance sector, according to a leading executive.

The head of Allianz Re said that while Irish staff were by and large very well qualified, there was a need for more professionals.

"We are seeing a shortage of the likes of underwriters and actuaries," said chief executive Amer Ahmed.

"While we wouldn't necessarily be expanding here if those people were available, it would allow us to have more depth in our business knowledge," he added. His comments come as the Government heavily promotes the need for graduates to focus on technical and science-based courses.

Companies based here, particularly in the technology sector, have been very vocal about the "skills gap" among staff.

However, the lack of adequately prepared financial professionals has not been seen up to now.

Mr Ahmed said the insurance industry in general was likely to be steady this year, as long as the number of catastrophic events remained relatively benign.

Irish Independent

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