What impacts could we see down the line with the 1-year delay to IFRS17?
Some contractors didn’t have their roles extended as a direct result of the delay, and a number of firms have postponed hiring additional project or BAU staff as a result. The work has not gone away however and firms will still need to devote resource to this so we are anticipating a big increase in interim hiring for this from the middle part of the year.
What does 2019 look like for the Actuarial interim industry?
It is hard to predict with any certainty but in addition to the usual demand for support in areas such as Reporting, Reserving, Modelling etc there will undoubtably be IFRS17 related demand and other projects requiring interim resource in both Life & General Insurance. Once firms start ramping up again for IFRS17 we are expecting a lot of demand for contractors across a whole range of areas. Merger activity looks set to continue so Part VII transfer, valuation etc type projects are likely.
How do you see Brexit impacting the financial interim sector over the coming two financial quarters?
Brexit until now has had remarkably little effect on the hiring market, however the shadow of Brexit looms large currently and the uncertainty definitely has an impact on decision making, budget approval etc. There will be progress in one direction or another soon (hopefully!) and any type of stability helps improve the outlook for recruitment.
How has the Brexit anxiety impacted the interim industry so far, and what could we see in terms of the impact over the next few months once Brexit has played out?
A few projects amongst insurance companies have been put on hold or cancelled as a result of uncertainties around Brexit which has impacted the volume of interim recruitment, hopefully we will see these projects get the green light over the coming months.
How have our clients been preparing for Brexit over the last 18 months, are we seeing more or less contractors brought in?
It has been difficult for clients to prepare due to the lack of clarity around the future of the UK’s relationship with Europe. Some contingencies have been made, but we would anticipate a lot more activity after March.
If any contractors in the UK are looking to start a new contract, what would be the best way of contacting you regarding this?
For any advice around contracting in the UK or Europe our head of Interim would be delighted to speak to you. Get in touch via email – email@example.com or call 0203 8679858.