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Employment View from the U.K.

As the credit crunch creates uncertainty over the future of employment in banking and financial services, the London insurance market is likely to retain an appetite for talent.

"We see cautious optimism" on jobs within the London and U.K. insurance sectors, said Nick Purdue, a senior consultant at executive search firm GRS.

Insurers and brokers are competing with the banks for the best people, said Purdue, an insurance sector recruiter.

Luke Savage, director of finance, risk management, and operations at Lloyd's, said Lloyd's plans to continue with the graduate recruitment program it began in 2008. "We're setting ourselves up to be an employer of choice," Savage said in an interview in his office at Lloyd's.

Terry Hayday, manager of professional standards for the Lloyd's Market Association, said there has been a concerted effort by the insurance industry to raise its profile among young people. "Two or three years ago, careers in insurance or careers in Lloyd's just weren't on the radar screen of aspiring graduates," Hayday said.

Purdue estimates the number of people working in the London insurance market at "somewhere between 75,000 [and] 100,000." The people he places generally are looking for annual salaries ranging from 70,000 [pounds sterling] ($95,000) to as high as 200,000 [pounds sterling] ($274,000).

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Title Annotation:Insurance Recruiters: Agent/Broker
Comment:Employment View from the U.K.(Insurance Recruiters: Agent/Broker)
Author:O'Connor, Robert
Publication:Best's Review
Article Type:Brief article
Geographic Code:4EUUK
Date:Apr 1, 2009
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