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UK Visa Rules Eased to Deal with Actuaries Shortage
Updated on : Tue, 11 Oct 2011 13:00:00 GMT
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Recruitment firm ReThink Recruitment stated on Oct 10, 2011 that UK visa rules have been relaxed to deal with a shortage of actuaries triggered by the insurance industry's preparations for new European capital rules.
Actuaries, who specialise in assessing risk, were added to the list of shortage occupations released by the British government's Migration Advisory Committee last month. Accordingly, ReThink indicated that the relaxing of the UK visa rules and the addition of the occupation to the shortage occupation list would support the recruitment of actuaries from outside the European Union.
Recently, there have been complaints from insurers about a sharp rise in actuaries' average pay has inflated the cost of preparing for the EU's so-called Solvency II capital regime, scheduled to take effect in January 2013.
ReThink statistics showed that the average pay of actuaries has risen by about a quarter over the past year. Actuaries at director level can earn up to £150,000 (USD$235,000) a year.
According to the Migration Advisory Committee 's suggestion, the demand for actuaries has been increased by 30 - 40 percent. The initial salary for newly qualified members of the profession is up to £55,000 (USD$87,000) a year on average. This is also good news for overseas actuaries who are planning to immigrate to the UK.
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