Regulatory expectations are pushing the industry to better manage expertise risk.
Singapore's insurance industry faces increasing pressure from global uncertainty, increased regulation and rapid transition to generative AI, with demand for jobs in underwriting, actuarial, claims and compliance remaining strong.
According to Randstad's 2026 Job Market Outlook and Salary Guide report, widespread digitization of the financial system is also increasing demand for cyber risk insurance.
Insurers are looking for people who can combine technical knowledge and regulatory understanding to price, configure, and manage coverage for intangible digital assets and liabilities.
Regulatory expectations have also increased, requiring the industry to increase its expertise in managing risks related to system security threats, compliance gaps, and legal liability.
In underwriting, employers are shifting their expectations from day-to-day management to higher-value risk decisions.
Underwriting managers are being asked to expand deeper into their work, including root cause analysis of complaints, advanced modeling, and regular adjustment of underwriting standards and policy terms to internal guidelines and changing customer needs.
Companies also expect insurers to provide stronger market insights, including competitive positioning, with increased focus on fraud risk management, regulatory compliance, and underwriting profitability.
Employers are also looking for actuaries who can translate complex data into clear recommendations to senior stakeholders.
Hiring demands are focused on pricing strategy, financial modeling, performance management, and the ability to translate technical insights into risk metrics.
Randstad's salary data reflects competition for specialized skills, particularly in actuarial and underwriting.
While there is general recognition across the industry that generative AI has the potential to reshape operations, many insurers are still taking a cautious approach and delaying full adoption.
This has created pressure to set clearer talent paths to ensure AI is deployed safely and in line with regulatory expectations, especially as there is still room for Gen AI adoption to mature in some parts of the insurance subsector.
Although hiring activity remains strong, insurers face a limited supply of highly skilled candidates, particularly in underwriting and actuarial roles.
At the same time, companies are increasingly being asked to improve retention rates by offering clearer promotion routes and more structured development, as lack of growth has become the leading reason for employee turnover.
