Need for talent the most pressing concern among Singapore's insurance firms

The insurance sector is not immune to the pervasive talent crunch that is hurting various industries in Singapore, a survey has found.

The biennial "Insurance Banana Skins 2013" survey by consulting firm PwC, which polled 31 insurance experts and executives from Singapore on the risks that they are most worried about this year, found that human resource issues were the most commonly cited concern.

The second most pressing concern they raised was quality of management, which is also linked to the need for good talent, said PwC Singapore insurance leader Roy Clark on Tuesday.

"This is a growing market so you're getting that automatic demand-supply imbalance because it's growing fast and there's a lack of homegrown talent over many years," he said.

"This is becoming a primary insurance hub in Asia and therefore it's not just that you need more volume of resources, you also need a wider range of skills."

The concerns of Singapore's insurance executives were quite different from those cited by their international counterparts.

The survey, which polled 622 respondents from 54 countries, found that regulation was the top concern worldwide, followed by investment performance and the economic environment.