Insurance leaders warn young talent against chasing quick pay rises

Senior insurance leaders have urged young professionals to prioritise curiosity, long-term career development and workplace culture over short-term pay increases as the sector continues to compete for talent.

Speaking at the Marsh Rising Professionals’ Global Forum yesterday (25 July), Arch Capital Group president Maamoun Rajeh warned that frequent job moves can ultimately limit career progression.

He said: “Don’t be too eager to hop for 15% or 20% [pay] increases doing the same thing in the other shop.”

Rajeh said he had seen talented individuals move between firms for salary increases early in their careers, only for their progression to stall later on.

“I do look for people that can show me progression and impact,” he said, adding that it was difficult to demonstrate achievements without staying long enough to see projects through.

Lloyd’s chief executive Patrick Tiernan echoed the importance of career development and urged young professionals to remain curious.

Culture matters

London Market Association chief executive Sheila Cameron said career success should be viewed through the lens of choices rather than sacrifices.

“I would encourage people not to look at it as what sacrifices do you need to make, but what choices do you want to make,” she said.

The panel also stressed the importance of workplace culture in retaining talent.

Rajeh said organisations should remove managers who suppress development opportunities, while Cameron argued that “people and culture” were the foundations of successful businesses.

Closing the session, Tiernan told rising professionals that insurance would play an increasingly important role in addressing global challenges.

“I think insurance is going to have its time at the top of every agenda over the next few years,” he said.

He added: “Stay curious, expand your networks,” arguing that relationships and support networks would be crucial for future leaders.