Insurance law has emerged as a key growth area in Hong Kong, according to the latest recruitment firm reports. As well as an increase in general and life insurance business, a number of global insurance companies and by extension asset management firms have seen an upsurge in business, according to Shan Singh, a legal and compliance consultant at CML, Hong Kong.

Currently more roles are available on in-house, but the number of private practice roles available in is also set to rise over the next 6-12 months as one side of the market responds to the other. “Private-practice firms inevitably respond to in-house hires after a few months, by boosting their respective departments accordingly,” said Rob Green, director at CML.

Insurance law reform in Hong Kong, as the three governing bodies merge to become one insurance regulator, may increase the amount of legal work available in the sector, but the main driver is likely to be growth in general business activity. “Some firms may be gearing themselves up to deal with an increase in regulatory work, but this is already a relatively well policed area of the economy and in general I think business opportunities would account for any surge in insurance activity. Like Singapore, Hong Kong already has a mature insurance industry and practice,” said Declan McDade, an insurance partner with Deacons, based in Hong Kong.

The current activity in the insurance sector shows that the general legal employment market is much more robust in comparison to 2009 and related areas such as legal and compliance are seen by some to have maintained an upward trend throughout 2010 and going into 2011, according to Singh. “Although relative turnover has slowed down in the pre-bonus period, now that that is over this will change very quickly, even within the next couple of weeks,” said Singh.

Recent hires have been made in insurance practices across Asia have been made by the following firms:

• Norton Rose
• Paul Weiss
• Barlow Clyde & Gilbert
• Cleary Gottlieb, Steen & Hamilton

Currently 10% of all in-house jobs on Legaljobscentre are in the insurance or regulatory practice areas. To see the latest insurance jobs available on Legaljobscentre, click here