Actuarial professionals working on Solvency II projects have broken through the £1,000 per day barrier as insurers rush to meet the 31 December 2012 compliance deadline, according to business and technology recruiter ReThink Recruitment.

According to ReThink, it has recently been placing actuaries on Solvency II projects on contracts worth £1,100 per day — equivalent to around £275,000 a year, while salaries have almost doubled from last year, when staff were earning £600 per day.

ReThink reports in-demand candidates — such as actuarial systems modellers — have received pay rises of over 20% in the last six months alone. Candidates on £900 per day contracts are now receiving offers from rival firms of up to £1,100 a day.

Guy Stubbing, head of the insurance practice at ReThink, says: “The rush to comply with Solvency II is creating enormous demand for candidates with both actuarial and IT skills. These ‘hybrid’ candidates, who are qualified actuaries with IT skills and experience in areas like risk modelling and reporting systems, are in very short supply. What we are seeing now is a bidding war, which will only intensify as the deadline draws nearer.”