Lawyers looking for a change from banking & finance practice could consider crossing over into the growing insurance practice area developing in Asia. Asia’s financial hubs, notably Singapore and Hong Kong, are currently experiencing an increase in demand for practitioners with anything above four years experience and a level of local knowledge. The Hays Legal quarterly report for Hong Kong, released on 15 October, lists insurance as a ‘hot spot’ for legal work.

“The Asia Pacific markets are a significant region for growth for the insurance industry,” said Anna Tipping, Norton Rose’s corporate insurance partner for Asia.

One interesting reason she cited for the increasing workload in this area is the opening up of sha’aria-compliant takaful insurance products - a market previously inaccessible to western financial service providers. This has increased demand for practitioners familiar with Islamic customs and clients.

Within the highly competitive insurance sector, law firms and corporations with in-house teams compete for the best talent across markets at different levels.

“Most larger corporates now have a separate insurance law team with general insurance being the more mature market. There aren’t as many lawyers with that specific technical experience,” said Taylor Root Hong Kong’s in-house consultant Toby Rakison.

Lawyers with any financial, regulatory or securities understanding are generally able to cross over and learn insurance on the job, he added.

Opportunities aren’t just for expat lawyers. While Rakison agreed there is a strong base of ex-pat lawyers and positions available, he said Taylor Root still service a significant domestic client base.

He also emphasised that in the niche insurance law job market a candidate’s level of familiarity with the local language is becoming more and more crucial to gaining a firm’s attention. “When dealing in an area as consumer-focused as insurance law, it is more and more critical to have appropriate language skills and preferably some exposure to the local culture,” he said.