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Salaries in the Insurance Industry

Category: Industry News

The insurance industry provides high quality jobs across the country. Of the 309,000 workers in the UK insurance sector, 86% work full-time – significantly higher than the UK average of 67%. Three quarters are employed outside London. The average salary for those working in insurance since 2017 was £43,452 (as of November 2018).

Salaries in the insurance industry

Salaries vary as much as the work in the insurance sector. Average wages depend on the level of risk involved in a job, and which part of the insurance industry you work in. Professionals in this area might have expected to earn the following since 2017:

  • Account Executive - £64,166
  • General Management - £63,559
  • Actuarial - £61,828
  • Loss Adjusting - £58,340        
  • Risk Management - £55,872
  • Sales & Business Development - £44,694
  • Underwriting - £44,466

Alongside appealing salaries, jobs in insurance often come with attractive benefits packages. The 2018/19 General Insurance Salary Survey showed:

  • Almost all employers offered some kind of staff life insurance life insurance / or death in service. This is usually 3 or 4x salary, for employees over 21 years old. More generous schemes have been offered in London, as much as 8 or 10x salary.
  • Nearly two-thirds offered an annual bonus. For junior to mid-level staff with insurers and larger brokers this may be a ‘non-guaranteed’ bonus. Such payments are normally based on company profitability and typically range from 3% to 15%.
  • Almost all offered 22 days holiday increasing to 25 with service, in addition to statutory days. Senior staff are typically given 25 - 30 days.

There is a huge variety of work available in the insurance industry. Search our database for available vacancies here. All our employers ae committed to equality and diversity in the workplace.

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VERCIDA works with over one hundred clients who are committed to creating an inclusive work environment. If you are an employer and interested in working with VERCIDA to promote your diversity and inclusion initiatives and attract the best candidates, please email [email protected] for more information.

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