A career in Insurance is a great career path to choose for those who are interested in working in an industry that offers different types of roles for varying skill sets. Working in insurance can be a hugely rewarding career in many aspects, particularly being financially rewarding depending on the type of role and company you choose to work for. Here, we look into the different roles and you can pursue in insurance with ranging salary expectations to answer the question: How much can I earn working in Insurance?
Earning potential in Insurance
As mentioned above there are many different technical roles you can pursue depending on the types of insurance businesses functions you choose to work in. Each area of work and seniority of roles can affect the earning potential. So, how much can you earn working in insurance? Here, we break down the salary expectations with the most common roles in insurance:
How much does an Actuary earn?
An actuarial career can be one of the most financially rewarding jobs depending on your skill set, expertise and education level. 2020 earning potential for actuarial roles in insurance based in London start at £33,000 for entry level roles rising up to £232,000 for certain senior roles. For experienced actuarial analysts/consultants the salary can be around £36,000 going up to £54,000.
How much does a Claims Manager earn?
Those pursuing a career in claims should expect to earn around £36,000 for entry level roles in 2020 going up to £133,000 for senior roles with the potential to go up to £178,000 depending on the expertise and skill set of the individual. Claims managers will using start off their career as claims handlers where the starting salary can range from £14,000-£18,000 for trainee handlers not on a graduate scheme. Those on graduate schemes can have a starting salary of around £25,000 which will go up potentially to around £50,000 or more as a claims manager or even claims director.
How much does an Insurance Broker earn?
Depending on the role, company, your experience, and skill set some entry level roles in broking can earn up to around £35,000 raising to £151,000 for more senior roles. For more specific roles such as for trainee insurance brokers, the starting salary can be from £16,000- £20,000 which will be higher going up to £28,000 if you are entering this area of work through a graduate scheme. Generally qualified brokers can earn anything from £20,000 – £50,000 which the earning potential increasing for more senior brokers and account managers.
How much does a Risk Manager earn?
The 2020 earning potential in risk and compliance can start at £23,000 for entry level roles going up to £78,000 and possibly even £142,000 for more senior roles. Generally, risk managers will earn up to £74,000 but when starting out as a risk technician, the salary would be around £21,00 which will rise with experience to around £44,000 if you become a risk analyst.
How much does an Underwriter earn?
Graduate trainee underwriters can start at £20,000 up to £30,000 depending on you skill set, education and the company you choose to train with. As a qualified underwriter this can increase to around £40,000 and could potentially reach up to £100,000 – £162,000 for more senior underwriter roles.