The Global insurance industry continues to offer fast paced and well-rewarded career opportunities across wide ranging business functions in diverse and inclusive businesses. Here, Hays use the data from their Salary & Recruiting Trends 2021 guide to explain the current salaries and benefits in insurance.

Employer activity for the coming year remains strong

90% of insurance employers expect organisational activity levels to increase or stay the same over the coming year, slightly lower than the previous year (93%) but still showing a strong forecast for the next 12 months.

Optimism about the more long-term future, however, has taken a slight dip for employers, with 43% positive about the wider economic climate and the opportunities it might create within the next 2-5 years, compared to almost half (49%) stating this last year. Employee concern around the longerterm economic climate, meanwhile, has seen a significant increase, with over three quarters (77%)expressing concern about their opportunities in the next 2-5 years compared to just over half (55%) last year.

Skills shortages are top hiring challenge

Insurance employers have continued to be challenged by skills shortages this year, with 69% saying they have experienced them in some form. 59% have experienced challenges recruiting for permanent staff within the last year, higher than the UK average of 54%, and over a quarter (27%) have had difficulties hiring temporary workers. 82% of employers plan to hire over the coming year, which is higher than the previous year’s figure (72%). 64% plan to hire permanent professionals, which is also greater than the UK average (55%). A shortage of suitable applicants is seen as the top hiring challenge over the coming year (53%), with 40% also citing competition from employers as a concern.

Increase in remote working welcomed

Covid-19 has prompted an increase in remote working, which has largely been viewed as positive by insurance professionals. Over half (54%) believe it has had a beneficial impact, and over a third (36%) say that in a year’s time they would prefer to be working mainly remotely, with some time spent in the office. 55% cite remote working as an important flexible working option when looking for a new role. Additional benefits that insurance professionals cited as being most important when looking for a new role include health insurance (51%), over 28 days of paid annual leave (46%) and pension provision above the legal minimum (43%).

Earning Potential in Insurance
Business Function	Entry Level*	Senior roles*	Career Potential*
Underwriting	£20,000	£163,000	£232,000
Claims	£36,500	£134,000	£179,000
Broking	£35,500	£152,000	£202,000
Risk and Compliance	£23,000	£78,500	£143,000
Projects, Change and Operations	£35,000	£102,000	£202,000
Actuarial	£33,000	£234,000	£307,000

*Salaries based on London

The results reported here come from their Hays UK Salary & Recruiting Trends 2021 Guide.