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
Audit £36,500 £103,000 £133,000
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.

About the Author

  • Name: Hays

Hays is the leading global specialist recruitment group, and the market leader in places such as the UK, Germany and Australia. They are the experts in recruiting qualified, professional and skilled people across a wide range of specialised industries and professions.

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