The insurance industry is a hugely varied one. From underwriting to insurance broking, read on to find out more about what salary you can expect from the different areas and levels within the profession.
Employers expecting an activity increase
The Hays Salary & Recruiting Trends 2022 Guide surveyed over 150 insurance professionals and employers. In the coming 12 months, a noteworthy 100% of companies expect their organisational activity levels to increase or stay the same – a 10% increase from last year. Diving deeper into this data, it was revealed that 77% of employers plan on hiring staff in the next year, with 74% being optimistic about the wider economic climate. This optimism has also filtered through to insurance professionals, with only 42% expressing concern regarding career opportunities in the next 2-5 years, as opposed to a staggering 77% last year.
Competition for talent heats up
Once again, insurance employers have continued to be challenged by skill shortages – last year 69% disclosed that they experienced shortages, which, 12 months later, has increased to 85%.
Moreover, competition for talent is strong, with 71% anticipating competition from other employers to be their biggest recruitment challenge, a notable increase from last year’s figure of 40%. The data also revealed the most in-demand soft skills that employers require – the top three are as followed:
- Communication and interpersonal skills (69% of employers desire this)
- Problem-solving (58%)
- Ability to adapt and change (54%)
However, these results are not harmonious with the soft skills that employees want to develop – 39% want to develop their negotiation skills, and 38% desire to enhance their people management abilities.
Increased salaries and hybrid working
The competition for talent has arguably led to bigger pay increases than expected – insurance salaries have risen by 2.4% in the past year, with this trend set to continue as 88% of insurance employers disclosed that they are expecting to increase salaries in the coming year.
Pay satisfaction has also increased – with 65% of professionals stating they’re happy with their pay, in comparison to 57% last year.
Hybrid working still remains a priority, with 28% of professionals stating that aside from salary, it’s the most important factor when considering a new role.
|Earning Potential in Insurance
|Business Function||Entry Level*||Senior roles*||Career Potential*|
|Risk and Compliance||£37,500||£106,000||£137,000|
|Projects, Change and Operations||£41,000||£104,000||£205,000|
*Salaries based on jobs in London. Source Hays’ UK Salary & Recruiting Trends 2022 Guide.