Are you getting paid what you deserve? Salary Survey reveals industry pay

Insurance Times has one again teamed up with IDEX Consulting to find out what brokers and insurers are getting paid up and down the country so you can see if you are earning a fair wage.

Unsurprisingly, the nation’s capital leads the way when it comes to pay, but there are some regions snapping at the heels of London’s top earners and earning a decent pay packet.

For broking managers outside of London, the North is the place to be, with average wages as much as 33% higher than for those working in the East Midlands. Those Northern broking managers at the top end of the pay scale could be earning as much as £90,000.

Underwriters, meanwhile, benefit from fairly consistent pay across the country, with London once again topping the table (starting at £35,000 for the most inexperienced underwriters), closely followed by the Home Counties (£28,000).

Find out more about what you should be getting paid in the full Insurance Times breakdown of salaries by role and region from the 2019 Salary Survey Report.

And the good news is that the number of jobs available is on the up, while the number of applications for each job is falling. IDEX Consulting managing director David Carr says this has resulted in a record year for new placements in 2018 – a trend that is set to continue over the course of this year.

“2018 has been a record year for IDEX, a direct reflection of the increased activity within the UK insurance market,” he says. “And with 2019 predicted to continue this upward trend, we expect to see significant increases in recruitment activity, driven by a buoyant market and the introduction of a number of new start-ups across the UK marketplace.

“Over the last 12 months, growth within the market has been positive, but the continuing war for talent is set to dominate the landscape in 2019. Last year saw a 57.5% increase in the number of jobs registered, while the supply of candidates has diminished by 45.5% against the previous year.”

Less positive is progress on closing the gender pay gap.

While 70% of insurers and half of brokers have reported an improvement in their gender pay gap, the report found that taking the industry as a whole the gap has widened. The gap remains at more than twice the national average. 

To find how individual brokers and insurers performed on the gender pay gap see the full ranking list from the 2019 Salary Survey Report.