Insurance salaries higher than national average – and these are the roles seeing pay increases

Salaries in the insurance and financial services sector are higher than the national average, according to recruitment business Reed.

Data published by the firm shows that roles in the industry pay an average of £46,100, compared to the UK-wide equivalent of £38,900.

Salary increases over the last year were also noted by Reed, with it highlighting that pay for insurance account executives rose by 11.6%, as well as 16.5% and 13.2% for investment analysts and protection advisors respectively.

Compliance roles also saw a substantial increase, with compliance directors seeing a salary growth of 8.2% and compliance officers seeing an increase of 7.4%.

Regulatory-related salary rises come following new regulations being introduced by the FCA in recent years, including Consumer Duty in 2023.

Some workers unhappy

However, more than a quarter (27%) of the industry’s workers are still unhappy with their salaries.

According to Reed, some 80% of those unhappy state it is because their salary has not risen in line with the cost of living.

Ian Bull, insurance recruitment expert at Reed, said: “UK employees are facing difficult times. Despite some salary increases, salaries are generally lagging behind inflation and the general cost of living.

“With more than two thirds of insurance and finance professionals open to new job opportunities, the sector needs to look at how best to incentivise and reward its workers.

“Our survey showed that alongside salary increases, staff would feel more valued if employers offered additional benefits (35%), more recognition for their achievements (27%) and more flexible working hours (27%).”