Salary guide 2017: Insurance & Actuarial

Tuesday, January 31, 2017

Over the last year the Insurance market has seen modest improvements with the outlook being positive for 2017.

For some time now the salaries across life, general, underwriting, broking and claims have remained static. With the significant uplift in employment throughout 2016 and into 2017 in all sectors, it is evident that the demand for life insurance and financial advice has also increased and this can be attributed largely to employers bringing these products back as standard package benefits for employees.

General Insurance Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Personal Lines Manager 0 - 3 40k - 45k 35k - 40k 33k - 35k 33k - 35k
3 - 5 45k - 60k 40k - 55k 35k - 40k 35k - 40k
5+ 60k - 70k 55k - 60k 40k - 50k 40k - 50k
Personal Lines Team Leader 0 - 3 35k - 40k 30k - 34k 28k - 34k 28k - 34k
3 - 5 40k - 45k 34k - 40k 34k - 38k 34k - 38k
5+ 45k - 50k 40k - 45k 38k - 45k 38k - 45k
Personal Lines Administrator 0 - 3 25k - 28k 20k - 24k 20k - 22k 20k - 22k
3 - 5 28k - 32k 24k - 30k 22k - 25k 22k - 25k
5+ 32k - 35k 30k - 35k 25k - 30k 25k - 30k
Personal Lines Underwriter 0 - 3 26k - 32k 25k - 30k 22k - 25k 22k - 25k
3 - 5 32k - 36k 30k - 35k 25k - 28k 25k - 28k
5+ 36k - 42k 35k - 40k 28k - 32k 28k - 32k
Commercial Manager 0 - 3 45k - 55k 40k - 50k 35k - 40k 35k - 40k
3 - 5 55k - 60k 50k - 55k 40k - 45k 40k - 45k
5+ 60k - 70k 55k - 60k 45k - 50k 45k - 50k
Commercial Account Handler 0 - 3 32k - 40k 30k - 35k 30k - 35k 30k - 35k
3 - 5 40k - 48k 35k - 45k 35k - 40k 35k - 40k
5+ 48k - 55k 45k - 50k 40k - 50k 40k - 50k
Commercial Underwriter 0 - 3 35k - 45k 35k - 45k 35k - 45k 35k - 45k
3 - 5 45k - 55k 45k - 55k 45k - 50k 45k - 50k
5+ 55k - 75k 55k - 70k 50k - 60k 50k - 60k
Business Development
Underwriter
0 - 3 50k - 70k 45k - 65k 42k - 62k 42k - 62k
3 - 5 70k - 90k 65k - 70k 62k - 70k 62k - 70k
5+ 90k - 100k 70k - 90k 70k - 85k 70k - 85k
Head of Claims 0 - 3 50k - 70k 45k - 65k 45k - 60k 45k - 60k
3 - 5 70k - 120k 65k - 110k 60k - 80k 60k - 80k
5+ 120k - 130k 110k - 120k 80k - 100k 80k - 100k
Claims Handler 0 - 3 25k - 30k 20k - 28k 20k - 25k 20k - 25k
3 - 5 30k - 45k 28k - 40k 25k - 30k 25k - 30k
5+ 45k - 55k 40k - 50k 30k - 35k 30k - 35k
Loss Adjuster 0 - 3 30k - 50k 25k - 45k 25k - 45k 25k - 45k
3 - 5 50k - 70k 45k - 65k 45k - 60k 45k - 60k
5+ 70k - 85k 65k - 75k 60k - 75k 60k - 75k
Operations Manager 0 - 3 65k - 80k 60k - 75k 60k - 75k 60k - 75k
3 - 5 80k - 100k 75k - 95k 75k - 95k 75k - 95k
5+ 100k - 120k 95k - 110k 95k - 105k 95k - 105k

Life Assurance Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Operations Manager 0 - 3 65k - 80k 60k - 75k 50k - 60k 50k - 60k
3 - 5 80k - 100k 75k - 90k 60k - 75k 60k - 75k
5+ 100,00 - 120k 90k - 100k 75k - 85k 75k - 85k
Underwriting Manager 0 - 3 50k - 65k 45k - 60k 40k - 45k 40k - 45k
3 - 5 65k - 80k 60k - 75k 45k - 60k 45k - 60k
5+ 80k - 95k 75k - 80k 60k - 70k 60k - 70k
Underwriter 0 - 3 30k - 40k 25k - 35k 23k - 27k 23k - 27k
3 - 5 40k - 50k 35k - 45k 27k - 35k 27k - 35k
5+ 50k - 60k 45k - 50k 35k - 40k 35k - 40k
Broker Consultant 0 - 3 45k - 60k 45k - 60k 30k - 40k 30k - 40k
3 - 5 60k - 75k 60k - 75k 40k - 50k 40k - 50k
5+ 75k - 80k 75k - 80k 50k - 55k 50k - 55k
Pensions Manager 0 - 3 60k - 70k 55k - 65k 50k - 60k 50k - 60k
3 - 5 70k - 80k 65k - 75k 60k - 70k 60k - 70k
5+ 80k - 100k 75k - 85k 70k - 80k 70k - 80k
Pensions Consultant 0 - 3 50k - 70k 45k - 65k 45k - 60k 45k - 60k
3 - 5 70k - 90k 65k - 85k 60k - 80k 60k - 80k
5+ 90k - 00k 85k - 95k 80k - 90k 80k - 90k
Pensions Administrator 0 - 3 28k - 35k 23k - 32k 23k - 30k 23k - 30k
3 - 5 35k - 45k 32k - 40k 30k - 35k 30k - 35k
5+ 45k - 60k 40k - 45k 35k - 43k 35k - 43k
Life Administrator 0 - 3 28k - 35k 22k - 30k 18k - 22k 18k - 22k
3 - 5 35k - 42k 30k - 40k 22k - 26k 22k - 26k
5+ 42k - 48k 40k - 45k 26k - 30k 26k - 30k
Claims Officer 0 - 3 28k - 35k 22k - 28k 20k - 25k 20k - 25k
3 - 5 35k - 42k 28k - 35k 25k - 28k 25k - 28k
5+ 42k - 48k 35k - 40k 28k - 32k 28k - 32k
Financial Advisor 0 - 3 32k - 38k 20k - 30k 20k - 25k 20k - 25k
3 - 5 38k - 50k 30k - 45k 25k - 35k 25k - 35k
5+ 50k - 70k 45k - 50k 35k - 45k 35k - 45k

Reinsurance Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Reinsurance Underwriter 0 - 3 45k - 65k 35k - 55k 30k - 45k 30k - 45k
3 - 5 65k - 100k 55k - 80k 45k - 80k 45k - 80k
5+ 100k - 130k 80k - 110k 80k - 110k 80k - 110k
Reinsurance Claims 0 - 3 40k - 50k 35k - 50k 30k - 40k 30k - 40k
3 - 5 50k - 75k 50k - 70k 40k - 50k 40k - 50k
5+ 75k - 115k 70k - 100k 50k - 70k 50k - 70k

Captive Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Captive Executive / Underwriter 0 - 3 35k - 45k 25k - 40k 25k - 40k 25k - 40k
3 - 5 45k - 65k 40k - 50k 40k - 50k 40k - 50k
5+ 65k - 85k 50k - 60k 50k - 60k 50k - 60k

Product Development Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Product Specialist 0 - 3 35k - 45k 32k - 43k 30k - 40k 30k - 40k
3 - 5 45k - 65k 43k - 53k 40k - 50k 40k - 50k
5+ 65k - 75k 53k - 63k 50k - 60k 50k - 60k
Product Manager 0 - 3 65k - 75k 62k - 68k 60k - 65k 60k - 65k
3 - 5 75k - 85k 68k - 78k 65k - 75k 65k - 75k
5+ 85k - 110k 78k - 105k 75k - 95k 75k - 95k

Actuarial Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Part Qualified Actuary 0 - 3 45k - 70k 35k - 55k 35k - 50k 35k - 50k
Part Qualified Actuary 3 - 5 70k - 80k 55k - 65k 50k - 65k 50k - 65k
Qualified Actuary 0 - 3 80k - 90k 65k - 80k 65k - 80k 65k - 80k
3 - 5 90k - 130k 80k - 110k 80k - 110k 80k - 110k
Chief Actuary 0 - 3 150k - 180k 140k - 165k 140k - 160k 140k - 160k
3 - 5 180k - 250k 165k - 180k 160k - 180k 160k - 180k
5+ 250k - 300k 180k - 250k 180k - 230k 180k - 230k

Commentary on Insurance & Actuarial Roles and Remuneration in Ireland for 2017

Home and motor insurance companies continue to operate best through online sales and therefore qualified sales agents (APA, CIP) are frequently sought after. Interestingly, while these companies steer customers to their online systems there is still a demand for sales staff in both inbound and outbound capacities. There are a steady amount of roles being created in this space as insurers and brokers continue to seek experienced underwriters and brokers with valuable connections in the industry. Experienced claims handlers are in demand, particularly those with complex and litigated claims exposure.

An area of growth in 2016 was the cross-border life insurance market. Some of Europe’s largest companies that operate in this space see Dublin as being an international hub. They tend to be very desirable positions given the exposure they give to international insurance products. Many of the roles require fluency in a second European language and this represents a great opportunity for prospective candidates to experience different types of Insurance products. There has been a continued waning in demand for reinsurance skills, with other areas of the market such as captive and actuarial seeing a considerable requirement for their expertise. 

Within the life assurance market there has been a significant increase in demand for pension administrators and consultants, particularly with the larger brokers in the market. Specifically pension administrators with end-to-end experience in either Defined Benefit or Defined Contribution schemes are being highly sought after. With the phase-out of many defined benefit schemes, there has been higher demand for individuals specific to this.

We are now seeing a closer shift towards the equilibrium of the supply and demand of claims professionals. Some of the larger insurance firms are growing their claims teams with a marked requirement for technical claims specialists.

Both qualified and part-qualified actuarial candidates are in high demand. Apart from the general and life assurance businesses we have seen strong demand for qualified actuaries with consultancy organisations who are continuing to build their actuarial service offering. This is a trend we expect to continue throughout 2017.

Demand for underwriters across commercial and personal lines has remained steady. There has been an increased demand for strong broker development candidates, keeping in line with the resurgence of the broker market. Individuals with strong account management and sales experience have seen a steady increase in opportunities available. With many brokers growing their head counts for the first time in a number of years, they are looking for candidates who can spot opportunity and help develop business. Individuals with a proven track record of this have been found to command higher salaries. Heaviest demand has been placed on commercial account executives from both international and SME brokers. 

This orginally appeared on morganmckinley.ie