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Your guide to average UK insurance salaries 2021

We have compiled everything you need to know about the UK average insurance salaries for 2021, helping you benchmark your salary, whether you’re negotiating your pay or advancing your career. Whether you’re a claims handler or loss adjuster, our salary research is based on industry trends and deep analysis of the thousands of recruitment and job searches performed each year.

 

Pay within commercial broking has experienced rapid change brought on by uncertainty in the job market created by Brexit and the pandemic. Although unemployment remains at a record low, companies still need to actively address employee turnover as well as increase headcount to enable growth. The emergence of the InsureTech market combined with the implementation of new software and processes have created a more technology-minded industry. This has resulted in a talent shortage and many leading insurance employers are creating increasingly competitive salary and compensation packages to attract and retain top talent.

 

While employers still report challenges in finding staff to fill niche roles, movement exists with more opportunities appearing. As companies struggle to retain staff at this critical time, candidates who demonstrate their value, market knowledge and experience will find themselves in an advantageous position when negotiating their salary.

 

Find out what employers are currently experiencing and how this is impacting base salary offerings in our 2021 Salary Guide. Knowing what is currently influencing employers’ decisions and the market average will help you assess your professional worth, negotiate better and get a better starting salary.

 

While job prospects are strong in the insurance market, there is still a lot of movement as people look to advance their careers. This often creates greater competition for individual roles, if you would like further assistance in your job search, please get in touch as we would be happy to discuss your career.

Commercial Broking Salaries

There has been a steady increase in commercial broking salaries, particularly income-producing roles, as larger broking firms try to secure the right brokers to drive their business forward.

Personal lines insurance salaries

There is a great demand for experienced personal lines brokers across the UK and increase in opportunities due to the introduction of Insurtech, causing salaries to steadily increase. Better bonus/commission structures have been put in place for new business-focused roles.

 

Insurance claims manager and executive salaries

As senior insurance professionals move into claims adjustment roles, a shortage has appeared which is making broker salaries increase to remain competitive. Salaries are even higher for insurance claims managers and executives with good broking experience and strong technical skills.

 

Underwriting

Whilst salaries have remained relatively steady in underwriting, many employers are offering increased benefits like flexible working hours, etc., to help attract and retain staff. Required soft skills such as negotiation and sales has meant that the industry is seeing more interest from professionals without a traditional underwriting background.

 

Claims management and claims handler salaries

Salaries are increasing for entry-level claims handlers as a result of increased competition within other industries. Moving into analytical or IT-based roles and evolving their insurance specialism, has allowed many claims professionals to receive even higher salary increases.

 

Loss Adjusting Salaries

Loss adjusting salaries have remained stable over the past year and progressing from dealing with domestic claims to commercial claims still sees the largest increase in salaries for those within the profession.

 

 

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