Five roles in which you can earn £150k or more, whilst working in insurance

Insurance has sometimes struggled to attract sufficient supplies of talent because, not only has it been seen as a relatively cool industry to work in, but it’s also not seen as particularly well-paying compared to other financial sector roles. .


As we’ve noted earlier, the “grey” image of the insurance industry as a workplace is largely unwarranted in the modern age, and while the industry still doesn’t pay as much as hedge funds, investment or private equity, salaries are still quite high in some positions.

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According to specialty insurance recruiters, these are some of the highest-paying positions in the industry.

1. partner in a consultancy (typical payment £200k, plus bonus)

There are two sides to this career path: Firstly, there are ‘career advisors’, who according to figures provided by recruiters morgan mckinley, have increased by 60% during 2011. this basically means that many senior actuaries o Risk managers have taken the contract route (largely as a result of increased demand around solvency ii) where it’s possible to earn £2k a day.

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However, there is also the option of working at a leading insurance consultancy, and this is one of the highest-paying roles in the industry, says Steve Sangha, a consultant with Morgan McKinley Insurance.

“A partner-level position at a top consultancy where they would be expected to have a base salary of over £200,000 with a possible 200% bonus,” he says.

2. senior brokerage roles (up to £250k packages possible)

Starting salaries for account executives in the brokerage space are not very good; typically around £22,000-30,000 depending on whether you got a place on a formal graduate training scheme or not. however, the more senior and specialist you become (and, obviously, the more business you can generate), the greater your earning potential.

“If you’re a director-level broker, you should expect a salary of around £100,000,” says lloyd rosenthal, director, hays insurance. “if you have a niche speciality, say marine or motor, you can add another £15-20k, and with bonuses included, total packages can exceed £250k.”

3. lloyds market pricing actuary (£150-180k)

Actuaries are among the top earners in the insurance industry anyway, but adding both the Lloyds market and a specialization helps boost their earning potential even further, according to Mark Dainty, director of the senior management group. finances from insurance-focused recruiters.

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“Across the broad spectrum of actuarial roles, typical salaries are around £110,000 in the UK, while a pricing actuary working in the Lloyds market should expect between £150,000 and £180,000,” he says.

“typically, a chief actuary operating in the london insurance market will require a base salary of between £150,000 and £240,000,” adds sangha. “With the demand for growth and change with Solvency II modeling system implementation from increasing industries, there is also a considerable need for Chief Actuaries who have experience in capital modeling and knowledge of Solvency II implementation.”

4. class underwriter, lloyds market (typical payout £125-150k)

underwriting is not one of the highest paying roles in insurance; If you’re working in a regional office, even more senior positions offer salaries of £40-65k a year. However, if you are a class underwriter in a London-based role, which involves a degree of business development and more strategic analysis of underwriting performance, the pay can be good.

“A class underwriter with some business development responsibilities typically earns between £125,000 and £150,000 on the London market,” says Rosenthal. “where there is more emphasis on attracting new business and potential for bonuses, packages can be as high as £200k.”

5. solvency technician ii (£90-150k)

Any actuary working on a Solvency II project can expect to be paid a premium. As we noted above, some contract rates can pay £2k a day. however, the pay is more moderate in the permanent market, but still better than most roles. Morgan Mckinley’s research puts the salary of “solvency technicians II” at between £90,000 and £150,000. the upper limit for other actuarial roles in your survey is £120k.

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