2016 Insurance & Actuarial Salary & Benefits Guide - Permanent

Deborah Hall 12.01.2016

A look at the salary ranges for Insurance and Actuarial professionals working in Ireland in 2016.

Cost pressures holding salaries down

The Irish insurance industry experienced considerable pressure throughout 2015 to contain costs, squeezed by narrow margins on low cost products sold during the recessionary years, that left little cushion for the significant claims growth which was to follow. 

Within the Motor Injury and liability businesses particularly, the insurance sector has seen a perfect storm of under-reserving and over-exposure.  Large insurers are seeking to increase their claims, anti-fraud and investigations teams to tackle these higher  volumes and to minimise losses in response to fraudulent claims. 

Other areas where we have seen growth in demand for talent include go-to-market technology investment, for example the development of insurer mobile apps, within risk and compliance. 

At the start of 2015 insurers were under particularly strong regulatory pressure as Solvency II came into force.  A tougher regulatory environment across the entire financial services sector has also had a knock-on impact on recruitment within operational functions as organisations increase headcount within first, second and third lines of compliance to maintain robust internal controls. 

As the economic recovery continued throughout 2015 we also experienced a growth in demand within the broker and insurer sectors for customer facing roles in direct channels, initial underwriting, and broker services. 

Historically the insurance industry has had relatively low level of employee attrition and did not experience the same levels of staff-cutbacks that we saw in other financial services post-crisis.  The rise in activity over the last 12 months has lead to an under-supply of talent particularly in claims and specialty lines of business such as marine and environmental risk.  We anticipate this short term talent gap to be short lived.

 

Insurance Perm General Insurance

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Personal Lines Manager0 - 340,000 - 45,00035,000 - 40,00030,000 - 32,00028,000 - 32,000
3 - 545,000 - 60,00040,000 - 55,00032,000 - 38,00032,000 - 38,000
5+60,000 - 70,00055,000 - 60,00038,000 - 50,00038,000 - 50,000
Personal Lines Team Leader0 - 335,000 - 40,00030,000 - 34,00028,000 - 34,00028,000 - 34,000
3 - 540,000 - 45,00034,000 - 40,00034,000 - 38,00034,000 - 38,000
5+45,000 - 50,00040,000 - 45,00038,000 - 45,00038,000 - 45,000
Personal Lines Administrator0 - 322,000 - 25,00020,000 - 23,00020,000 - 22,00020,000 - 22,000
3 - 525,000 - 32,00024,000 - 30,00022,000 - 23,00022,000 - 25,000
5+32,000 - 35,00030,000 - 35,00023,000 - 26,00023,000 - 26,000
Personal Lines Underwriter0 - 326,000 - 32,00025,000 - 30,00022,000 - 25,00022,000 - 25,000
3 - 530,000 - 35,00030,000 - 35,00025,000 - 28,00025,000 - 28,000
5+35,000 - 45,00035,000 - 40,00028,000 - 32,00028,000 - 32,000
Commercial Manager0 - 345,000 - 55,00040,000 - 50,00030,000 - 35,00030,000 - 35,000
3 - 555,000 - 60,00050,000 - 55,00035,000 - 45,00035,000 - 45,000
5+60,000 - 70,00055,000 - 60,00045,000 - 50,00045,000 - 50,000
Commercial Account Handler0 - 332,000 - 40,00030,000 - 35,00030,000 - 35,00030,000 - 35,000
3 - 540,000 - 50,00035,000 - 45,00035,000 - 40,00035,000 - 40,000
5+50,000 - 60,00045,000 - 50,00040,000 - 50,00040,000 - 50,000
Commercial Underwriter0 - 335,000 - 45,00035,000 - 45,00035,000 - 45,00035,000 - 45,000
3 - 545,000 - 55,00045,000 - 55,00045,000 - 50,00045,000 - 50,000
5+55,000 - 75,00053,000 - 70,00050,000 - 60,00050,000 - 60,000
Business Development
Underwriter
0 - 350,000 - 70,00045,000 - 65,00042,000 - 62,00042,000 - 62,000
3 - 570,000 - 90,00065,000 - 70,00063,000 - 68,00063,000 - 68,000
5+90,000 - 100,00070,000 - 90,00070,000 - 85,00070,000 - 85,000
Head of Claims0 - 350,000 - 70,00045,000 - 65,00045,000 - 60,00045,000 - 60,000
3 - 570,000 - 120,00065,000 - 110,00060,000 - 105,00060,000 - 80,000
5+120,000 - 130,000110,000 - 120,000105,000 - 115,00080,000 - 100,000
Claims Handler0 - 325,000 - 30,00020,000 - 28,00020,000 - 25,00020,000 - 25,000
3 - 530,000 - 45,00028,000 - 40,00025,000 - 30,00025,000 - 30,000
5+45,000 - 55,00040,000 - 50,00030,000 - 35,00030,000 - 35,000
Loss Adjuster0 - 325,000 - 50,00025,000 - 45,00025,000 - 45,00025,000 - 45,000
3 - 550,000 - 70,00045,000 - 65,00045,000 - 60,00045,000 - 60,000
5+70,000 - 85,00065,000 - 75,00060,000 - 75,00060,000 - 75,000
Operations Manager0 - 365,000 - 80,00060,000 - 75,00060,000 - 75,00060,000 - 75,000
3 - 580,000 - 100,00075,000 - 95,00075,000 - 95,00075,000 - 95,000
5+100,000 - 120,00095,000 - 110,00095,000 - 105,00095,000 - 105,000

Life Assurance

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Operations Manager0 - 365,000 - 80,00060,000 - 75,00050,000 - 60,00050,000 - 60,000
3 - 580,000 - 100,00075,000 - 90,00060,000 - 70,00060,000 - 75,000
5+100,000 - 120,00090,000 - 100,00070,000 - 80,00070,000 - 85,000
Underwriting Manager0 - 350,000 - 65,00045,000 - 60,00040,000 - 45,00040,000 - 45,000
3 - 565,000 - 80,00060,000 - 75,00045,000 - 60,00045,000 - 60,000
5+80,000 - 95,00075,000 - 80,00060,000 - 70,00060,000 - 70,000
Underwriter0 - 328,000 - 40,00025,000 - 35,00023,000 - 27,00023,000 - 27,000
3 - 540,000 - 50,00035,000 - 45,00027,000 - 35,00027,000 - 35,000
5+50,000 - 65,00045,000 - 50,00035,000 - 40,00035,000 - 40,000
Broker Consultant0 - 345,000 - 55,00045,000 - 60,00030,000 - 40,00030,000 - 40,000
3 - 555,000 - 75,00060,000 - 75,00040,000 - 50,00040,000 - 50,000
5+75,000 - 90,00075,000 - 80,00050,000 - 55,00050,000 - 55,000
Pensions Manager0 - 360,000 - 70,00055,000 - 65,00050,000 - 60,00050,000 - 60,000
3 - 570,000 - 80,00065,000 - 75,00060,000 - 70,00060,000 - 70,000
5+80,000 - 100,00075,000 - 85,00070,000 - 80,00070,000 - 80,000
Pensions Consultant0 - 350,000 - 70,00045,000 - 65,00045,000 - 60,00045,000 - 60,000
3 - 570,000 - 90,00065,000 - 85,00060,000 - 80,00060,000 - 80,000
5+90,000 - 100,00085,000 - 95,00080,000 - 90,00080,000 - 90,000
Pensions Administrator0 - 325,000 - 35,00023,000 - 32,00023,000 - 30,00023,000 - 30,000
3 - 535,000 - 45,00032,000 - 40,00030,000 - 35,00030,000 - 35,000
5+45,000 - 55,00040,000 - 45,00033,000 - 43,00033,000 - 43,000
Life Administrator0 - 325,000 - 35,00022,000 - 30,00018,000 - 22,00018,000 - 22,000
3 - 535,000 - 45,00030,000 - 40,00021,000 - 26.00021,000 - 26.000
5+45,000 - 55,00040,000 - 45,00026.000 - 30,00026.000 - 30,000
Claims Officer0 - 327,000 - 32,00022,000 - 28,00020,000 - 25,00020,000 - 25,000
3 - 532,000 - 40,00028,000 - 35,00024,000 - 28,00024,000 - 28,000
5+40,000 - 50,00035,000 - 40,00028,000 - 32,00028,000 - 32,000
Financial Advisor0 - 330,000 - 37,00020,000 - 30,00020,000 - 25,00020,000 - 25,000
3 - 537,000 - 50,00030,000 - 45,00025,000 - 35,00025,000 - 35,000
5+50,000 - 70,00045,000 - 50,00035,000 - 45,00035,000 - 45,000

Reinsurance

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Reinsurance Underwriter0 - 345,000 - 65,00035,000 - 50,00035,000 - 45,00030,000 - 45,000
3 - 565,000 - 100,00090,000 - 11000055,000 - 90,00055,000 - 90,000
5+100,000 - 130,000100,000 - 120,00090,000 - 110,00090,000 - 110,000
Reinsurance Claims0 - 340,000 - 50,00035,000 - 45,00035,000 - 40,00030,000 - 40,000
3 - 550,000 - 75,00045,000 - 70,00040,000 - 50,00040,000 - 50,000
5+75,000 - 120,00070,000 - 100,00050,000 - 70,00050,000 - 70,000

Captive

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Captive Executive / Underwriter0 - 335,000 - 45,00025,000 - 40,00025,000 - 40,00025,000 - 40,000
3 - 545,000 - 65,00040,000 - 50,00040,000 - 50,00040,000 - 50,000
5+65,000 - 85,00050,000 - 60,00050,000 - 60,00050,000 - 60,000

Product Development

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Product Specialist0 - 335,000 - 45,00032,000 - 43,00030,000 - 40000,30,000 - 40000
3 - 545,000 - 65,00042,000 - 53,00040,000 - 50,00040,000 - 50,000
5+65,000 - 75,00053,000 - 63,00050,000 - 60,00050,000 - 60,000
Product Manager0 - 365,000 - 75,00062,000 - 60,00060,000 - 65,00060,000 - 65,000
3 - 570,000 - 85,00068,000 - 75,00065,000 - 75,00065,000 - 75,000
5+90,000 - 110,00078,000 - 105,00075,000 - 95,00075,000 - 95,000

Actuarial

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Part Qualified Actuary0 - 345,000 - 70,00035,000 - 55,00035,000 - 50,00035,000 - 50,000
Part Qualified Actuary3 - 570,000 - 80,00055,000 - 65,00050,000 - 65,00050,000 - 65,000
Qualified Actuary0 - 370,000 - 90,00065,000 - 80,00065,000 - 80,00065,000 - 80,000
3 - 590,000 - 130,00080,000 - 110,00080,000 - 110,00080,000 - 110,000
Chief Actuary0 - 3150,000 - 180,000140,000 - 165,000140,000 - 160,000140,000 - 160,000
3 - 5180,000 - 250,000165,000 - 180,000160,000 - 180,000160,000 - 180,000
5+250,000 - 300,000180,000 - 250,000180,000 - 250,000180,000 - 230,000

Typical range of benefits for Banking & Financial Services professionals:

BENEFITMANAGEMENTNON MANAGEMENT
PENSION5% - 15% employer contribution5% - 8% employer contribution
HEALTHCAREFully paid for employee and dependantsFully paid for employee only
BONUS 6%-20%5%-7%
ANNUAL LEAVE22 - 27 days20 - 23 days
LIFE ASSURANCE 3-7 times basic salary3-4 times basic salary
OTHERProfessional Subscriptions / Educational Support / Sports & Social / Travel Tax Saver Scheme Gym / Onsite Canteen / Company Share Scheme / Employee Assistance Programme Flexi-Time / Subsidised Lunches / Flexi-Benefits / Fully Covered Sick Leave
Deborah Hall's picture
Manager
dhall@morganmckinley.com

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