2017 Insurance & Actuarial Salary Guide

Morgan McKinley 01.01.2017

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.

Included in the Insurance & Actuarial Salary Guide are salary ranges for General Insurance Salaries | Life Assurance Salaries | Reinsurance Salaries | Captive Salaries | Product Development Salaries | Actuarial Salaries  |  Commentary

General Insurance Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Personal Lines Manager0 - 340k - 45k35k - 40k33k - 35k33k - 35k
3 - 545k - 60k40k - 55k35k - 40k35k - 40k
5+60k - 70k55k - 60k40k - 50k40k - 50k
Personal Lines Team Leader0 - 335k - 40k30k - 34k28k - 34k28k - 34k
3 - 540k - 45k34k - 40k34k - 38k34k - 38k
5+45k - 50k40k - 45k38k - 45k38k - 45k
Personal Lines Administrator0 - 325k - 28k20k - 24k20k - 22k20k - 22k
3 - 528k - 32k24k - 30k22k - 25k22k - 25k
5+32k - 35k30k - 35k25k - 30k25k - 30k
Personal Lines Underwriter0 - 326k - 32k25k - 30k22k - 25k22k - 25k
3 - 532k - 36k30k - 35k25k - 28k25k - 28k
5+36k - 42k35k - 40k28k - 32k28k - 32k
Commercial Manager0 - 345k - 55k40k - 50k35k - 40k35k - 40k
3 - 555k - 60k50k - 55k40k - 45k40k - 45k
5+60k - 70k55k - 60k45k - 50k45k - 50k
Commercial Account Handler0 - 332k - 40k30k - 35k30k - 35k30k - 35k
3 - 540k - 48k35k - 45k35k - 40k35k - 40k
5+48k - 55k45k - 50k40k - 50k40k - 50k
Commercial Underwriter0 - 335k - 45k35k - 45k35k - 45k35k - 45k
3 - 545k - 55k45k - 55k45k - 50k45k - 50k
5+55k - 75k55k - 70k50k - 60k50k - 60k
Business Development
Underwriter
0 - 350k - 70k45k - 65k42k - 62k42k - 62k
3 - 570k - 90k65k - 70k62k - 70k62k - 70k
5+90k - 100k70k - 90k70k - 85k70k - 85k
Head of Claims0 - 350k - 70k45k - 65k45k - 60k45k - 60k
3 - 570k - 120k65k - 110k60k - 80k60k - 80k
5+120k - 130k110k - 120k80k - 100k80k - 100k
Claims Handler0 - 325k - 30k20k - 28k20k - 25k20k - 25k
3 - 530k - 45k28k - 40k25k - 30k25k - 30k
5+45k - 55k40k - 50k30k - 35k30k - 35k
Loss Adjuster0 - 330k - 50k25k - 45k25k - 45k25k - 45k
3 - 550k - 70k45k - 65k45k - 60k45k - 60k
5+70k - 85k65k - 75k60k - 75k60k - 75k
Operations Manager0 - 365k - 80k60k - 75k60k - 75k60k - 75k
3 - 580k - 100k75k - 95k75k - 95k75k - 95k
5+100k - 120k95k - 110k95k - 105k95k - 105k
 

Life Assurance Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Operations Manager0 - 365k - 80k60k - 75k50k - 60k50k - 60k
3 - 580k - 100k75k - 90k60k - 75k60k - 75k
5+100,00 - 120k90k - 100k75k - 85k75k - 85k
Underwriting Manager0 - 350k - 65k45k - 60k40k - 45k40k - 45k
3 - 565k - 80k60k - 75k45k - 60k45k - 60k
5+80k - 95k75k - 80k60k - 70k60k - 70k
Underwriter0 - 330k - 40k25k - 35k23k - 27k23k - 27k
3 - 540k - 50k35k - 45k27k - 35k27k - 35k
5+50k - 60k45k - 50k35k - 40k35k - 40k
Broker Consultant0 - 345k - 60k45k - 60k30k - 40k30k - 40k
3 - 560k - 75k60k - 75k40k - 50k40k - 50k
5+75k - 80k75k - 80k50k - 55k50k - 55k
Pensions Manager0 - 360k - 70k55k - 65k50k - 60k50k - 60k
3 - 570k - 80k65k - 75k60k - 70k60k - 70k
5+80k - 100k75k - 85k70k - 80k70k - 80k
Pensions Consultant0 - 350k - 70k45k - 65k45k - 60k45k - 60k
3 - 570k - 90k65k - 85k60k - 80k60k - 80k
5+90k - 00k85k - 95k80k - 90k80k - 90k
Pensions Administrator0 - 328k - 35k23k - 32k23k - 30k23k - 30k
3 - 535k - 45k32k - 40k30k - 35k30k - 35k
5+45k - 60k40k - 45k35k - 43k35k - 43k
Life Administrator0 - 328k - 35k22k - 30k18k - 22k18k - 22k
3 - 535k - 42k30k - 40k22k - 26k22k - 26k
5+42k - 48k40k - 45k26k - 30k26k - 30k
Claims Officer0 - 328k - 35k22k - 28k20k - 25k20k - 25k
3 - 535k - 42k28k - 35k25k - 28k25k - 28k
5+42k - 48k35k - 40k28k - 32k28k - 32k
Financial Advisor0 - 332k - 38k20k - 30k20k - 25k20k - 25k
3 - 538k - 50k30k - 45k25k - 35k25k - 35k
5+50k - 70k45k - 50k35k - 45k35k - 45k
 

Reinsurance Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Reinsurance Underwriter0 - 345k - 65k35k - 55k30k - 45k30k - 45k
3 - 565k - 100k55k - 80k45k - 80k45k - 80k
5+100k - 130k80k - 110k80k - 110k80k - 110k
Reinsurance Claims0 - 340k - 50k35k - 50k30k - 40k30k - 40k
3 - 550k - 75k50k - 70k40k - 50k40k - 50k
5+75k - 115k70k - 100k50k - 70k50k - 70k

Captive Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Captive Executive / Underwriter0 - 335k - 45k25k - 40k25k - 40k25k - 40k
3 - 545k - 65k40k - 50k40k - 50k40k - 50k
5+65k - 85k50k - 60k50k - 60k50k - 60k

Product Development Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Product Specialist0 - 335k - 45k32k - 43k30k - 40k30k - 40k
3 - 545k - 65k43k - 53k40k - 50k40k - 50k
5+65k - 75k53k - 63k50k - 60k50k - 60k
Product Manager0 - 365k - 75k62k - 68k60k - 65k60k - 65k
3 - 575k - 85k68k - 78k65k - 75k65k - 75k
5+85k - 110k78k - 105k75k - 95k75k - 95k

Actuarial Salary Guide

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Part Qualified Actuary0 - 345k - 70k35k - 55k35k - 50k35k - 50k
Part Qualified Actuary3 - 570k - 80k55k - 65k50k - 65k50k - 65k
Qualified Actuary0 - 380k - 90k65k - 80k65k - 80k65k - 80k
3 - 590k - 130k80k - 110k80k - 110k80k - 110k
Chief Actuary0 - 3150k - 180k140k - 165k140k - 160k140k - 160k
3 - 5180k - 250k165k - 180k160k - 180k160k - 180k
5+250k - 300k180k - 250k180k - 230k180k - 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. 

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