View Morgan McKinley's salary guide for professionals in Insurance.
In the insurance sector, all merger & acquisition activities have been settled for 2016, leaving insurers to focus on plan implementation. Therefore change management experts and support function professionals are highly sought after to help drive new strategies. However, most hires were replacement roles and we have seen an increasing demand for contract professionals in project management.
|Role||Assistant Manager||Manager||Senior Manager||Department Head||Executive|
|Actuarial||40k - 55k||45k - 75k||65k - 90k||110k+||130k+|
|ORM||36k - 46k||50k - 70k||75k - 90k||120k+||110k+|
|Compliance||32k - 44k||48k - 65k||55k - 85k||100k+||110k+|
|Distribution||25k - 40k||40k - 58k||52k - 82k||80k+||95k+|
|Audit||35k - 46k||40k - 70k||75k - 116k||125k - 150k||166k+|
|Marketing||25k - 40k||35k - 60k||55k - 75k||75k+||95k+|
|Finance||34k - 45k||47k - 65k||55k - 83k||90k+||110k+
Recruitment used to be the most active across middle and back office functions. However, we have seen a shift this year, where a number of clients have actively sought experienced front office professionals, driven by an ongoing need to penetrate the market. Banks are now heavily investing in growing their insurance business line therefore, well trained and experienced insurance sales candidates are in high demand. To attract candidates with insurance experience, many financial institutions are ready to offer international mobility as well as a number of fringe benefits to professionals at all levels, including housing and a good medical coverage.
Salaries in insurance remain stable and in line with inflation with general salary increments to be expected between 3 - 5% for 2017, and at a higher rate of 15 - 18% for external moves. Candidates within the actuarial and distribution space are highly sought after due to talent shortage in the market, therefore salary increments can go upwards of 20%.