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2017 Insurance Salary Guide

Insurance Salary Guide 2017

11-01-2017
Submitted by global_admin on Wed, 01/11/2017 - 17:42
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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. 

Insurance Salaries

 

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+
 

 

Commentary on Insurance Roles and Remuneration in Hong Kong for 2017

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%.

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