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2016 Insurance & Actuarial Salary & Benefits Guide - Permanent

2016 Insurance & Actuarial Salary & Benefits Guide - Permanent

12-01-2016
Submitted by global_admin on Tue, 01/12/2016 - 08:10
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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

Role Years' Experience Dublin
Cork
Limerick
Waterford
Personal Lines Manager 0 - 3 40,000 - 45,000 35,000 - 40,000 30,000 - 32,000 28,000 - 32,000
3 - 5 45,000 - 60,000 40,000 - 55,000 32,000 - 38,000 32,000 - 38,000
5+ 60,000 - 70,000 55,000 - 60,000 38,000 - 50,000 38,000 - 50,000
Personal Lines Team Leader 0 - 3 35,000 - 40,000 30,000 - 34,000 28,000 - 34,000 28,000 - 34,000
3 - 5 40,000 - 45,000 34,000 - 40,000 34,000 - 38,000 34,000 - 38,000
5+ 45,000 - 50,000 40,000 - 45,000 38,000 - 45,000 38,000 - 45,000
Personal Lines Administrator 0 - 3 22,000 - 25,000 20,000 - 23,000 20,000 - 22,000 20,000 - 22,000
3 - 5 25,000 - 32,000 24,000 - 30,000 22,000 - 23,000 22,000 - 25,000
5+ 32,000 - 35,000 30,000 - 35,000 23,000 - 26,000 23,000 - 26,000
Personal Lines Underwriter 0 - 3 26,000 - 32,000 25,000 - 30,000 22,000 - 25,000 22,000 - 25,000
3 - 5 30,000 - 35,000 30,000 - 35,000 25,000 - 28,000 25,000 - 28,000
5+ 35,000 - 45,000 35,000 - 40,000 28,000 - 32,000 28,000 - 32,000
Commercial Manager 0 - 3 45,000 - 55,000 40,000 - 50,000 30,000 - 35,000 30,000 - 35,000
3 - 5 55,000 - 60,000 50,000 - 55,000 35,000 - 45,000 35,000 - 45,000
5+ 60,000 - 70,000 55,000 - 60,000 45,000 - 50,000 45,000 - 50,000
Commercial Account Handler 0 - 3 32,000 - 40,000 30,000 - 35,000 30,000 - 35,000 30,000 - 35,000
3 - 5 40,000 - 50,000 35,000 - 45,000 35,000 - 40,000 35,000 - 40,000
5+ 50,000 - 60,000 45,000 - 50,000 40,000 - 50,000 40,000 - 50,000
Commercial Underwriter 0 - 3 35,000 - 45,000 35,000 - 45,000 35,000 - 45,000 35,000 - 45,000
3 - 5 45,000 - 55,000 45,000 - 55,000 45,000 - 50,000 45,000 - 50,000
5+ 55,000 - 75,000 53,000 - 70,000 50,000 - 60,000 50,000 - 60,000
Business Development
Underwriter
0 - 3 50,000 - 70,000 45,000 - 65,000 42,000 - 62,000 42,000 - 62,000
3 - 5 70,000 - 90,000 65,000 - 70,000 63,000 - 68,000 63,000 - 68,000
5+ 90,000 - 100,000 70,000 - 90,000 70,000 - 85,000 70,000 - 85,000
Head of Claims 0 - 3 50,000 - 70,000 45,000 - 65,000 45,000 - 60,000 45,000 - 60,000
3 - 5 70,000 - 120,000 65,000 - 110,000 60,000 - 105,000 60,000 - 80,000
5+ 120,000 - 130,000 110,000 - 120,000 105,000 - 115,000 80,000 - 100,000
Claims Handler 0 - 3 25,000 - 30,000 20,000 - 28,000 20,000 - 25,000 20,000 - 25,000
3 - 5 30,000 - 45,000 28,000 - 40,000 25,000 - 30,000 25,000 - 30,000
5+ 45,000 - 55,000 40,000 - 50,000 30,000 - 35,000 30,000 - 35,000
Loss Adjuster 0 - 3 25,000 - 50,000 25,000 - 45,000 25,000 - 45,000 25,000 - 45,000
3 - 5 50,000 - 70,000 45,000 - 65,000 45,000 - 60,000 45,000 - 60,000
5+ 70,000 - 85,000 65,000 - 75,000 60,000 - 75,000 60,000 - 75,000
Operations Manager 0 - 3 65,000 - 80,000 60,000 - 75,000 60,000 - 75,000 60,000 - 75,000
3 - 5 80,000 - 100,000 75,000 - 95,000 75,000 - 95,000 75,000 - 95,000
5+ 100,000 - 120,000 95,000 - 110,000 95,000 - 105,000 95,000 - 105,000

Life Assurance

Role Years' Experience Dublin
Cork
Limerick
Waterford
Operations Manager 0 - 3 65,000 - 80,000 60,000 - 75,000 50,000 - 60,000 50,000 - 60,000
3 - 5 80,000 - 100,000 75,000 - 90,000 60,000 - 70,000 60,000 - 75,000
5+ 100,000 - 120,000 90,000 - 100,000 70,000 - 80,000 70,000 - 85,000
Underwriting Manager 0 - 3 50,000 - 65,000 45,000 - 60,000 40,000 - 45,000 40,000 - 45,000
3 - 5 65,000 - 80,000 60,000 - 75,000 45,000 - 60,000 45,000 - 60,000
5+ 80,000 - 95,000 75,000 - 80,000 60,000 - 70,000 60,000 - 70,000
Underwriter 0 - 3 28,000 - 40,000 25,000 - 35,000 23,000 - 27,000 23,000 - 27,000
3 - 5 40,000 - 50,000 35,000 - 45,000 27,000 - 35,000 27,000 - 35,000
5+ 50,000 - 65,000 45,000 - 50,000 35,000 - 40,000 35,000 - 40,000
Broker Consultant 0 - 3 45,000 - 55,000 45,000 - 60,000 30,000 - 40,000 30,000 - 40,000
3 - 5 55,000 - 75,000 60,000 - 75,000 40,000 - 50,000 40,000 - 50,000
5+ 75,000 - 90,000 75,000 - 80,000 50,000 - 55,000 50,000 - 55,000
Pensions Manager 0 - 3 60,000 - 70,000 55,000 - 65,000 50,000 - 60,000 50,000 - 60,000
3 - 5 70,000 - 80,000 65,000 - 75,000 60,000 - 70,000 60,000 - 70,000
5+ 80,000 - 100,000 75,000 - 85,000 70,000 - 80,000 70,000 - 80,000
Pensions Consultant 0 - 3 50,000 - 70,000 45,000 - 65,000 45,000 - 60,000 45,000 - 60,000
3 - 5 70,000 - 90,000 65,000 - 85,000 60,000 - 80,000 60,000 - 80,000
5+ 90,000 - 100,000 85,000 - 95,000 80,000 - 90,000 80,000 - 90,000
Pensions Administrator 0 - 3 25,000 - 35,000 23,000 - 32,000 23,000 - 30,000 23,000 - 30,000
3 - 5 35,000 - 45,000 32,000 - 40,000 30,000 - 35,000 30,000 - 35,000
5+ 45,000 - 55,000 40,000 - 45,000 33,000 - 43,000 33,000 - 43,000
Life Administrator 0 - 3 25,000 - 35,000 22,000 - 30,000 18,000 - 22,000 18,000 - 22,000
3 - 5 35,000 - 45,000 30,000 - 40,000 21,000 - 26.000 21,000 - 26.000
5+ 45,000 - 55,000 40,000 - 45,000 26.000 - 30,000 26.000 - 30,000
Claims Officer 0 - 3 27,000 - 32,000 22,000 - 28,000 20,000 - 25,000 20,000 - 25,000
3 - 5 32,000 - 40,000 28,000 - 35,000 24,000 - 28,000 24,000 - 28,000
5+ 40,000 - 50,000 35,000 - 40,000 28,000 - 32,000 28,000 - 32,000
Financial Advisor 0 - 3 30,000 - 37,000 20,000 - 30,000 20,000 - 25,000 20,000 - 25,000
3 - 5 37,000 - 50,000 30,000 - 45,000 25,000 - 35,000 25,000 - 35,000
5+ 50,000 - 70,000 45,000 - 50,000 35,000 - 45,000 35,000 - 45,000

Reinsurance

Role Years' Experience Dublin
Cork
Limerick
Waterford
Reinsurance Underwriter 0 - 3 45,000 - 65,000 35,000 - 50,000 35,000 - 45,000 30,000 - 45,000
3 - 5 65,000 - 100,000 90,000 - 110000 55,000 - 90,000 55,000 - 90,000
5+ 100,000 - 130,000 100,000 - 120,000 90,000 - 110,000 90,000 - 110,000
Reinsurance Claims 0 - 3 40,000 - 50,000 35,000 - 45,000 35,000 - 40,000 30,000 - 40,000
3 - 5 50,000 - 75,000 45,000 - 70,000 40,000 - 50,000 40,000 - 50,000
5+ 75,000 - 120,000 70,000 - 100,000 50,000 - 70,000 50,000 - 70,000

Captive

Role Years' Experience Dublin
Cork
Limerick
Waterford
Captive Executive / Underwriter 0 - 3 35,000 - 45,000 25,000 - 40,000 25,000 - 40,000 25,000 - 40,000
3 - 5 45,000 - 65,000 40,000 - 50,000 40,000 - 50,000 40,000 - 50,000
5+ 65,000 - 85,000 50,000 - 60,000 50,000 - 60,000 50,000 - 60,000

Product Development

Role Years' Experience Dublin
Cork
Limerick
Waterford
Product Specialist 0 - 3 35,000 - 45,000 32,000 - 43,000 30,000 - 40000, 30,000 - 40000
3 - 5 45,000 - 65,000 42,000 - 53,000 40,000 - 50,000 40,000 - 50,000
5+ 65,000 - 75,000 53,000 - 63,000 50,000 - 60,000 50,000 - 60,000
Product Manager 0 - 3 65,000 - 75,000 62,000 - 60,000 60,000 - 65,000 60,000 - 65,000
3 - 5 70,000 - 85,000 68,000 - 75,000 65,000 - 75,000 65,000 - 75,000
5+ 90,000 - 110,000 78,000 - 105,000 75,000 - 95,000 75,000 - 95,000

Actuarial

Role Years' Experience Dublin
Cork
Limerick
Waterford
Part Qualified Actuary 0 - 3 45,000 - 70,000 35,000 - 55,000 35,000 - 50,000 35,000 - 50,000
Part Qualified Actuary 3 - 5 70,000 - 80,000 55,000 - 65,000 50,000 - 65,000 50,000 - 65,000
Qualified Actuary 0 - 3 70,000 - 90,000 65,000 - 80,000 65,000 - 80,000 65,000 - 80,000
3 - 5 90,000 - 130,000 80,000 - 110,000 80,000 - 110,000 80,000 - 110,000
Chief Actuary 0 - 3 150,000 - 180,000 140,000 - 165,000 140,000 - 160,000 140,000 - 160,000
3 - 5 180,000 - 250,000 165,000 - 180,000 160,000 - 180,000 160,000 - 180,000
5+ 250,000 - 300,000 180,000 - 250,000 180,000 - 250,000 180,000 - 230,000

Typical range of benefits for Banking & Financial Services professionals:

BENEFIT MANAGEMENT NON MANAGEMENT
PENSION 5% - 15% employer contribution 5% - 8% employer contribution
HEALTHCARE Fully paid for employee and dependants Fully paid for employee only
BONUS 6%-20% 5%-7%
ANNUAL LEAVE 22 - 27 days 20 - 23 days
LIFE ASSURANCE 3-7 times basic salary 3-4 times basic salary
OTHER Professional 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
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