The data displayed in the tables here below show that the growth of the market has hardly contributed to the reduction of the inequalities between the different categories of staff members.
Insurance: Annual salary range per occupation and seniority
In thousands USD| France | North America | United Kingdom | Morocco | South Africa | Kenya | Qatar | Lebanon | Malaysia | ||
|---|---|---|---|---|---|---|---|---|---|---|
Actuary | Junior (1) | 42 | 50 | 58 | 18 | 16 | 11 | 66 | 30 | 36 |
| Confirmed | 109 | 152 | 87 | 33 | 20 | 54 | 66 | 30 | 36 | |
Underwriter | Junior (1) | 35 | 37 | 27 | 15 | 7 | 17 | 41 | NA | 22 |
| Confirmed | 109 | 82 | 58 | 32 | 20 | 17 | 41 | NA | 22 | |
Finance manager | Junior (1) | 75 | 37 | 33 | 59 | 34 | 14 | 42 | 26 | 18 |
| Confirmed | 120 | 113 | 120 | 59 | NA | 14 | 42 | 26 | 18 | |
Claims manager | Junior (1) | 44 | 41 | 28 | 12 | 11 | 24 | 65 | 18 | NA |
| Confirmed | 87 | 106 | 93 | 19 | 37 | 24 | 65 | 18 | NA | |
Sales manager | Junior (1) | 70 | 49 | 36 | 18 | 26 | NA | NA | NA | NA |
| Confirmed | 131 | 181 | 77 | 27 | 60 | NA | NA | NA | NA | |
Accounting manager | Junior (1) | 71 | 32 | 25 | 33 | 7 | NA | 42 | 26 | 18 |
| Confirmed | 87 | 67 | 76 | 33 | 27 | NA | 42 | 26 | 18 | |
Human resources manager | Junior (1) | NA | 50 | 36 | 59 | 8 | 13 | 57 | 28 | 19 |
| Confirmed | NA | 70 | 77 | 59 | 40 | 13 | 57 | 28 | 19 | |
Surveys and marketing | Junior (1) | 33 | 57 | 56 | 37 | 9 | 17 | 59 | 31 | NA |
| Confirmed | 87 | 88 | 82 | 37 | 48 | 17 | 59 | 31 | NA | |
Reinsurance manager | Junior (1) | 72 | 37 | NA | 15 | NA | NA | NA | NA | NA |
| Confirmed | 100 | 93 | NA | 28 | NA | NA | NA | NA | NA | |
Information system | Junior (1) | 50 | 99 | NA | 24 | NA | 18 | 61 | 32 | 20 |
| Confirmed | 90 | 141 | NA | 31 | NA | 18 | 61 | 32 | 20 | |
Audit manager | Junior (1) | 76 | 31 | 70 | 33 | 15 | NA | NA | NA | NA |
| Confirmed | 98 | 77 | 76 | 33 | 41 | NA | NA | NA | NA | |
1 Employee with an experience below five years in the job
Sources: www.payscale.com ; www.salaryexplorer.com ; Challenges « Salaire des cadres » (N° 492-October 2016) ; La Tribune de l’assurance « Salaires-métiers, Avantage sociaux : l’heure de la récré » N°217-October 2016.
Based on the table here above, it is noted that the best paid insurance jobs [4] are those of actuarial, financial, IT and sales officers. Seniority turned out to be a decisive criterion especially for some jobs such as actuaries, financial and sales officers.
In the United States, the salary gaps between junior and confirmed staff members are huge. In this country, the salaries may go threefold or even more when rising from the junior category to the confirmed one.
Insurance: Salary gaps per category of work
According to a survey entitled “Géographie générale des marchés” (General Geography of the markets), conducted by Paul Claval, individual wage bargaining is possible only for the highly skilled executive staff.
In this category, the level of wages depends on:
- Diplomas
- Professional experiences
- Supply and demand in the target category
- Accountability
- Required creativity for the job
- Expected value added
- The age of the insurance jobseeker
Other factors such as the size of the employer, the class of activity and in some cases gender considerations come into play and stand also as criteria that determine salaries.
In the tertiary sector, that does not require manual work, seniority in the position plays a more important role than age. In the insurance business in particular, the competencies of the wage earners are improving throughout their professional careers, triggering higher and higher remunerations. In fact, it is experience that is being remunerated rather than age.
Employment in insurance: Average annual salary per country
In USD| Pays | Average annual salary in insurance (1) | Average annual salary, all sectors of activity combined in 2015 | 2014 gross premiums | Population | Premium/ inhabitant |
|---|---|---|---|---|---|
United Kingdom | 124 000 | 78 000 | 337 799 000 000 | 64 700 000 | 5 221 |
Switzerland | 117 000 | 109 000 | 64 315 000 000 | 8 200 000 | 7 843 |
Belgium | 77 000 | 49 000 | 40 585 000 000 | 11 300 000 | 3 592 |
United States | 72 500 | 72 000 | 1 270 708 000 000 | 318 700000 | 3 987 |
Kuwait | 72 000 | 67 000 | 1 060 000 000 | 2 743 000 | 386 |
Germany | 70 000 | 54 000 | 255 121 000 000 | 82 300 000 | 3 100 |
United Arab Emirates | 70 000 | 59 000 | 8 918 000 000 | 9 400 000 | 949 |
Bahrain | 68 000 | 43 000 | 722 468 908 | 1 377 000 (2) | 525 |
Japan | 67 000 | 56 000 | 476 515 000 000 | 127 000 000 | 3 752 |
Australia | 63 000 | 70 000 | 87 822 000 000 | 23 600 000 | 3 721 |
France | 62 000 | 55 000 | 269 607 000 000 | 66 100 000 | 4 079 |
Saudi Arabia | 53 000 | 50 000 | 8 129 000 000 | 29 400 000 | 276 |
Oman | 51 000 | 48 000 | 1 035 000 000 | 3 900 000 | 265 |
Qatar | 47 000 | 56 000 | 2 677 000 000 | 2 200 000 | 1 217 |
Spain | 41 000 | 37 000 | 71 459 000 000 | 46 600 000 | 1 533 |
Malaysia | 29 000 | 21 000 | 16 635 000 000 | 30 200 000 | 551 |
Mauritius | 28 000 | 20 000 | 779 374 000 (3) | 1 200 000 | 649 |
Ghana | 25 000 | 11 000 | 445 897 200 (4) | 27 410 000 (2) | 16 |
Lebanon | 22 000 | 27 000 | 1 475 000 000 | 4 900 000 | 301 |
Namibie | 22 000 | 17 000 | 995 000 000 | 2 300 000 | 433 |
South Africa | 20 000 | 22 000 | 50 502 000 000 | 53 200 000 | 949 |
Kenya | 20 000 | 17 000 | 1 772 000 000 | 45 000 000 | 39 |
Egypt | 17 500 | 13 000 | 1 974 000 000 | 83 400 000 | 24 |
Algeria | 17 000 | 17 000 | 1 435 000 000 | 39 900 000 | 36 |
Philippines | 12 000 | 12 000 | 4 837 000 000 | 100 300 000 | 48 |
Idonesia | 8 000 | 14 000 | 14 653 000 000 | 253 200 000 | 58 |
Vietnam | 8 000 | 11 000 | 2 627 000 000 | 92 500 000 | 28 |
(1) Average annual salary including all categories of insurance jobs
(2) Source : World Bank
(3) Source: Atlas Magazine
(4) National Insurance Commission of Ghana (2013 figures)
For equal qualifications, remunerations vary considerably from one country to another. Region-based salary gaps are accounted for by the gaps in the standard of living, the market size, the abundance or shortage of labor, the sector’s needs...
In the Gulf countries such as the United Arab Emirates and Qatar which are in shortage of skilled labor and where needs are quite high, the salaries and social benefits granted to skilled executives are attractive in general.
In mature economies, such as the United Kingdom, Switzerland or Japan, the average annual salary exceeds 100 000 USD. In the Gulf countries, the average annual salary remains high. In Kuwait, it amounted to 95 000 USD.
It is in Africa and South East Asia that annual salaries are the lowest amounting to 8 500 USD and 8 000 in Indonesia and Vietnam and 11 500 USD in Egypt.
It is also found that salaries in the insurance business are generally higher than the average national ones including all activities and sectors.
The prospects of rising salaries
The study conducted by Robert Walters on the evolution of salaries in the insurance and banking sectors throughout the world has resulted in two trends.
- The supply of jobs listed on specialized websites has increased by 15% between 2015 and 2016.
- Salary increases in the insurance sector are insignificant in the course of the same period considered.
Such trends are poised to linger on.