Insurance Salary Guide

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1 Insurance Salary Guide 2015

2 Sigmar Recruitment Sigmar Recruitment, established 2002, is a leading Irish recruitment services company with 15 specialist divisions across the entire recruitment process and managed service spectrum. We employ over 100 industry specialists in five offices in Dublin, Cork, Galway, and Poland. Sigmar has been recognised as Recruitment Agency of the Year (2014 & 2013) by the National Recruitment Federation due to our client delivery success, candidate experience and our innovative recruitment excellence methodologies. Sigmar was also named Best in Practice, Sales & Marketing Recruitment team in Our experience extends across Accountancy, Banking & Financial Services, Construction & Property, Engineering, HR, IT, Insurance, Legal, Marketing, Pharmaceutical, Office Administration, Multilingual, Sales and Supply Chain. View our current jobs on or contact our team on or

3 Insurance With another year of improvement within the insurance space, we have seen a lot of change occur over the last 12 months. A number of mergers and acquisitions have taken place, new start-ups have been established, independent brokerages are expanding and large multinationals have set up shop here. Following on from this, we predict continued growth in Due to the consistent tightening of regulatory controls within Ireland by the Central Bank, there is an increased demand for professional accreditations within insurance for fitness and probity adherence. Predominantly, the movement within the market over the last two years has been on QFA (Qualified Financial Advisor) and CIP (Certified Insurance Practitioner) accreditations. General Insurance On the general insurance side, there have been a number of recent acquisitions by main players resulting in an increased amount of demand for personal lines and commercial lines professionals. The underwriting space has also taken a slight jump recently with the increased need for professionals at a mid-senior level. With an increased amount of new business occurring, we can see that there will be more opportunities becoming available on the financial lines side. There have been excellent investments made in the last number of months and some fantastic companies have moved to Ireland from the U.S. resulting in demand for insurance professionals outside of the greater Dublin area. Life Insurance The main movement on the life side of insurance has seen a number of entry level positions opening up over the last year. There is a clear increase in demand for life assurance professionals and as a result the starting salaries have begun to rise in that area. New business and existing business professionals are in demand, with higher salaries for candidates with their full QFA. Brokerages There has been heightened recruitment needs in a lot of independent brokerages and it s evident that there is progressive growth in the market. There is demand for candidates with a broker background as they have end-to-end process experience with great exposure to multiple facets of the organisation. This is actually a growing need, where there is less focus placed on hiring professionals for a functionalized task, and instead there is a requirement for an end-to-end professional that can take ownership of an entire process. It gives more autonomy and is less costly. Claims On the claims side there hasn t been much activity, especially on the home and motor side as it is a very candidate rich market with not enough jobs to satisfy demand. With an announcement last year of a substantial increase on an insurers motor premiums due to government levy on insurance products, we had the last 12 months to see how other main players would react in the marketplace. It s very apparent that the competitive nature of home and motor claims means that there are going to be continued increases in premiums across the board. Reinsurance We ve seen a lot of exciting opportunities arising for graduates of actuarial mathematics and from the University of Limerick, risk and management degree programme. The majority of positions that are arising within reinsurance are either on the quantitative side for actuarial and underwriting or within multilingual. Actuarial & Quantitative Demand for actuaries has levelled out as predicted last year, there are still a number of highly sought after graduate programmes from the main players. We have seen a number of actuarial graduates make the transition into risk and valuation roles, quantitative roles and finally into underwriting roles. Salaries are still levelling out, but there is still a higher salary for Solvency II professionals. Outsourcing Models There has been another development in insurance over the last year where we ve seen some big players move to an outsourced recruitment model which unfortunately has the adverse effect of driving down the starting salaries for entry-level candidates. On the plus side, it is proving to be a successful method for a lot of companies with oversight on an international level becoming more and more common. 3

4 GENERAL Operations Manager k k Underwriting Manager k k k 60-90k Personal Lines Manager k 50-60k k 50-60k Claims Manager k 55k k 50k Commercial Underwriter 25-30k 45-60k 60k k 28-45k 45k + Personal Lines Underwriter 23-28k 28-40k 40k 23-25k 25-35k 35k + Commercial Account Executive 35-40k 40-50k 50k k 40-50k 50k + Commercial Account Handler 30-35k 35-40k 40k k 35-40k 40k + Corporate Broker 23-28k 28-40k 40k k 25-40k 40k + Loss Adjustor 24-30k 30-45k 45k k 30-45k 45k + Personal Lines Broker 21-26k 26-35k 35k k 26-35k 35k + Claims Handler 22-25k 25-35k 35k k 25-35k 35k + ACTUARIAL Chief Actuary 140k k Actuarial Manager - FIA - 120k k + - Actuarial Manager - Not FIA - 90k k + - Qualified Actuary 110k k Part Qualified 40-45k 45-55k 55k k 40-50k 50k + Nearly Qualified 55-60k 60-70k 70k k 55-65k 65k + Newly Qualified 80-95k k 110k k k 100k + Trainee Actuary (Graduate) 35-45k k - - 4

5 COMPLIANCE Head of Compliance k Compliance Manager 30-40k 40-70k 70k k 40-60k 60k + Compliance Officer 22-28k 28-40k 40k k 25-40k 40k + LIFE & PENSIONS Head of Underwriting k k Operations Manager k 70k k 60k + Pensions Manager k 55-80k k 50-75k Pensions Administrator 26k 32k 36k 24k 28k 32k Life Underwriter 26k 31k 34k 24k 28k 30k Life Administrator 26k 31k 34k 24k 28k 30k REINSURANCE Reinsurance Manager 65-75k 75-85k k 55-65k 65-75k k Reinsurance Underwriter 30-40k 40-55k 55k k 35-50k 50k + Reinsurance Broker 25-32k 32-45k 45k k 30-40k 40k + All salaries taken as annual in Euros, based on working in Ireland. Bonus/Car Allowance not included. Figures are based on current market rates. Salaries are subject to variances based on the individual, the company size and other external factors. Parameters indicate the highest and lowest salary level for each position. 5

6 Contacts Dublin 13 Hume Street, Dublin 2 Tel: +353 (0) Cork 33 South Bank, Crosses Green, Cork Tel: +353 (0) Galway Dockgate, Dock Road, Galway Tel: +353 (0)

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