Insurer salaries beat inflation amid “resilience and growth”

Insurance professionals in the South West saw the highest salary rise in the UK last year with a raise of 7.5%, according to a survey by recruitment consultancy Reed. Insurers in Wales came second, with a 6.9% increase, while those in East Anglia came third, with a 6.1% uplift.

The sector generally saw above-inflation pay increases and is showing “resilience and growth”, Reed said. Salaries across the UK rose by 4.7% – faster than the rate of inflation, which stands at 4%.

Reed insurance and financial services recruitment expert Leanne Appleton noted that more firms are embracing technological change – “in particular the use of artificial intelligence and automation”. She added that this was reducing the need for easily automatable process roles, “instead heightening the need for more specialist skillsets, including professionals who can help to drive strategies and business plans”.

As part of its Insurance and financial services salary guide 2024, Reed surveyed 5,000 workers about their job benefits in November 2023. It found that one in four insurance and finance professionals were unhappy with their pay, while only half of respondents were confident that they would achieve a comfortable salary at some point. Three in 10 did not receive any workplace benefits.

Workers’ top three desired benefits were an annual salary increment (cited by 45%), a four-day working week (36%) and flexitime (36%).