Financial Services, Insurance 2012 Salary Guide

Helen Firth 09.01.2012

Insurance - Actuarial


The actuarial jobs market continued to grow for permanent positions throughout 2011, leading to higher basic salaries at job offer stage. There will always be demand for experienced actuaries, especially in the build up to Solvency II and possibly Solvency III and beyond. We have also noticed an increase in graduates being recruited into this area.

There are currently a number of job opportunities available to newly qualified actuaries within insurance companies, consultancies, rating agencies and banks. Once again, due to the ensuing regulatory changes, there is a bias towards reserving positions.

For an actuary the difference in salary between one company and another is often negligible, and so other factors begin to make a more significant difference in the job search process. Factors such as work /life balance and location are becoming more important where remuneration is not the main driver.



Role Actuarial Student Actuarial Analyst Qualified Actuary Risk Management Actuary Head of Department
General Insurance £25k - £40k £38k - £55k £55k - £100k £60k - £110k £85k+
Life Insurance £25k - £40k £38k - £55k £55k - £100k £60k - £110k £85k+
Reserving Actuary * £38k - £55k £55k - £100k £80k - £120k £100k+
Solvency II Technician * * £65k - £100k £90k - £150k £120k+
Solvency II Technician * * £60k - £100k £80k - £120k £100k+
Pricing Actuary * £38k - £55k £60k - £100k £80k - £120k £100k+
Financial Reporting Actuary * * £60k - £100k £80k - £120k £100k+

*Typically, these roles do not exist at this level


Technical - Claims, underwriting & broking


Throughout 2011 insurance was a growth jobs market within the financial services sector at a time when companies were reducing headcount or restricting growth. Insurance companies have maintained consistent business performance or, in many cases, grown. As a result, hiring within the technical insurance market was constant throughout the year.

Due to a high volume of hires in 2011, staff retention has been a hot topic and many insurers are offering ‘buy backs’ to keep their best talent from joining competitors. As a consequence, base salaries across the industry have risen.

Expectations remain high for 2012, with the outlook in the industry still relatively optimistic.



Role Technical / Junior Team Leader Manager
Claims Adjuster £25k - £35k £35k - £50k £50k - £70k
Claims Technician / Broker £20k - £30k £30k - £50k £50k - £110k
Placing Broker £25k - £35k £35k - £60k £60k - £85k
Commercial Underwriter £20k - £25k £25k - £35k £35k - £60k
Property & Casualty Underwriter £25k - £35k £35k - £55k £55k - £80k
Specialist / Lloyds Underwriter £25k - £35k £35k - £70k £70k - £150k


Helen Firth's picture
Senior Manager