HOME BROWSE SALARIES BEST PAYING JOBS
Browse Salaries
Best Paying Jobs
Salary Increase Letters
Career Articles

Insurance Average Salaries in United Kingdom 2020

How much money does a person working in Insurance make in United Kingdom?


Average Yearly Salary
71,200 GBP
( 5,930 GBP monthly)

LOW
26,400
GBP
AVERAGE
71,200
GBP
HIGH
137,000
GBP

A person working in Insurance in United Kingdom typically earns around 71,200 GBP per year. Salaries range from 26,400 GBP (lowest average) to 137,000 GBP (highest average, actual maximum salary is higher).

This is the average yearly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Actuarial Analyst93,100 GBP
Actuarial Assistant67,400 GBP
Actuary96,200 GBP
Adjustment Insurance Clerk27,800 GBP
Assistant Broker46,400 GBP
Assistant Claims Manager78,100 GBP
Associate Insurance Representative36,400 GBP
Auditing Insurance Manager103,000 GBP
Broker75,100 GBP
Claim Advocacy Professional72,800 GBP
Claims Adjuster26,600 GBP
Claims Analyst38,300 GBP
Claims Examiner39,400 GBP
Claims Manager99,500 GBP
Claims Processor26,900 GBP
Claims Representative32,700 GBP
Claims Resolution Specialist80,300 GBP
Claims Supervisor73,900 GBP
Complaints Specialist69,700 GBP
Compliance Officer59,300 GBP
Consultant72,400 GBP
Eligibility Specialist69,500 GBP
Insurance Account Manager92,100 GBP
Insurance Accounts Executive77,200 GBP
Insurance Agent42,800 GBP
Insurance Analyst69,800 GBP
Insurance Appraiser74,500 GBP
Insurance Claims Clerk25,700 GBP
Insurance Examiner65,100 GBP
Insurance Investigator68,800 GBP
Insurance Manager123,000 GBP
Insurance Operations Manager121,000 GBP
Insurance Policy Processing Clerk27,900 GBP
Insurance Pricing Assistant56,900 GBP
Insurance Program Manager90,700 GBP
Insurance Project Manager92,400 GBP
Insurance Quality Assurance Agent60,800 GBP
Insurance Sales Agent41,600 GBP
Insurance Sales Director117,000 GBP
Insurance Team Leader77,600 GBP
Insurance Underwriter53,900 GBP
Loss Control Specialist69,800 GBP
Loss Prevention Investigator77,300 GBP
Loss Prevention Manager101,000 GBP
Loss Prevention Specialist75,700 GBP
Marine Underwriter55,400 GBP
Medical Auditor72,700 GBP
Monitoring and Performance Officer48,700 GBP
Payment Services Specialist74,500 GBP
Policy Change Director115,000 GBP
Policy Change Supervisor81,300 GBP
Policy Change Technician33,900 GBP
Risk Analyst82,800 GBP
Risk Management Director133,000 GBP
Risk Management Supervisor88,700 GBP
Risk Manager136,000 GBP
Risk Modeling Manager140,000 GBP
Title Insurance Typist62,500 GBP
Training Manager80,900 GBP

Insurance Jobs Salary Distribution in United Kingdom

Median and salary distribution yearly United Kingdom Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/united-kingdom/insurance/median-and-salary-distribution-yearly-united-kingdom-insurance.jpg

The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance salaries in United Kingdom range from 26,400 GBP per year (minimum average salary) to 137,000 GBP per year (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 72,600 GBP per year, which means that half (50%) of people working in Insurance are earning less than 72,600 GBP while the other half are earning more than 72,600 GBP. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Insurance are earning less than 44,600 GBP while 75% of them are earning more than 44,600 GBP. Also from the diagram, 75% of people working in Insurance are earning less than 107,000 GBP while 25% are earning more than 107,000 GBP.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in United Kingdom costs anywhere from 29,600 Pound Sterling(s) to 88,700 Pound Sterling(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Insurance Salary Comparison By Gender

Salary comparison by gender yearly United Kingdom Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/united-kingdom/insurance/salary-comparison-by-gender-yearly-united-kingdom-insurance.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in United Kingdom who work in Insurance earn 4% more than their female counterparts on average.

Male
72,700 GBP
Female-4%
69,600 GBP
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in United Kingdom for all Careers

Salary comparison by gender yearly United Kingdom
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/united-kingdom/salary-comparison-by-gender-yearly-united-kingdom.jpg

Insurance Average Annual Salary Increment Percentage in United Kingdom

How much are annual salary increments in United Kingdom for Insurance professionals? How often do employees get salary raises?

Insurance

Insurance professionals in United Kingdom are likely to observe a salary increase of approximately 10% every 14 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate United Kingdom Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/united-kingdom/insurance/annual-salary-increment-rate-united-kingdom-insurance.jpg


The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

United Kingdom / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in United Kingdom is 7%.

Annual Increment Rate By Industry 2019

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Listed above are the average annual increase rates for each industry in United Kingdom for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

Insurance Bonus and Incentive Rates in United Kingdom

How much and how often are bonuses being awarded?Annual Salary Bonus Rate United Kingdom Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/united-kingdom/insurance/annual-salary-bonus-rate-united-kingdom-insurance.jpg

Insurance is considered to be a moderate bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

44% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
56%
No Bonus
44%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Insurance Hourly Average Wage in United Kingdom


34 GBP per hour

The average hourly wage (pay per hour) in United Kingdom is 34 GBP. This means that the average person in United Kingdom earns approximately 34 GBP for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Insurance VS Other Jobs

Salary Comparison Between Insurance and Insurance yearly United Kingdom
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/united-kingdom/insurance/salary-comparison-between-insurance-and-insurance-yearly-united-kingdom.jpg

The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Aberdeen71,600 GBP
Abingdon66,500 GBP
Armagh70,900 GBP
Bangor62,800 GBP
Belfast75,200 GBP
Birmingham85,100 GBP
Bradford80,800 GBP
Brighton78,600 GBP
Bristol83,900 GBP
Cambridge72,100 GBP
Canterbury67,700 GBP
Cardiff77,700 GBP
Chester70,000 GBP
Coventry81,200 GBP
Derby79,100 GBP
Derry67,500 GBP
Dundee69,600 GBP
Durham69,500 GBP
Edinburgh77,300 GBP
Exeter73,300 GBP
Glasgow79,500 GBP
Gloucester72,600 GBP
Hartlepool71,200 GBP
Inverness63,500 GBP
Kingston upon Hull81,000 GBP
Kirkwall61,500 GBP
Leeds85,600 GBP
Leicester82,600 GBP
Lincoln74,400 GBP
Lisburn65,500 GBP
Liverpool85,100 GBP
London86,600 GBP
Manchester84,500 GBP
Newcastle80,800 GBP
Newport70,700 GBP
Newry67,600 GBP
Norwich74,000 GBP
Nottingham81,700 GBP
Oxford76,500 GBP
Peterborough77,300 GBP
Plymouth79,600 GBP
Poole75,200 GBP
Portsmouth78,300 GBP
Ripon67,700 GBP
Salisbury70,100 GBP
Sheffield85,400 GBP
Somerset82,100 GBP
Southampton79,300 GBP
St Davids61,600 GBP
Stirling66,500 GBP
Stromness60,900 GBP
Strontian60,300 GBP
Swansea73,700 GBP
Truro68,700 GBP
Wakefield65,000 GBP
Wells60,900 GBP
Winchester63,800 GBP
Wolverhampton72,800 GBP
York70,800 GBP

Salary Comparison By State

StateAverage Salary
England135,000 GBP
Northern Ireland65,000 GBP
Scotland99,900 GBP
Wales67,600 GBP

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in United Kingdom earn 4% more than their private sector counterparts on average across all sectors.

Private Sector
69,500 GBP
Public Sector+4%
72,600 GBP
Percentage increase and decrease are relative to the previous value

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2020