CII salary survey also highlights significant gender imbalance in pay
Employees that work for insurers earn, on average, 12% more than their broking counterparts, according to the CII Insurance Salary and Workplace Survey of more than 5,700 insurance professionals.
The research, which aimed to demonstrate workplace behavioural trends in the insurance industry, also found that 66% of brokers fell into the lowest salary bands, earning up to £35,000, compared with 55% of insurers.
Gender inequality was also highlighted as a key issue within the insurance industry.
Some 72% of women fell into the lowest earning bands (up to £35,000), compared to 47% of men, while significantly more men (53%) earn more than £35,000 compared with women (28%). And only 2% of female respondents earn over £80,000 compared with 11% of their male counterparts.
CII director of communications David Ross said: “Our Royal Charter demands that we seek ways to secure and justify the confidence of the public in our members and the wider insurance community. If we are to achieve this, it is vital that we have a better understanding of our members, their concerns and their aspirations.
“This research is a useful companion piece to our annual skills survey, which provides the most complete data on the insurance skills landscape. When taken together, the two studies provide a picture of an industry coming to terms with the aftermath of the financial crisis and gaining a new-found confidence as it moves towards becoming a profession.”
The survey also found that chartered professionals earn, on average, 25% more than non-chartered practitioners and that those working in reinsurance are the best remunerated.
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