Survey reveals average 9% surge in pay and a boost in bonuses paid
Salaries in the general insurance industry are bounding along at an inflation-busting 9%, according to exclusive research conducted by Insurance Times.
A survey of hundreds of insurance industry workers revealed that the mean salary is £36,190 per year. This compares with last year's survey, which reported a mean salary of £33,260.
The salary increase represents an acceleration of pay increases.
Last year's mean salary was a 6% rise on 2002, which, in turn was flat on 2001.
The number of bonuses being awarded is also well up.
Over 75% of those surveyed received a bonus last year. The figure for 2003 was 70% and in 2002 only 60% of those surveyed received a bonus.
The demise of the non-contributory pension is also a reality. These figure in only 24% of respondents' packages this year compared with 30% last year.
Contributory pensions are on the rise with 52% receiving this perk compared to 45% last year.
Job security is improving. Over 43% of respondents said they had no worries about redundancy, compared with 40% last year.