Some good pieces of news for insurance professionals First, as Insurance Times' exclusive salary survey finds (page 7), salary increases are far outstripping inflation. UK insurance professionals are enjoying nearly £3,000 extra in their pay packets this year, that's a rise of almost 10% on last year.
And there is a burgeoning band of young high-flyers who are pulling in large salaries - 10% of under-25 year-olds are earning more than £30,000.
This is five times as many as last year. With the money shooting up further after 25, the roar of turbo-charged Porsche engines looks set to be a more common sound on the UK's roads.
Further good news is that the job market is bouncing back to life. The financial recruitment firms are reporting booming fees, showing that there are jobs out there and people willing to move to take them. As Sue Smith HR director at insurance group Hiscox says (page 31), "there is a renewed confidence among employees and companies".
But there is also some bad news, particularly for junior employees.
Their salaries have decreased by an average of £800 this year. If that is not galling enough for the lower echelons, the top brass are throwing themselves open to further accusations of fat cat-ism by enjoying hikes in basic pay of over £5,000.
The future leaders of the insurance industry must not be ignored. With top management, particularly among brokers, getting older, succession planning cannot be forgotten. Failure to do so threatens the future prosperity of the business. Brokers must ensure they address this issue by putting in place a structured approach to leadership development (page 27).
