Insurance salaries, bonuses up in Northern Ireland

In some insurance roles, bonuses even increased by up to 20%

Insurance salaries, bonuses up in Northern Ireland

Insurance News

By Louie Bacani

Salaries for insurance professionals in Northern Ireland continue to perform strongly in the face of the uncertainties presented by Brexit, a new study has revealed.
According to the regional Salary Survey Report by Abacus Professional Recruitment, data obtained from 50 respondents working across a variety of professional roles in the insurance sector indicates continued market growth in 2016.
The survey findings show that 46% of insurance workers received a salary increase in 2016, with the average pay hike at 3.7%. Also, 68% got a bonus, with commercial account managers citing that the levels of available bonuses are on the rise, in some cases increasing by 20% year on year.

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Average salaries for the survey respondents ranged from £16,966 for personal lines advisors, £21,772 for a commercial account handler and £30,714 for a commercial account executive.
Abacus Professional Recruitment Justin Rush said the survey was one of the broadest that it had conducted in the insurance sector in Northern Ireland.
“It highlights that these markets remain resilient in NI. Total compensation packages including salary increases and benefits continue to perform strongly,” he said.
For 2017, expectations are high with 58% of commercial account executives, 67% of commercial account handlers and 72% of personal line advisors anticipating a salary increase.

However, despite the increasing salaries, insurance is still viewed less attractively than other sectors due to fixed and sometimes unsociable working hours. According to the survey, only 8% of the insurance workers in Northern Ireland said they can enjoy flexible working conditions.

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