CEO gets salary increase

President was given 19% more in salaries from USAA businesses in 2016

CEO gets salary increase

Professional Risks

By Allie Sanchez

USAA gave president and chief executive Stuart Parker 19% more in salaries from its businesses in 2016, which the company described as historic due to catastrophe-related claims.

Data from the Nebraska Department of Insurance revealed that USAA’s four businesses paid Parker $2.7 million in 2016 compared with $2.3 million in 2015.

MySA added in a report that the company’s 2016 financial performance was affected by several factors, including what it said was a “historic year for catastrophe related claims.”

Want the latest insurance industry news first? Sign up for our completely free newsletter service now.

Claims rose more than 200% last year due partly to hailstorms and Hurricane Matthew, the publication reported.

Its other employees also got an across the board 16.8% annual performance bonus in 2016, reflecting a marginal decline from the 17% paid out in 2015. It was the lowest payout since 2008, the report added.


Related stories:
Combined Insurance appoints former US Marine to head military programs
Morning Briefing: Alexa, Kate become hot names for insurance

Keep up with the latest news and events

Join our mailing list, it’s free!