The UK insurance industry is a vibrant and thriving business sector, so working as an insurance broker or for an insurance company can deliver a fruitful and satisfying career. In the United Kingdom, you could work for a bank, insurance company, or employment agency in roles such as insurance broker, new business development manager, account management, or claims manager.
So, if you are a student considering working in the insurance market, a junior insurance broker looking to make the right moves or a qualified insurance broker aiming for the highest salary, our career advice is invaluable in understanding insurance broker basic salary and benefits, average salary for a specific job title, and in learning how to earn more.
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Highlights And Key Takeaways:
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Working in insurance, high paying roles include Claims Managers, Risk Managers, and Insurance Brokers.
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The starting salary working for an insurance company is £22,000 per year.
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The earning potential for insurance, business development, and actuarial roles, such as Claims Manager, is £79,040 per year.
HOW MUCH INSURANCE GET PAID - INSURANCE SALARIES
Here are the insurance salaries for the most popular insurance jobs:
INSURANCE SALES AGENT PAY
The average salary of an Insurance Sales Agent is £29,000 per year. Insurance Sales Agents are responsible for selling insurance policies to individuals or businesses. They identify potential customers, explain policy features, and provide advice on coverage options.
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CLAIMS EXAMINER PAY
The average salary of a Claims Examiner is £27,500 per year. Claims Examiners investigate insurance claims made by policyholders to determine the validity and amount of payment. They review policy details, interview witnesses and claimants, and analyse evidence to assess the legitimacy of claims.
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ACTUARY PAY
The average salary of an Actuary is £75,700 per year. Actuaries use mathematical and statistical models to analyse risks in insurance and other financial industries. They analyse data to calculate the probability of events and their potential financial impact and make recommendations on pricing, policy design, and risk management strategies.
ACTUARIAL SCIENCE PAY
The average salary of an Actuarial Science is £70,000 per year. Actuarial Science is the field of study that applies mathematical and statistical models to predict and manage financial risks in the insurance industry. Actuarial Science professionals use this knowledge to assess risks and make recommendations on pricing and policy design.
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INSURANCE BROKER PAY
The average salary of an Insurance Broker is £35,200 per year. Insurance Brokers work as intermediaries between insurance companies and clients. They assess client needs, research insurance policies, and negotiate terms and coverage on behalf of the client.
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INSURANCE FIELD SALES AGENT PAY
The average salary of an Insurance Field Sales Agent is £42,400 per year. Insurance Field Sales Agents work in the field to sell insurance policies to individuals and businesses. They travel to meet with clients and explain policy options and may also provide advice on risk management strategies.
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INSURANCE CLAIMS CLERK PAY
The average salary of an Insurance Claims Clerk is £24,400 per year. Insurance Claims Clerks process insurance claims made by policyholders. They review claim information, communicate with policyholders and other parties, and prepare documentation to process claims.
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INSURANCE UNDERWRITER PAY
The average salary of an Insurance Underwriter is £47,700 per year. Insurance Underwriters judge the risk of insuring individuals or businesses and decide whether to approve or deny insurance coverage. They perform data analysis on factors such as credit history, health status, and occupation to determine risk and set premiums.
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INSURANCE APPRAISER PAY
The average salary of an Insurance Appraiser is £37,400 per year. Insurance Appraisers assess the value of items, such as buildings or vehicles, to determine the appropriate insurance coverage and premiums.
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INSURANCE SALES MANAGER PAY
The average salary of an Insurance Sales Manager is £33,800 per year. Insurance Sales Managers oversee and direct sales teams for insurance companies. They set sales goals, develop training programs, and manage sales strategies.
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INSURANCE ADJUSTER PAY
The average salary of an Insurance Adjuster is £40,700 per year. Insurance Adjusters investigate insurance claims to determine the validity and amount of payment. They assess the damage, negotiate with policyholders and other parties, and prepare documentation to process claims.
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INSURANCE BUSINESS ANALYST PAY
The average salary of an Insurance Business Analyst is £50,900 per year. Insurance Business Analysts use data and information to help insurance companies make informed business decisions. They assess market trends, evaluate policy performance, and make recommendations on marketing and pricing strategies.
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HOUSEHOLD UNDERWRITER PAY
The average salary of a Household Underwriter is £46,900 per year. Household Underwriters judge the risk of insuring individuals and families for homeowners, renters, and other household insurance policies. They analyse elements such as location, property value, and claims history to determine risk and set premiums.
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CLAIMS CONSULTANT PAY
The average salary of a Claims Consultant is £43,700 per year. Claims Consultants provide expert advice and assistance to policyholders during the claims process. They may represent policyholders in negotiations with insurance companies and help with documentation and communication related to claims.
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HOW MUCH DO INSURANCE JOBS PAY?
The average insurance salary in the United Kingdom is £36,500 per year. A junior insurance broker or entry-level employees might secure a starting salary of £21,000 per year. An outgoing and confident person with extensive insurance market expertise could earn a competitive salary of up to £79,500 per annum.
However, previous experience is not the only factor that determines base salary estimates. The location of jobs and employers will affect how much brokers get paid. For example, the London market delivers the highest insurance salaries, followed by major cities across the United Kingdom.
This interesting career may also offer alternative perks if earning the highest salary or commissions is not on your agenda, such as hybrid working or spending time in the field visiting clients in their locations.
The type of insurance (business/vehicle/home insurance) and clients (B2B/B2C) could also dictate how much insurers and finance companies pay their employees. We suggest checking the average salary estimates for different jobs to acquire the best terms and market overview.
HOW TO EARN MORE WORKING IN INSURANCE
We recommend following our banking and insurance career advice to advance your career, earn higher insurance salaries, and move up the career ladder. Our career advice resources include free CV templates and advice on how to ask for a pay rise.
You may earn higher insurance salaries in the banking and insurance sector through:
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Age: Insurance professionals and brokers earn more as they gain maximum experience, typically occurring in the 40-49 age bracket.
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Geographical location: Insurance salaries vary by region in the United Kingdom. So, we recommend checking the average salary for areas such as Inner London, Outer London, London Fringe, and cities throughout England, Scotland, Northern Ireland, and Wales.
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Skills and qualifications: Your education and earning new qualifications, an advanced diploma, certifications, and associations can help you acquire a wage rise or an internal or external promotion.
If you seek one of the highest-paid jobs in the UK, begin your job search here.
INSURANCE JOB TITLE SALARY FAQS
Here we answer your questions on insurance salaries and pay.
HOW MUCH CAN YOU EARN WORKING IN INSURANCE UK? / HOW MUCH CAN YOU EARN IN INSURANCE?
The earning potential in the insurance industry in the UK can vary significantly depending on the specific role, experience, and qualifications. Insurance professionals with a background in sales, underwriting, claims management, actuarial work, and risk assessment can earn between £21,000 to £79,500 or more per year.
IS THERE MONEY WORKING IN INSURANCE?
Yes, there is potential for good earnings in the insurance industry. The insurance industry is a multi-billion-pound industry, and there is always a demand for insurance products and services. Therefore, many jobs in the insurance industry offer competitive salaries, bonuses, and benefits packages.
HOW MUCH DOES AN INSURANCE AGENT MAKE IN THE UK?
The amount an insurance agent earns in the UK can vary based on a range of factors such as their level of experience, the type of insurance they specialise in, and the company they work for. On average, insurance sales agents in the UK earn £30,000 per year. However, some agents can earn significantly more based on commissions and bonuses.
IS INSURANCE A GOOD CAREER UK?
Pursuing a career in the insurance sector within the UK presents a robust pathway filled with diverse opportunities, including work-from-home insurance jobs, engaging graduate schemes, and roles focused on driving new business. The insurance industry is a cornerstone of the UK’s economy, offering a stable and rewarding career choice for individuals passionate about helping others manage risk and secure their futures.
For those just beginning their career journey, many insurance companies offer graduate schemes designed to introduce newcomers to the industry's intricacies, providing a comprehensive foundation across various aspects such as underwriting, claims handling, and risk assessment. These programmes are tailored to nurture talent, fostering the next generation of insurance professionals.
Moreover, the industry’s adaptation to the digital age has opened up opportunities for work-from-home insurance jobs, catering to professionals seeking flexibility without compromising on career progression or the potential to contribute significantly to new business development.
Insurance roles often come with competitive salaries, excellent benefits, and the potential for substantial professional growth. Whether you’re interested in the analytical side of underwriting, the dynamic environment of claims, or the strategic aspect of risk management, the insurance sector offers a fulfilling career path. The industry’s focus on innovation, especially in areas like InsurTech, further enhances its appeal, offering a blend of traditional practices with cutting-edge technology.
In conclusion, insurance is not just a good career in the UK; it’s an excellent choice for individuals looking for a dynamic, stable, and rewarding profession that makes a real difference in people’s lives and offers the flexibility to adapt to modern working preferences.
ALL INSURANCE SALARIES
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