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What does an Insurance Broker earn?
Insurance brokers typically earn an average of £35,200 per year in the UK. Insurance brokers advise their clients on the best insurance policies that meet their specific needs. They are primarily responsible for researching the available policies and providing advice on how to reduce their clients' risks. Insurance brokers can also specialise in areas such as life insurance, property and casualty insurance, or health insurance.
How to earn more as an Insurance Broker
To become an insurance broker, you will need a related professional qualification, such as an insurance diploma, or a recognised professional certification. Alternatively, you may pursue an apprenticeship in insurance. With further experience, you can move into a specialised area, such as maritime insurance or insurance underwriting, or become a manager within an insurance business. You might decide to become self-employed or start your own insurance brokerage. The most lucrative insurance brokers can expect to earn more than £72,500 a year.
Min: £22,000.00 Max: £72,500.00
Average Insurance Broker Salary in UK : £35,150.07
Read about Insurance Broker salaries, related jobs and salary information across the UK
Insurance Broker Salary data from the ONS
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Recommended Insurance Broker Jobs in UK
Average Salary for Insurance Broker compared to similar jobs
Related Jobs
View salaries for similar jobs.
| Job Title | UK Average |
|---|---|
| Insurance Administrator Salary in UK | £23,806.08 |
| Insurance Claims Clerk Salary in UK | £24,317.99 |
| Claims Examiner Salary in UK | £27,256.55 |
| Appraisers and Assessors of Real Estate Salary in UK | £27,500.00 |
| Insurance Claims and Policy Processing Clerk Salary in UK | £28,272.23 |
| Retail Loss Prevention Specialist Salary in UK | £28,618.54 |
| Insurance Officer Salary in UK | £28,868.54 |
| Insurance Sales Agent Salary in UK | £29,018.71 |
| Loss Prevention Manager Salary in UK | £31,685.94 |
| Insurance Investigator Salary in UK | £32,841.63 |
| Insurance Policy Processing Clerk Salary in UK | £33,114.63 |
| Insurance sales manager Salary in UK | £33,761.95 |
| Insurance Appraiser Salary in UK | £37,081.30 |
| Underwriter Salary in UK | £39,929.66 |
| Insurance Adjuster Salary in UK | £40,687.93 |
Salary by Region
Compare Insurance Broker salaries across different regions
| Region | Salary |
|---|---|
| Scotland | £34,401.79 |
| Wales | £25,892.28 |
| Northern Ireland | £24,916.67 |
| East Midlands | £30,300.97 |
| Eastern | £31,469.59 |
| London | £50,793.16 |
| North East | £27,363.90 |
| North West | £31,681.56 |
| South East | £28,649.38 |
| South West | £36,470.97 |
| West Midlands | £32,618.42 |
| Yorkshire and the Humber | £31,524.22 |
Annual Job Ads by Region
Understanding the Average Insurance Broker Salary in the UK
As an insurance broker in the UK, it's important to have a clear understanding of the average salary in the industry. The average salary for professionals in the Banking and Insurance sector can vary depending on factors such as experience, qualifications, and location. To get a better idea of the average salary range, you can refer to average Banking and Insurance salaries.
Salary Expectations for Newly Qualified Insurance Broker
If you're a newly qualified insurance broker in the UK, you may be wondering what salary you can expect. The salary for a newly qualified insurance broker can vary depending on factors such as the size and reputation of the company you work for, your qualifications, and your location. To find out more about salary expectations for newly qualified insurance brokers, you can explore the job search section.
Salaries for Experienced Insurance Broker
Experienced insurance brokers in the UK can expect higher salaries compared to their newly qualified counterparts. The salary for an experienced insurance broker can vary depending on factors such as the number of years of experience, the size and reputation of the company, and the level of responsibility. To get a better idea of the salary range for experienced insurance brokers, it's recommended to research industry-specific salary surveys and job listings.
Creating an Insurance Broker CV
When applying for insurance broker positions in the UK, having a well-crafted CV is essential. Your CV should highlight your relevant skills, qualifications, and experience in the insurance industry. To create a professional and effective CV, you can use a CV template specifically designed for insurance brokers. This will help you showcase your expertise and increase your chances of securing a job interview.
Career Development Opportunities for Insurance Broker
As an insurance broker in the UK, there are various career development opportunities available to help you progress in your profession. Whether you're looking to specialize in a specific area of insurance, pursue further qualifications, or take on managerial roles, it's important to have a clear career development plan. To explore different career paths and get valuable insights, you can refer to career advice specifically tailored for insurance brokers.
Comprehensive Compensation for Insurance Broker
Being an insurance broker in the UK comes with comprehensive compensation packages that go beyond just the basic salary. These packages may include benefits such as health insurance, pension schemes, performance bonuses, and commission structures. To fully understand the comprehensive compensation package for insurance brokers, it's recommended to research industry-specific resources and consult with HR professionals in the insurance sector.
Strategies for Increasing Your Salary as an Insurance Broker
If you're looking to increase your salary as an insurance broker in the UK, there are several strategies you can employ. These include continuously updating your skills and knowledge, pursuing additional qualifications, taking on more responsibilities, and demonstrating exceptional performance. By consistently delivering results and showcasing your value to the company, you can negotiate for higher salaries and better compensation packages.
Professional Development and Earnings
Professional development plays a crucial role in the earnings potential of insurance brokers in the UK. By continuously improving your skills, staying updated with industry trends, and pursuing relevant certifications, you can enhance your expertise and increase your earning potential. Additionally, networking with industry professionals, attending conferences, and participating in professional associations can provide valuable opportunities for career advancement and higher earnings.
Capitalizing on Extra Hours and Duties
As an insurance broker in the UK, there may be opportunities to capitalize on extra hours and duties to increase your earnings. This can include taking on additional clients, working on complex cases, or offering specialized services. By demonstrating your willingness to go the extra mile and taking on additional responsibilities, you can potentially earn higher commissions, bonuses, or performance-based incentives.