Employment data update: Insurance

Quick stats

• 275,000 people are employed in the UK insurance sector, approximately 1% of the total UK workforce
• The UK insurance industry is the largest in Europe and the third largest in the world
• Average salary in the sector is £24,500 but can vary greatly
• 14%.....the rise in general insurance job opportunities seen by Reed in the past year

Overview

Many in the insurance sector believe it doesn’t figure highly as a chosen career in the employment aspirations of young people, despite it being a fairly large sector, with large employers, a reported increase in job opportunities and there being a variety of roles, many of which can be entered at a junior level.

As a result, more insurance employers are becoming engaged in the education system with a quarter now having links to educational establishments.

Salaries for those new to the industry vary greatly depending on the role, with £15,000 - £18,000 being typical, although this can be nearer to £30,000 for those entering graduate roles as actuaries. With experience and progression, salaries can rise well in excess of £40,000, although pay over the past year has remained fairly static, as with many industries, throughout 2011. Reed have however, reported pay in the insurance sector as being slightly higher on average than other industry sectors.

Skills

Many large insurance companies have commented on a decrease in technical skills within the sector in recent years, however, remain resolute in looking for students and new entrants to the sector who have a good grounding in the basics of literacy, numeracy and IT, as well as.....

• Communication skills
• Negotiation skills
• Problem solving skills

There are very few specific insurance degrees, so studying for a business or mathematical focused degree tends to fit well with this sector.

The Chartered Insurance Institute have reported a significant increase in work placements and internships at insurance employers over the past year, up from 38% to 50% of employers. 

They also reported professional qualifications and education being seen as increasingly important by employers in response to the decrease in technical skills and an ever competitive employment market. Most employers will support training for new entrants and many will expect employees to work towards achieving professional qualifications, highlighting the importance of continued professional education to this sector.

19th January

Sarah Ward, HR & Business Consultant at PARN.