eFinancialCareers

Insurance underwriters in Scotland have seen big salary hikes in the last year, as a shortage of candidates drives demand.

The latest salary survey by recruiter Joslin Rowe paints a different picture from last year, when broker mergers meant insurers were more likely to lose their jobs than land a large pay rise.

But with new firms setting up in Scotland this year – such as Ace Insurance which created 200 jobs – and expansions by companies like Axa Insurance, Cairngorm Management Ltd and Royal Bank of Scotland, insurers are now scrabbling for candidates.

Specialist underwriters have seen the biggest increase – their salaries have risen from £25-35k to £30-50k, according to the survey.

Last year, the typical commercial underwriter salary was £18k, now they can expect to command up to £30k. Meanwhile, senior underwriters have seen an average pay hike of £5k – from £35k to £40k. Personal lines underwriters have also seen an increase from £15-25k to
£20-25k.

Diane O’Neil, senior divisional manager at Change CRS in Glasgow, says some firms are behind the curve and may miss out on the best people: “Companies may have to take candidates with limited experience with a view to further training or may have to pay a premium for the experience they require.”

Elaine McCrink, director of Elite Insurance Appointments, says new players have added to salary pressure: “The result is that there’s been more movement, and people working in the insurance industry are beginning to realise their worth.”

Colin Grieve, managing consultant at Head Resourcing, says firms are becoming more flexible: “After two or three years of scraping around trying to find the right individuals they are realising they may have to broaden the scope of their requirements.”

Glasgow outstrips Edinburgh in the number of insurance professionals it employs, says Joslin Rowe. The general insurance and life insurance industry employs more than 20,000 people in Scotland, according to figures from Scottish Financial Enterprise.