FT.com (reg. req.) notes that insurance’s dull image deters young people from entering the insurance field.
Of course, that’s also why salaries are relatively generous:
An actuary, for example, might earn £28,500 as a graduate, rising to £100,000-plus as a senior actuary with more than 10 years experience. Broking and underwriting – the other key elements of the insurance world – see a similar scale of progression, although the senior rewards are slightly higher for the underwriters.
Claims handling and loss adjusting, meanwhile, peak on average at around £50,000-£60,000.
($1.60 buys a pound these days, so you’re looking at a base of $45K in Britain for an actuary. I can just about guarantee that’s higher in the U.S. The senior actuary and claims salaries look about right for the U.S. market.)
[Executive recruiter Ian] Lazarus adds that more senior people from other industries are becoming interested in moving into insurance, partly to do with the stability it has shown during the recent financial crisis.
Oh, by the way:
Anyone who visits Monte Carlo in early September, when the reinsurance industry holds its annual get-together, will soon realise that some people are making a more than comfortable living.