General Insurance Market Salary Guide 2018/2019
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- Rudolf Cross
- 5 years ago
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1 General Insurance Market Salary Guide 2018/2019 A comprehensive guide of current and projected salary levels in the UK General Insurance Market
2 Insurance Recruitment Market Overview Contact IPS Group As I sit down to write this it s difficult to know where to start as the last 12 months have been a period of trials and tribulations, with the odd high mixed in for the insurance market. From a hiring perspective there have been a number of influential factors that have had an impact on recruitment trends across all of our divisions at IPS, including but not limited to: GDPR, M&A activity, Hurricanes Harvey, Irma, and Maria (HIM), the Lloyd s Decile 10, the power shuffle between MGAs and Syndicates, ILS & alternative capital markets and that s before we even get into the continuing saga of Brexit. In my 12 years of recruitment this year feels like it has been one of the most headline grabbing, with significant changes across the market. As a partner to the insurance industry it is key that as a business we remain versatile and adapt our internal capabilities to ensure we are able to keep up with the supply and demand of candidates in this ever changing landscape. To deliver this, we have diversified our staff to ensure we now have recruiters focusing on ILS, our underwriting recruiters no longer spend their days looking for property and casualty underwriters as everybody wants niche and specialty class underwriters (and no that doesn t just mean Cyber!) and we now have dedicated Europe recruiters focusing on roles across the board. As insurers start to use better quality data and MI to aid decision making in both risk selection and broader strategic decisions at portfolio level, our IT division has experienced a hike in the need for Data Scientists and our Analytical team have had substantial demand for MI/Data Analysts. Aside from this, our Actuarial and Analytics division has also had an unexpectedly busy year with Capital Modelling positions. Candidates have also noticeably changed their mind set. Years ago the idea of a candidate moving from a ground floor syndicate to a MGA would have been shut down immediately, yet increasingly we are seeing individuals move from Lloyd s into the world of a managing agency. A catalyst for this has been the poor results post Hurricane season in 2017 as well as other large losses. Naturally a direct consequence of this is bonuses being affected which aided the buying power of MGAs and ultimately their ability to attract a number of high profile hires, with the ability to earn profit commissions based on their own portfolios performance. One of the biggest frustrations with recruitment processes across the board is the length of time it seems to be taking to close off a vacancy. One of the main reasons for this is the uncertainty and disruption going on in the market which ultimately causes candidates to be very cautious. Our UK regional teams have had a superb 12 months which has been influenced by some major brands opening significant sized offices in the regions and moving a number of back office roles from London to their high tech (almost google like) offices. In turn, we have already started to see individuals moving away from London and closer to these hubs. In Asia we have continued to see Singapore grow as a regional hub in General Insurance though Hong Kong has a regulatory advantage for MGAs. In Shanghai we have seen more Lloyd s Syndicates opening on the Lloyd s platform though most of these entities have remained fairly small. The demand for London based underwriters to relocate out to Asia appears to have slowed down, with companies preferring to utilise local talent already on the ground. And all this whilst trying to ensure we provide the insurance market with the D&I that it so desperately needs as well as individuals who bring that je ne sais quoi to ensure the London market remains a special and unique place to work. UK Offices: LONDON IPS Group, Bevis Marks House, 24 Bevis Marks, London, EC3A 7JB LEEDS IPS Group, 8 St Paul s Street, Leeds, LS1 2LE MANCHESTER IPS Group, 10th Floor, Chancery Place, 50 Brown Street, Manchester, M2 2JG BIRMINGHAM IPS Group, Suite 418, Colmore Gate, 26 Colmore Row, Birmingham, B3 2QD International Offices: CHICAGO IPS Search, 980 N. Michigan Avenue, Ste 1400, Chicago, IL 60611, USA SWITZERLAND IPS Group GmbH, Haldenstrasse 5, Baar, Switzerland, CH6342 HONG KONG IPS Group, Level 16, Man Yee Building, 6068 Des Voeux Road Central, Central, Hong Kong SINGAPORE IPS Search Pte Ltd, Marina One East Tower, 7 Straits View, #0501, Singapore, SHANGHAI IPS Group (China) Ltd, Unit 14013, Hang Seng Bank Tower, 1000 LuJiaZui Ring Road, Pudong, Shanghai, , China london@ipsgroup.co.uk leeds@ipsgroup.co.uk manchester@ipsgroup.co.uk birmingham@ipsgroup.co.uk enquiries@ipssearch.com switzerland@ipsgroup.ch hongkong@ipsgroupasia.com singapore@ipsgroupasia.com shanghai@ipsgroupasia.com Dana Hill, IPS Divisional Director September 2018 The content of this guide is copyright and may only be reproduced in part or full with the permission of the board of directors of IPS Group Ltd
3 Contents London Insurance Market London Market & Specialist Underwriting London Market Claims London UK Commercial Lines Insurers Underwriting & Claims Relationship Management London Market Wordings London Market Brokers London Market & International Broking House Technical & Claims Staff London Retail Broking House Technical Staff (Global Multinational Account Manager) Outwards Reinsurance Operations & Business Support Services London Market Underwriting Operations / Technical Support Services Quality Assurance Management Information Conduct Risk Delegated Authority Claims / TPA Management Delegated Underwriting / Binder Management Risk, Audit & Compliance Risk Audit Compliance Risk Management / InHouse Insurance Actuarial & Analytics Actuarial Catastrophe / Exposure Management Pricing (NonActuarial) Finance Insurance Accounting IT & Change Business IT & Change Service Delivery & Infrastructure Applications & Datawarehouse Secretarial, HR, Marketing & Trainees 29 Secretarial HR Marketing London Market Graduate & Trainee Temporary & Contract Technical Roles Secretarial / Administrator Roles Regional Markets Regional Underwriting Commercial Underwriters Regional Underwriting Commercial Sales & Business Development Regional Underwriting Personal Lines / High Net Worth Regional Claims Insurer / TPA Claims Handler Regional Claims Credit Hire Regional Claims Broking Regional Broking Personal Lines Regional Broking Commercial Loss Adjusting External Adjusting Risk Surveying Analysis of Benefits 42
4 London Insurance Market London Market & Specialist Underwriting Research in this section carried out by Jeremy Cross, Dana Hill and Alison Taylor London Market Claims Research in this section carried out by Tim Southworth and Clare Aldrich We continue to see high demand for individuals with 4 8 years experience working as Claims Adjusters for Lloyd s Syndicates in a number of classes of business. Individuals with the desired experience are able to command premium salary packages. The increasing delegation of Underwriting and Claims Authority by Lloyd s Syndicates has led to an increasing number of roles focused on Delegated Claims Oversight, Reporting and MI. Demand for individuals with this experience is growing. Tim Southworth, Divisional Director Tim.Southworth@ipsgroup.co.uk We still see exceptions to the salaries quoted below for niche specialist classes of business such as Med Mal, Cyber and Technology. In these areas, a short supply of candidates has led to professionals with relevant experience being offered higher salaries than the market norm as companies compete for their services. Dana Hill, Divisional Director Dana.Hill@ipsgroup.co.uk With so many London market businesses having formed centralised operations support teams, there has continued to be a huge decline in Underwriting Assistant positions based with the Underwriters and/or at the box at Lloyd s. Therefore these roles are highly sought after and often good candidates will even take a pay cut to secure one. Alison Taylor, Divisional Director Alison.Taylor@ipsgroup.co.uk Underwriting Assistant / Box Assistant / Trainee Underwriter ,000 25,000 28,000 28,500 36,000 29,000 32,500 32,500 Assistant Underwriter 33,500 44,000 56,000 44,000 47,500 Underwriter 43,000 52,000 72,000 86,000 88,000 93,000 92, , , ,000 74,000 87,000 89,000 94,000 Senior Underwriter 58,000 70,000 99, , , , , , , , ,000 Underwriting Manager / Class Underwriter 95, , , , , , , , , , Claims Assistant 20,000 24,000 25,000 27,500 29,250 32,250 32,750 32,750 27,750 29,500 32,500 33,500 Claims Adjuster 22,000 24,500 27,000 28,000 32,250 38,750 43,500 44,750 45,750 53,000 54,000 33,500 39,500 44,000 Senior Claims Adjuster 27,000 31,000 36,000 57,500 63,000 67,500 70,000 97, ,000 48,500 58,000 63,750 68,000 Claims Manager 56,000 60,250 65,500 83,500 93, , , , ,000 95, ,000 Claims Operations Manager 36,000 52,000 58,000 67,000 77,000 72, ,000 46,750 59,000 68,500 79,000 Delegated Authority Claims / TPA Analyst 22,000 25,000 29,000 36,000 42,000 42,000 36,000 44,000 54,000 54,000 29,500 36,500 41,000 43,000 43,000 Delegated Authority Claims / TPA Manager 52,000 65,000 57,250 67,000 75,000 72,000 88, ,000 58,000 68,000 76,
5 London UK Commercial Lines Insurers Underwriting / Claims Research in this section carried out by James Dick and Dana Hill Relationship Management Research in this section carried out by James Dick We have seen a dramatic decrease in one need for Mono Line Property & Casualty Underwriters. To the best of our knowledge this is down to a combination of reasons; people not replacing headcounts, companies focusing on niche & specialty classes & AI. James Dick, Divisional Director James.Dick@ipsgroup.co.uk Dana Hill, Divisional Director Dana.Hill@ipsgroup.co.uk Trainee Underwriter ,000 25,000 28,000 28,000 Client / Broker Development Manager 70,000 75,000 95, ,000 77,000 98,000 28,500 31,000 32,500 Commercial Underwriter 32,500 42,000 44,000 51,000 51,000 63,000 68,000 Head of Client / Broker Management 140, , , ,000 44,500 49,000 53,000 56,000 Senior Underwriter 51,000 67,000 72,000 74,000 66,000 96,000 56,000 69,000 73,000 76,000 Underwriter Manager 58,000 69,000 73,000 83,000 98, ,00 118, , ,000 London Market Wordings Research in this section carried out by Tim Southworth The volume of Wordings Technicians with 4 years plus wordings experience who leave their current employer is negligible. There is therefore a significant disparity between the salaries that need to be offered to a good Wordings Technician to join a company, and those being paid to individuals who stay with their current employer. Niche areas tend to be higher. Tim Southworth, Divisional Director Tim.Southworth@ipsgroup.co.uk 100, ,000 Claims Assistant / Technician 22,000 24, ,500 28,000 27,500 28,500 Wordings (at a Broker) 22,000 24,000 29,000 26,250 32,250 38,250 42,250 43,500 Claims Handler / Adjuster 23,500 27,000 32,500 32,500 90, ,000 26,500 32,500 38,500 42,500 44,000 31,500 35,500 43,000 44,000 45,500 51,000 53,000 54,000 31,500 35,500 43,000 44,000 Wordings (at a Lloyd s Syndicate or Insurer) 44,000 44,000 44,000 34,500 49,000 55,500 63,500 67,000 Claims Manager 44,000 70, , , ,000 56,000 64,500 68,000 67,000 90,000 81, , ,000 67,000 81,500 91,500 Wordings Manager (Predominantly at a Lloyd s Syndicate or Insurer) 58,000 65,000 81,500 90,000 94, , , ,000 82,500 90,500 95,
6 London Market Brokers London Market & International Broking House Technical & Claims Staff We have seen very limited overall changes to salaries in these sectors over the past 12 months. Salary levels at senior status vary considerably, dependent upon the employer, the size of the portfolio managed, the size of the division and the class of business with niche market classes paying premium remuneration packages. Research in this section carried out by Christopher Dickman Research in this section carried out by Christopher Dickman London Market Placing Brokers salaries continue to experience considerable variations within groups of Brokers with similar lengths of time in this market. This can be attributed to continuing prevailing soft market conditions affecting Brokers revenues, together with the profile of the employing Lloyd s Broker and the quality and profitability of their client base. However, as in previous years, lower salary increases or in many instances salary reductions, are often being made to Brokers searching for new employment who have been made redundant. Rising stars, lead market or Brokers with client attraction and/or retention capabilities always attract higher increases in salary. The overall consequence of this has resulted in salary figures which may be distorted inconsistently. 13 Christopher Dickman, Director Chris.Dickman@ipsgroup.co.uk ,000 24,500 28,000 25,000 28,000 30,500 36,000 28,750 36,000 42,000 25,000 28,000 30,500 36,000 Technician (Broker BackUp and Claims) Christopher Dickman, Director Chris.Dickman@ipsgroup.co.uk Recent years have seen salary levels remain fairly fixed with few individuals seeing any meaningful pay increases Non Marine International Facultative / Direct Placing Broker Senior Technician (Broker BackUp and Claims) 27,000 25,000 29,500 35,500 49,000 65,000 74,000 44,000 45,500 75, , , ,000 38,500 53,500 56,000 66,000 75,000 81,000 36,000 65,000 74,000 65,000 90,000 48,500 66,500 74,500 Marine & Aviation Placing Broker Direct / Facultative Manager (Broker BackUp and Claims) 24,000 31,500 36,000 58,000 65,000 65, , , ,500 49,000 59,000 68,000 Reinsurance Placing Broker Non Marine, Marine & Aviation 25,500 36,000 68,000 74,000 42, , , ,000 49,000 69,000 76,000 86,000 London Retail Broking House Technical Staff (Global Multinational Account Manager) Research in this section carried out by Christopher Dickman We have seen very limited overall changes to the salaries in these roles over the past 12 months. In fact, some salaries continued to reduce as restraint continues to be the theme of many budget/planning meetings in the global multinational sector. This has impacted on the salaries offered in salary reviews while redundancies have negatively affected the salaries of those returning to work. Christopher Dickman, Director Chris.Dickman@ipsgroup.co.uk ,500 26,500 28,500 36,000 36,500 44,000 41,000 Technical / Account Handler Account Handler / Junior Account Executive 39,500 45,500 44,000 43,000 49,000 54,000 64,000 75,000 88,000 43,500 61,000 49,000 56,000 58,000 66,000 66,000 86, , ,000 59,000 68,000 88,000 Account Executive Account Director 10 11
7 Outwards Reinsurance Research in this section carried out by Tim Southworth The major shortage of candidates is at the 1 6 year experience level, due to very few individuals being recruited into junior reinsurance roles over this period. The availability of high calibre candidates working for Lloyd s Syndicates in outwards reinsurance roles at salaries below is limited. Tim Southworth, Divisional Director Tim.Southworth@ipsgroup.co.uk Reinsurance Assistant 22,000 28,500 32,750 32,750 29,000 28,000 43,000 44,750 52,000 54,000 44,000 46,500 46,500 43,000 52,000 59,750 63,000 66,500 70,000 78,000 78,000 63,500 67,000 65,000 73,000 81,500 90,500 94, , ,000 73,500 82,000 91,000 Reinsurance Technician Senior Reinsurance Technician Reinsurance Manager Reinsurance Purchasing Coordinator / Assistant 24,000 54,000 58,000 56,500 67,000 69,500 70,000 75,000 45,500 56,750 67,250 69,750 70,000 75,000 89,000 96,000 95, , ,000 80,500 89,500 96,500 Reinsurance Purchasing Manager 12 10
8 Operations & Business Support Services Quality Assurance Research in this section carried out by Alison Taylor In the last 12 months we have seen a continued focus on data integrity and for individuals to work in Quality Assurance focused roles. Retaining individuals in QA roles is a challenge. Good candidates with QA experience are often seeking salaries in excess of the level an employer is looking to pay. Alison Taylor, Divisional Director Alison.Taylor@ipsgroup.co.uk London Market Underwriting Operations / Technical Support Services Research in this section carried out by Alison Taylor and Dana Hill A number of London Market companies and Syndicates have continued to form and grow their central underwriting administration/operations support functions. These are administrative back office teams providing support to the front office. These functions are now well developed, but there is a continuing demand for those with quality control and audit skills to perform monitoring, checking and reporting roles. Alison Taylor, Divisional Director Alison.Taylor@ipsgroup.co.uk QA Technician 24,000 36,000 42,000 42,000 44,000 44, QA Analyst 36,000 36,000 42,000 42,000 Technician Underwriting and Claims Support Services 22,000 28,000 28,000 28,000 28,000 36,000 42,000 44,000 36,000 40,500 42,000 42,000 QA Manager 42,000 42,000 42,000 42,000 42,000 26,500 36,500 56,500 56,500 Analyst Underwriting and Claims Support Services 28,000 36,000 36,000 70,000 75,000 75,000 52,000 56,000 57,000 57,000 42,500 43,000 44,000 36,000 52,000 43,000 43,500 44,500 Team Leader Underwriting and Claims Support Services 32,500 44,000 Management Information Research in this section carried out by Gary Ahern In 2018 we have seen a high demand for individuals with strong MI and data skills, with a particular focus on improving the quality and reliability of the data produced. This is required for internal management to meet conduct risk requirements and to meet the broader requirements from the FCA, PRA and Lloyd s. Demand is particularly strong for candidates at junior and midlevels with exceptional Excel skills. 42,500 47,500 49,000 Gary Ahern, Consultant Gary.Ahern@ipsgroup.co.uk 54,000 56,000 49,000 Manager Underwriting and Claims Support Services 42,000 52,000 Management Information (MI) / Data Technician ,000 58,500 65,500 27,000 70,000 78,000 31,000 36,000 52,500 55,500 59,000 66,000 Underwriting Performance Manager 52,000 54,000 56,000 58,000 62,000 65,000 49,500 54,000 57,000 Claims Operations Manager 36,000 52,000 Management Information (MI) / Data Analyst 43,000 52,000 44,000 70,000 54,000 57,000 Management Information (MI) / Senior Analyst 58,000 67,000 77,000 65,000 70,000 72, ,000 68,000 74,000 90,000 46,750 59,000 68,500 79,000 64, ,000 Head of Operations / Director of Operations 68,000 65,000 68,000 78,000 92, , , ,000 87,000 95,000 57,000 70,000 75,000 91,000 Management Information (MI) Manager / Head of Management Information 67,000 70,000 73,000 88,000 95, , , , ,000 90, , ,
9 Conduct Risk Research in this section carried out by Tim Southworth and Alison Taylor A number of Insurers and Lloyd s Syndicates created a dedicated conduct Risk role or function. However, a number of other Insurers and Lloyd s Syndicates have viewed Conduct Risk as a function that should be carried out within the business, rather than a dedicated function. As a result, demand for individuals to focus on a Conduct Risk Management role has not been as high as expected. Tim Southworth, Divisional Director Tim.Southworth@ipsgroup.co.uk Conduct Risk Analyst ,000 29,000 45,500 36,000 41,000 46,250 Conduct Risk Manager 42,000 55,750 59,500 66,000 75,000 88,000 56,500 60,250 67,000 Head of Conduct Risk 95, , , , , , ,000 Delegated Authority Claims / TPA Management Research in this section carried out by Tim Southworth We have seen a number of Lloyd s Syndicates create a Delegated Claims Manager role to focus on improved oversight of Delegated Claims and TPA s. Demand for individuals at a more junior level to focus on Delegated Claims, MI and reporting is increasing, but candidates with this experience at salaries below remain in short supply. Tim Southworth, Divisional Director Tim.Southworth@ipsgroup.co.uk Delegated Authority Claims / TPA Analyst ,000 25,000 29,000 36,000 42,000 42,000 36,000 44,000 54,000 54,000 29,500 36,500 41,000 43,000 43,000 Delegated Authority Claims / TPA Manager 52,000 65,000 57,250 67,000 75,000 72,000 88, ,000 58,000 68,000 76,000 Delegated Underwriting / Binder Management Research in this section carried out by Tim Southworth and Alison Taylor The focus of the FCA and Lloyd s remains strong on all aspects of Delegated Authority Management. As a result, demand from Lloyd s Syndicates for individuals working in Delegated Underwriting Authority roles remains high; whether this is individuals who perform a broad DUA role, those more focused on due diligence and onboarding of cover holders, audit management or Bordereaux/Data. Whilst a number of the larger Lloyd s Managing Agents have offshored some DUA roles and speculation of London Market TOM changes, demand for individuals with experience working in DUA roles at Lloyd s Syndicates shows no sign of slowing. Demand in 2018 has been particularly high within salary levels. Tim Southworth, Divisional Director Tim.Southworth@ipsgroup.co.uk DUA Administrator / Assistant ,000 28,000 28,000 29,500 36,000 36,000 34,500 36,500 DUA Technician / Analyst 28,000 36,500 45,750 42,000 52,000 37,500 46,500 46,750 48,500 48,500 Senior DUA Technician / Analyst 39,500 41,000 42,000 43,000 53,500 64,000 65,000 66,000 65,000 75,000 88,000 65,000 65,500 66,500 DUA Manager 69,500 76,500 84,500 91,500 82,000 92,000 98, ,000 70,500 77,500 85,500 92,500 Delegated Underwriting Audit Coordinator / Analyst 25,000 42,000 34,500 49,000 54,000 55,500 42,000 54,000 62,000 65,000 70,000 35,500 46,500 50,500 56,500 Delegated Underwriting Audit Manager 75,000 71,000 82,500 91,500 98, , , ,000 72,500 83,500 92,500 99,000 Head of Delegated Underwriting 90,000 95, , , , , , ,
10 Audit Risk, Audit & Compliance Research in this section carried out by Mark Brady With continued regulatory focus both from Lloyd s and external regulators, we ve experienced similar demands as that of 2017, although mergers and acquisitions have tempered activity and salary levels. Risk As before a premium is still sought by individuals who have a Big 4 background and possess insurance audit exposure, either externally or internally. Research in this section carried out by James Dick Risk will continue to have a high profile going forward; this is primarily as a result of both the high standards being demanded by internal governance structures together with the requirements being set by external regulators. There is a consistent requirement for talent in this field at all levels, perhaps the opportunity for broader responsibilities now adds to the appeal. Increasingly, an ERM model is being adopted; whilst there is still a heavy emphasis on the capital piece, the remit includes: risk and capital management delivering the ORSA report, risk/appetite profiling, stress testing, emerging risk process and continually checking the risk register. Invariably, this expansive job content requires the need for good knowledge/experience, analytical ability and report drafting skills. A clear career path exists within Risk, with related jobs offering considerable challenge and responsibility. Equally, the regular demand for the required skillset means that salary levels typically remain in the higher/upper quartile ranges. James Dick, Divisional Director James.Dick@ipsgroup.co.uk Risk Assistant Mark Brady, Manager Mark.Brady@ipsgroup.co.uk ,250 28,250 32,250 38,500 47,500 58,250 59,000 49,500 56,750 72,000 77,250 41,000 59,000 Coverholder Auditor Internal Auditor / Senior Internal Auditor 50,500 53,500 60,500 68,750 72,750 61,250 63,250 66,000 72,000 76,500 23,500 28,500 67,000 70,000 72,000 75,250 82,500 29,250 32,750 62,250 64,250 67,000 73,000 77,000 42,500 30,250 33,250 65,750 70,750 73,750 77,750 80,750 71,500 78,500 81,000 83,750 86,750 31,000 34,250 41,000 77,250 82,500 84,500 87,500 92,750 48,500 49,000 72,750 80,500 82,000 84,500 87,500 62,000 66,000 41,500 51,000 91, , , , , ,000 Risk Analyst Senior Risk Analyst Internal Audit Manager Head of Internal Audit 46,250 50,250 50, , , ,000 62,500 68,500 73,500 74, , , ,000 70,500 77,500 80,500 82,500 63,000 71,000 76,000 79,000 68,000 70,000 73,000 73,500 75,000 90, , , , , , , , , , ,000 Risk Manager Chief Risk Officer 18 19
11 Compliance Risk Management / InHouse Insurance The requirement for individuals with experience working in Compliance roles at UK based Insurance firms and, in particular, Lloyd s Syndicates remains high. This, coupled with the challenge of retaining junior individuals in Compliance roles, has enabled the individuals with 2 to 5 years experience in Compliance Advisory or Monitoring roles to push for premium salary packages. Roles within Risk Management are now being considered as interesting/rewarding roles, offering a broad range of challenges and responsibilities. The focus can often have a bias towards either Insurance purchase or selffunding arrangements/captives; sometimes there is a mix of the two elements. These commercial organisations who have their own in house teams can cover a wide range of industries and services, private and public sector, providing plenty of different opportunities. Research in this section carried out by Tim Southworth and Alison Taylor Research in this section carried out by James Dick Demand in 2018 has been particularly high within salary levels. The pay scales in different sectors can vary, most obviously between the private sector and public sector/charities. Even within the private sector, depending on the economic situation of the day, the salaries can vary. Tim Southworth, Divisional Director Tim.Southworth@ipsgroup.co.uk Those salaries in the average band (Insurance Executive/Assistant Risk Manager level) have increased at greater rates than those in the more junior levels. This is largely due to supply and demand; supply being short and demand being higher for midranking Risk Management personnel. James Dick, Divisional Director James.Dick@ipsgroup.co.uk Compliance Assistant 20,000 22,000 27,000 29,500 32,500 27,500 Compliance Analyst ,500 28,500 35,250 42,000 32,500 40,250 29,000 36,500 43,500 Insurance Clerk / Technician 25,000 27,000 33,500 38,500 43,500 52,000 33,250 34,750 31,500 42,500 46,500 39,500 44,500 Senior Compliance Analyst Insurance Executive 39,500 49,500 59,000 33,500 44,750 49,500 49,750 51,500 42,500 49,000 52,500 64,000 70,250 73,000 68,000 95,000 41,250 43,500 47,500 49,500 74,000 58,000 59,500 59,500 72,500 82,000 50,250 57,500 61,250 62,250 64,000 66,500 54,000 65,000 71,000 Compliance Officer / Manager Assistant Insurance & Risk Manager 58,000 86,000 91,000 97, , , ,000 61,000 87,000 93,000 98,500 67,000 70,500 75,000 90, , ,000 69,000 72,000 79,000 Head of Compliance 20 75,000 95, , , , , , ,000 Insurance and Risk Manager 21
12 Catastrophe / Exposure Management Research in this section carried out by Gary Ahern Actuarial & Analytics CAT / Exposure Analyst Actuarial Research in this section carried out by Gary Ahern The salaries below are representative on a nationwide scale and takes into account wage differentials across Lloyd s/london market, as well as regional retail/personal lines insurers. There has been a steady demand for nonlife actuaries and broader analytics professionals. However due to Solvency II coming to an end, Brexit (to some degree, still lots of uncertainty with this) and generally a soft and somewhat saturated (Re)Insurance market and of course the last minute Government enforcement in relation to Ogden; opportunities have stagnated or new projects have been sidelined for the interim. In relation to salary demands, we have seen little change from last year, perhaps just on a wageinflationary scale. The contracting market has been in steady decline for the last 12 months and seeing increasing demands within the data science/data analytics capacity, not only within in retail Insurance, but now increasingly within Lloyd s/london Market. 23,000 42,000 53,000 36,000 57,000 73,000 92,000 58,000 75,000 75,000 83,000 92, , , , ,000 88,000 95, ,000 CAT / Exposure Manager IPS Actuarial and Analytics handles all types of job opportunities at all levels across Actuarial, CAT/Exposure Management and Data Science across London, Bermuda and Europe. Pricing (NonActuarial) Gary Ahern, Consultant Gary.Ahern@ipsgroup.co.uk Research in this section carried out by Gary Ahern Actuarial Analyst (Depending on level of study support) ,000 Pricing Analyst / Senior Pricing Analyst / Pricing Manager / Head of Pricing 25,000 28,000 38,500 56,000 57,000 82,000 90, ,000 42,000 62,000 Part Qualified Actuary (All CTs and CA1) 53,000 44,000 57,000 67,000 57, ,000 70,000 Nearly Qualified Actuary (2 exams left) 62,000 78, ,000 63,000 82,000 52,000 65,000 90,000 78,000 96, , , , , , , ,500 98, , ,000 Qualified Actuary 22 23
13 Finance Insurance Accounting Research in this section carried out by Mark Brady Syndicate accounting/regulatory reporting continues to be a high demand area, with an increased focus on interim solutions and a more relaxed view on those without specific regulatory/syndicate accounting experience. Whilst international financial reporting standards are subject to forthcoming change, we ve not experienced increased demand within this area as of the time of writing. Mark Brady, Manager Mark.Brady@ipsgroup.co.uk Accounts Assistant / Purchase Ledger / Cashier / Credit Control / Reconciliations 22,270 24,500 29,000 33,250 38,750 24,750 28,000 33,500 39,250 42,500 27,250 30,500 41,250 45,250 29,000 35,250 39,500 42,500 Assistant Accountant / Part Qualified Accountant 22,500 28,000 41,000 55,500 28,000 30,250 44,500 61,500 42,000 51,000 65,750 29,000 31,000 37,500 45,500 62,500 Credit Control Manager / Senior Credit Controller 33,750 42,500 47,500 52,500 37,500 40,500 48,250 53,000 59,000 45,500 52,000 59,500 64,000 38,500 41,000 49,000 Newly Qualified From Practice 50,500 56,000 61,750 58,000 Qualified Accountant Financial / Management 53,500 57,500 60,500 65,750 68,750 56,000 61,250 63,750 69,250 71,500 58,750 67,000 69,500 72,000 75,250 57,250 62,250 64,000 70,500 73,000 Syndicate Accountant 53,500 57,500 62,500 68,750 72,750 56,000 61,250 66,250 71,500 76,500 61,750 69,000 74,250 80,250 84,500 57,500 62,500 67,250 72,250 77,750 Insurance Accounting (Continued) Finance Controller 65,750 68,750 78,750 80,750 82,750 69,250 71,500 81,500 86,750 89,750 72,000 77,250 84,500 92,750 97,750 70,250 72,500 82,500 87,250 91,000 Head of Finance 70,750 78,750 80,750 82,750 91,000 75,500 81,500 86,750 91, ,000 82,500 92,750 97, , ,250 76,500 82,500 87,750 93, ,000 Finance Director 91, , , , , , , , , , , , , , , , , , , ,000 Chief Financial Officer / Group Finance Director 131, , , , , , , , , , , , , , , , , , , ,000 FP&A / Analyst 35,250 42,500 54,500 60,500 67,750 40,750 58,250 66,250 71,500 46,250 58,000 60,750 70,000 75,250 42,000 51,500 59,000 67,000 72,500 FP&A Manager 60,500 65,750 72,750 78,750 85,750 66,250 69,250 76,500 81,500 91,750 70,000 74,000 86, ,000 67,250 70,000 78,000 82,500 92,750 Head of FP&A 78,750 85, , , ,250 81,500 91, , , ,750 84, , , , ,500 83,000 93, , , ,000 Systems Accountant 50,500 55,500 56,500 60,500 62,500 57,000 59,250 63,250 71,500 59,750 64,000 66,000 69,000 77,250 56,000 59,000 61,000 64,250 72,
14 IT & Change Service Delivery & Infrastructure Research in this section carried out by Ryan Wilson Permanent salary by years experience Contractor day rate by years experience Business IT & Change Research in this section carried out by Ryan Wilson Desktop (1st / 2nd Line Support) 22, Across the insurance industry, IT & Change functions have again seen salaries remain at a constant, due largely to the financial performance of the market as a whole. The trend in the market has been focused on data driven analytics, with Data Science a topic of real interest among many clients and an area of considerable investment ,500 42, ,000 32,250 36, Server / Network / Security / Administrators (3rd Line) The regulatory landscape has once again shaped change within the market; GDPR, IFRS and Brexit have seen mass attention, driving a buoyant contractor market. 42, , With the changing market environments and regulatory landscape the IT & Change market should remain busy throughout the next 12 months. Ryan Wilson, Senior Consultant Ryan.Wilson@ipsgroup.co.uk ,000 52, Infrastructure Architect 61,000 70,000 82, Permanent salary by years experience Contractor day rate by years experience ,000 78,000 88, ,000 88,000 97, ,000 81,000 91, Project Support / PMO 41, ,000 51, , ,000 42,000 52, Infrastructure & Operations Manager 49, ,000 65, , ,000 68, Business Analyst ( IT / Change / BPR ) 43,000 52, ,000 66, ,500 82, ,000 67, Project / Programme Manager ( IT & Change ) 53,000 65, ,000 82, , , ,000 69,000 83, Technical Solutions / Architect 69,000 73,000 79, ,000 91, , , ,000 81,000 92, CIO / IT Director / Head of IT 96,000 1, , ,500 1, , ,000 1, , ,000 1,300 Change Programme Manager / Director 81, , ,000 1,080 92, , ,000 1, , , ,000 1,795 93, , ,000 1,350 Service Desk Manager (ITIL) 52, ,000 70, , ,000 71, Change / Config / Problem or Incident Managers (ITIL) 58,000 68, ,000 75, , ,000 63,000 76, Service Delivery Manager (ITIL) 65, , ,000 75, ,000 71, IT Trainer 32,500 36,500 42, ,500 45, , ,000 47, Technical Services Manager (Infrastructure & Services Management) 51,000 61,000 82, ,500 83, , ,500 97, , ,000 86, ,
15 Applications & Datawarehouse Research in this section carried out by Ryan Wilson Permanent salary by years experience Contractor day rate by years experience 14 Secretarial, HR, Marketing & Trainees 4+ Application Support Analyst 25,000 42, , ,000 43,000 51, , , ,000 66, The salaries outlined below are for roles based in London. Salaries for these positions based regionally will vary depending on the location and the size of the business. Caroline Roberts, Manager Secretarial Research in this section carried out by Caroline Roberts Analyst Programmer / Developer 23, ,500 23,500 25,500 27, ,500 25,500 27,500 30,500 31,000 28,500 30,500 23,000 28,000 31,000 31,500 21,000 25,500 28,500 28,500 28, ,000 27,000 31,500 31, ,000 38,500 38,500 27,500 31,000 27,000 31,500 33,500 41,000 Receptionist , , Datawarehouse / ETL Developer 49,000 70, Test Analyst 65, ,000 71, Datawarehouse / BI Analyst Secretary PA / Secretary to Director / Manager 41,000 54, ,000 57,000 70, ,500 43,000 44,000 34,500 37,500 39,500 41,500 36,000 41,000 44,000 42,000 47,500 57,000 63,000 78, ,000 58,000 71, Executive Assistant / Board Level PA HR Research in this section carried out by Caroline Roberts Role 28 Projected 2019 HR Assistant / Administrator 23,000 28,000 28,500 HR Officer / Advisor HR Business Partner 51,000 68,000 82,000 70,000 HR Manager 94, ,000 95,000 HR Director / Head of HR 136, , ,000 29
16 Marketing Research in this section carried out by Dana Hill Marketing salaries continue to vary wildly depending on the size of the business, the structure of the marketing department and the individual responsibilities of each position. We are continuing to see an increase in roles that sit outside of the traditional marketing department, in areas such as R&D, distribution and innovation. Dana Hill, Divisional Director Temporary & Contract Demand for temporary and contract roles has remained constant throughout 2018 and we don t expect to see any major increases or decreases in the coming year. Areas where there is a shortage of suitable candidates such as Delegated Underwriting & Analytics we have seen salaries increase in line with their permanent counterparts. For the most part we expect salaries to remain steady throughout Carl Crossfield, Associate Director Carl.Crossfield@ipsgroup.co.uk Technical Roles Research in this section carried out by Carl Crossfield and Caroline Roberts Marketing Assistant 19,500 25,000 31,750 25,500 28,000 35,750 37,250 29,250 37,250 43,500 45,500 48,750 25,750 28,500 34,250 36,250 37,750 Marketing Executive 27,250 31,250 34,500 38,500 39,750 31,750 43,750 50,500 52,750 55,250 39,500 57,250 63,500 70,750 77,000 33,750 44,250 50,750 54,250 56,500 Marketing Manager 43,000 53,000 54,000 55,250 65,000 83,000 70,000 73,750 90, ,000 56,000 58,000 68,000 London Market Graduate & Trainee Research in this section carried out by Alison Taylor and Clare Aldrich Projected 2019 GCSE s 16,000 19,000 22,000 19,000 ALevel 18,000 22,000 25,000 22,500 Role Salary (per hour) Underwriting Assistant From Commercial Underwriter From Motor Claims Negotiator From Outwards Reinsurance Technician From Operations Technician From Broker BackUp Technician From UK Account Handler From Risk Manager From InHouse Insurance Administrator From Claims Technician / Handler From Claims Adjuster From Reinsurance Claims From Loss Adjuster From Delegated / Binding Authority Administrator From Delegated / Binding Authority Analyst From Delegated / Binding Authority Manager From Analyst From Catastrophe Modelling Assistant From Catastrophe Modelling From Secretarial / Administrator Roles Research in this section carried out by Caroline Roberts Graduate 22,000 26,500 Role Salary (per hour) General Administrator From Receptionist From Junior Secretary From Senior Secretary From Senior Secretary / PA From Executive Assistant From
17
18 Regional Markets Regional Underwriting Commercial Sales and Business Development Research in this section carried out by Carl Crossfield Commercial Sales and Business Development vacancies were lower in the early part of 2018, however we have seen as steady increase of roles through Q2 and Q3. The salary bands for Business Development Managers have remained the same for a number of years at between and. However due to the current market more companies are willing to push towards the top end of this bracket for the right candidate. Carl Crossfield, Associate Director Carl.Crossfield@ipsgroup.co.uk Regional Underwriting Commercial Underwriters Research in this section carried out by Carl Crossfield We have seen a similar trend to previous years in 2018, with the focus being on the more senior end of the market. With much smaller underwriting teams regionally, the focus is very much on the businesses hiring candidates with very strong underwriting skills. Salary bandings are being adjusted upwards to reflect the need to hire candidates with the right experience. Salaries in the 20,000 to range are seeing more average increases in pay with numerous vacancies and fewer candidates. Carl Crossfield, Associate Director Carl.Crossfield@ipsgroup.co.uk Underwriting Assistant ,000 18,000 19,000 20,000 22,000 18,000 20,000 20,500 23,000 24,000 19,000 22,000 22,500 24,500 18,000 20,000 22,500 23,500 25,000 Assistant Underwriter 18,000 21,000 22,000 25,000 28,000 20,000 23,000 25,000 27,000 31,000 21,000 25,000 27,000 28,000 21,000 23,500 26,500 28,000 31,000 Servicing Underwriter 21,000 27,500 33,500 22,500 31,000 27,500 36,000 37,500 25,000 Senior Underwriter 41,000 43,000 49,000 43,000 Development Underwriter 68,000 52,500 75,000 36,000 42,500 70,000 Underwriting Manager / Branch Manager 65,000 62,500 75,000 70,000 90,000 65,000 Business Development Executive 31,000 31,000 36,000 36,000 36,000 Business Development Manager 42,500 Client Relationship Manager 42,000 42,000 Strategic Distribution Manager / Head of Business Development 70,000 70,000 77,000 90,000 70,000 Regional Underwriting Personal Lines / High Net Worth Research in this section carried out by Richard Coleman In 2018, we have continued to see good levels of activity for underwriters who have solid HNW or Personal Lines experience. Those with product development skills are always in demand as they bring extra value to a role and salaries typically push the upper limits. Contact centre recruitment dominates this area and starting salaries have once again pushed ahead. Strong competition and vacancies outstripping candidate supply mean candidates have choices and their pick of the opportunities. Salaries for some new starters without Insurance experience are now as high a 23,000. Richard Coleman, Manager Richard.Coleman@ipsgroup.co.uk Underwriter ,000 20,000 23,000 24,000 25,000 20,000 22,000 25,000 27,500 22,000 25,000 28,000 29,000 20,000 23,000 28,500 Senior Underwriter 25,000 27,000 28,000 27,500 31,000 32,500 27,500 31,000 32,500 Underwriting Manager 43,000 52,000 57,000 35
19 Regional Claims Insurer / TPA Claims Handler Research in this section carried out by Richard Coleman The upward demand continues in 2018 for Claims Handlers as firms continue to increase their overall headcount. Property has led the way in 2018, with motor being slower this year. With motor salaries on the whole seeing only a slight upward movement, the demand for property handlers has seen the best overall increases. The impending changes to the Personal Injury Market means there is very little activity in this area and this is set to remain into 2019 when we will see the overall impact from the new rules and regulations. Richard Coleman, Manager Richard.Coleman@ipsgroup.co.uk Household Claims Handler ,500 20,500 22,500 25,000 28,500 19,500 21,500 24,500 28,500 29,500 21,000 23,000 25,500 20,500 22,500 25,500 29,000 Commercial Property Claims Handler 20,000 22,000 24,500 28,000 21,000 23,000 30,500 23,000 25,000 28,000 22,000 24,000 27,000 31,000 FNOL / AD Motor Claims Handler 18,000 20,000 24,000 19,000 21,000 25,750 20,500 23,000 27,000 19,500 21,000 Motor Claims Handler 18,000 21,500 24,000 24,500 19,000 22,000 25,000 25,500 27,000 21,000 23,000 28,000 19,000 22,500 25,500 27,000 Motor Personal Injury Claims Handler 19,000 22,000 28,000 20,000 24,500 34,500 37,500 21,000 20,500 25,000 34,500 37,500 Employers & Public Liability Claims Handler 21,000 23,000 27,000 22,250 24,000 28,500 36,000 23,000 27,000 22,500 25,000 29,000 Regional Claims Insurer / TPA Claims Handler (Continued) Claims Team Leader Regional Claims Credit Hire Research in this section carried out by Richard Coleman 2018 saw a strong start with a great demand across the business for experienced Credit Hire Staff. This has diminished as we reach the midpoint of the year and indications are that activity will be at a reduced pace going forward. Average Salary increases have been seen in this area and with expected slower demand, we do not expect salaries to change dramatically in Richard Coleman, Manager Richard.Coleman@ipsgroup.co.uk Credit Hire Claims Handler ,000 19,500 23,000 25,000 27,000 19,500 20,500 24,500 27,000 28,500 20,250 22,500 20,000 21,000 25,000 28,000 29,500 Credit Hire Claims Manager ,000 31,000 28,000 34,500 36,000 38,500 29,000 41,000 28,000 Claims Manager 41,000 51,000 54,000 57,000 56,000 67,000 77,000 51,000 61,000 77,000 92,000 56,000 67,000 77,000 Head of Claims 51,000 57,000 62,000 77,000 58,000 62,000 70,000 84,000 61,000 67,000 92,000 59,000 64,000 70,000 87,000 36,000 28,000 32,500 34,500 42,000 29,
20 Regional Claims Broking Research in this section carried out by Richard Coleman For a few years now, activity levels within the broker segment have remained consistent. Brokers continue to project a positive outlook and recruitment activity remains at good levels. Salaries are expected to rise at an average market rate. Richard Coleman, Manager Richard.Coleman@ipsgroup.co.uk Regional Broking Personal Lines Research in this section carried out by Mark Fancourt The continued positive outlook within the broker market means that we are still seeing new hires into expanding teams in addition to some organisations moving work out of their London office to a regional set up. In 2019, we will see if the lack of experienced candidates will have an impact on the salary levels brokers need to pay to attract the right candidates. Mark Fancourt, Consultant Mark.Fancourt@ipsgroup.co.uk Account Handler Personal Lines Claims Handler ,000 21,000 25,000 27,000 28,000 20,500 22,000 28,000 28,500 21,000 23,000 27,000 29,000 29,500 20,500 22,000 28,000 28,500 Commercial Claims Handler 21,000 24,000 28,000 31,000 23,000 25,000 28,000 24,000 27,000 31,000 Claims Manager 27,000 29,000 42,000 31,000 36,000 29,000 42, ,000 20,000 22,000 18,000 22,500 24,500 28,000 20,000 25,000 28,000 18,000 23,000 28,000 Regional Broking Commercial Research in this section carried out by Mark Fancourt The Commercial Broking market in the Midlands is evolving and with a number of companies moving roles from London to Birmingham exciting times are ahead for the Midlands broking market. We are seeing a number of the large global brokers realising that there is real talent in the Midlands, moving their London market products into their regional offices, with a number of the smaller sized brokers also following suit, bringing in more niche products for their clients. To reflect these recent trends, and with London based candidates beginning to look towards the Midlands for work we have seen a slight rise in salaries at all levels. We feel that as these trends continue, the demand for experienced Account Handlers, New Business Producers and Relationship Builders will remain high and there will also be a real focus on bringing in and training the next generation of commercial broking talent throughout Mark Fancourt, Consultant Mark.Fancourt@ipsgroup.co.uk Account Handler ,000 19,500 23,000 27,500 21,000 23,250 27,000 29,000 31,500 23,000 21,000 24,500 28,000 Senior Account Handler 24,000 28,000 29,000 31,000 26,250 30,500 35,500 29,000 34,500 26,500 31,000 36,000 Servicing Account Executive 28,000 35,500 45,500 36,500 36,000 42,000 New Business Account Executive 26,500 31,000 45,500 52,000 65,000 Branch Director 52,500 75,000 70, ,000 75,000 Senior Account Handler 28,000 27,000 28,000 27,000 33,500 Branch Manager 24,000 25,500 27,000 28,500 35,500 36,750 36,
21 Loss Adjusting External Loss Adjusting Research in this section carried out by Richard Coleman The number of hires in the UK loss adjusting market has slowed significantly and salaries remain stagnant with oversupply of candidates. Overseas positions remain attractive to qualified and technical adjusters, where tempting salary packages are available. Richard Coleman, Manager ,000 32,500 36,500 38,500 39,500 29,000 42,000 44,000 44,000 36,500 38,500 39,500 41,000 41,000 51,000 45,500 53,000 57,000 51,000 41,000 41,000 51,000 45,500 53,000 57,000 51,000 51,000 51,000 52,000 65,500 68,000 71,000 52,000 Study with substance Loss Adjuster Senior Property Adjuster Senior Liability Adjuster Manager Risk Surveying Research in this section carried out by Carl Crossfield Demand for Risk Surveyors has remained relatively consistent throughout 2018 and candidate availability remains limited. For the first time in many years we have seen a swing towards hiring Trainee Surveyors to fill the skills gap. This has led to upward pressure on salaries for experienced Surveyors. Our insurance qualifications identify universally as evidence of knowledge and professional competence. Carl Crossfield, Associate Director Carl.Crossfield@ipsgroup.co.uk ,000 32,500 52,500 32,500 52,500 Surveyor / Senior Surveyor cii.co.uk/qualifications 40
22 Analysis of Benefits Research in this section carried out by Jeremy Cross and Dana Hill TYPE OF BENEFIT Annual Season Ticket Loan Interest free and deducted from salary over 12 months. This is a significant benefit in Central London where many staff have expensive travel costs. Pension Scheme A few staff remain on defined benefit pensions for historical reasons but most of these schemes have been closed, even to existing staff. Companies now offer defined contribution schemes with company contributions of 515% and individual contributions of 08%. A few schemes offer some matching of additional contributions by individuals. The implementation of pensions autoenrolment means all employees will be in a pension scheme. Private Medical Insurance Most London Market employers offer this benefit although it is not usually available to first jobbers. Outside London the benefit is normally applied to mid to senior level positions. Some schemes cover families, others are individual only. Life Insurance / Death in Service Usually 3 or 4x salary, for employees over 21 years old. We have seen more generous schemes offered in London such as 8 or 10x salary. Personal Accident Insurance Permanent Health Insurance Annual Bonus Junior to midlevel staff with insurers, larger Brokers and Syndicates will often receive a nonguaranteed bonus. Such payments are normally based on company profitability and typically range from 3% to 15%. Executive Bonus / Profit Share Bonus/Profit Share is increasingly making up a larger percentage (than previously) of an employee s total cash remuneration. Many companies are paying much larger performance related bonuses, sometimes up to 30% of salary. In the London Market, some schemes are more generous with the potential to pay up to 50% of salary. This is typically made up of a combination of company profitability and individual performance. Share Options / Long Term Incentive Offered to Directors and some Senior Managers. Most long term incentive plans are share based with options or stock grants being awarded annually but vesting over 3 or 4 years. Company Car / Car Allowance Company cars are now rare except for field staff. Also, car allowances which were previously offered to senior staff are now disappearing, with the money being integrated into basic salaries. Parking Facilities Refers mainly to organisations outside Central London. Lunch Allowance Increasingly rare now. Gym Membership % OF UK COMPANIES OFFERING 0% 25% 50% 75% 100% IPS Search Global reach through local representation IPS Group provides clients a one stop recruitment solution. IPS Search delivers tailored recruitment services utilising a researchled ethos that offers enhancements to our contingent recruitment activity. Services include: Executive Search Competitor Research and Analysis Succession Planning Bespoke Hiring Projects Emerging Talent Mapping NonExecutive Director Hiring Completed projects include: Americas & Bermuda Chief Financial Officer P&C Insurance Carrier President & COO Specialty Casualty Insurance Carrier Chief Information Officer P&C Insurance Carrier Chief Pricing Actuary Combined Insurer EMEA Active Underwriter Lloyd s Syndicate General Manager Reinsurance Company Chief Underwriting Officer Global insurer Managing Director, EMEA Major Rating Agency Asia Pacific Head of China Global Reinsurer Head of Marine Asia Lloyd s Syndicate Head of Trade Credit & Political Risk Global Insurance Broker Country Manager Global Insurance Company Many organisations offer free or discounted gym memberships. Holiday 22 days increasing to 25 with service, in addition to statutory days Senior staff are typically given days. We are seeing an increasing number of employers allowing staff to buy or sell up to 5 days a year. Flexitime Offered by a few large Insurance companies, but very rarely by others. Agile Working This year a lot more organisations in London particular have adapted to this style of working, with offices moving to hot desking environments and staff being encouraged to work from home to save on desk space. Flexible Benefits A few companies have started to introduce systems where employees can flex some benefits from a suite of products. Sometimes this is a specific monetary allowance. Location Allowance This is normally included within the salary for most staff employed in Brokers, Syndicates and City based companies. The larger insurers offering this benefit often break down salaries between basic and location weighting; in most cases this allowance is nonpensionable. Contact your local IPS Search representative: Americas James Evan Cook (U.S.) jec@ipssearch.com Tel: Dan Gattis (U.S.) dgattis@ipssearch.com Tel: Doug Terry (U.S.) dterry@ipssearch.com Tel: EMEA Colum Lovett (U.K.) c.lovett@ipssearch.com Tel: Jeremy Cross (U.K.) j.cross@ipssearch.com Tel: Christopher Dickman (U.K.) c.dickman@ipssearch.com Tel: Asia Pacific Peter Ng (Hong Kong) peter.ng@ipsgroupasia.com Tel: Molly Wu (Shanghai) molly.wu@ipsgroupasia.com Tel: Graham Young (Singapore) graham.young@ipsgroupasia.com Tel:
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