Salaries are increasing for accountants working in insurance

If you wanted a single word to sum up the demand for accountants working within the insurance sector, you'd be wise to choose 'stable'. Firms are not vying for talent, nor are they reluctant to hire. Nonetheless, salaries are on the increase.

Why is this? Quite simply, according to the latest annual salary survey by recruiters Robert Walters, because existing employers are increasing their retention efforts.

At the 2-3 years' post-qualified level, where movement is most limited, base pay has increased from £55-65k in 2010, to £60-70k last year, it suggests. Nonetheless, most accountants in the insurance sector have secured a salary increase.

The general insurance and Lloyds syndicate markets is where accountants are more likely to secure a position, with brokers and life insurers less willing to recruit.

Inevitably, regulation is still playing a part in hiring plans, with most firms demanding experience and knowledge of IFRS or Solvency II from their accountants.

What sort of salary should you expect? Here's the breakdown: