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Most insurance professionals say they are satisfied or extremely satisfied with their jobs, with growth opportunities ranking as the top reason they were attracted to the industry, Business Insurance found in this year’s survey of risk management and insurance professionals.
Carried out earlier this year, the survey asked about salaries and benefits offered by the industry, what attracted workers to the sector, and how they became aware of it.
The average base salary of this year’s survey respondents of insurance professionals is $130,900 with an average of 21.8 years of industry experience; 68.4% said they received a bonus that averaged $23,900; and 60.4% received a raise that averaged 4.4%. Additionally, 27.7% drew commissions averaging $87,010, according to the 2019 Business Insurance survey of 897 insurance and risk professionals working in the insurance industry based in the United States.
The survey was conducted between May 29 and June 20, 2019, as part of Business Insurance’s annual diversity survey and was sent to our subscribers as well as members of association partners including the National African-American Insurance Association, the Women’s Insurance Networking Group, Women in Insurance & Financial Services and institutional members of the Business Insurance Diversity & Inclusion Institute. As in years past, Signet Research Inc. was commissioned to conduct the 2019 survey, and the base used is the total answering each question.
While many factors contribute to salary differentiations, such as years of experience and seniority of positions held, females and black minorities still lag behind their white male counterparts in terms of their base salaries, bonuses and annual raises. However, comparatively, white male respondents also tend to have more years of experience, both in their current roles and in the industry, compared with female respondents and black respondents.
Source: BI survey