Special Report: The Highs and Lows of Insurance Industry Pay
Published May 24, 2022 at 3:13 PM · News Releases and Bulletins
|
High inflation and the every growing high cost of goods and services has a lot of us examining our income level. Weekly Industry News is no exception. What has us intrigued is a story we found on the Business Insurance website on the five highest paid insurance execs. So we took a look at average salaries, too. ZipRecruiter is a firm that specializes in finding employees for employers. On May 16, 2022, the company published a report on all insurance jobs, and all salaries within the industry, and published a report. The average annual pay for insurance industry jobs is $67,421. On average, the pay is $32.41 an hour, $1,297 per week and $5,618 a month. ZipRecruiter says it has seen salaries go as high as $143,500 and drop as low as $22,500. Insurance agency owners can bring in $120,787 a year on average while the independent insurance agent will average $97,996. Brokers can make an average of $98,079. Salary.com has a little different take on agents. It says the average insurance agent salary in April of this year lands somewhere between $48,258 and $59,604. The dead center average is $52,839. Insurance Agent Salaries by Percentile Percentile Salary 10th Percentile Salary $44,087 25th Percentile Salary $48,258 50th Percentile Salary $52,839 75th Percentile Salary $59,604 90th Percentile Salary $65,764 How much income an agent, or an other position in insurance, can get is the product of a number of factors. They are education, certifications, other skills they bring to the table, and — of course — the number of years they’ve been in the business. That’s the lows and highs of average income for insurance agents and other industry positions. Here’s the statistics on the five highest paid people in the industry. 1. Evan Greenberg — Chubb Salary: $1,400,000 Bonus: $7,500,000 Stock awards: $10,125,007 Option awards: $2,996,944 Other: $1,159,233
Total — $23,181,184 — a 14% rise from 2021
2. Peter Zaffino — AIG Salary: $1,482,693 Stock awards: $9,379,956 Option awards: $2,874,994 Nonequity incentive: $8,000,000 Other: $167,577
Total — $21,905,220 — down 9% from 2021
3. Alan Schnitzer — Travelers Salary: $1,300,000 Stock awards: $6,900,051 Option awards: $4,598,852 Nonequity incentive: $6,500,000 Change in pension: $471,951 Other: $82,843
Total — $19,853,697 — a 4.5% positive change from 2021
4. Ajit Jail — Berkshire Hathaway Salary: $16,000,000 Bonus: $3,000,000 Other: $14,500
Total: $19,014,500 — not measurable
5. David Long — Liberty Mutual Salary: $1,450,000 Bonus: $4,712,500 Appreciation units: $9,571,283 Restricted units: $2,392,739 Other: $327,815
Total — $18,454,337 — up 3.3% from 2021
Source link: Salary.com — https://bit.ly/3LO1TKV Source link: Zip Recruiter — https://bit.ly/39Qykvh Business Insurance — https://bit.ly/3PHGWor |
