Special Report: The Highs and Lows of Insurance Industry Pay

 

 

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

About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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