If you’re passionate about offering well-researched and data-driven advice or working with clients to design insurance plans that suit their every business need, the insurance and risk management sector might be for you. We delve into insurance and risk management salaries, informing you on how much you can expect to earn as a graduate through to mid-level or senior roles.
Entry-level Insurance salaries
As an insurance broker, your job is to offer specialist advice to clients or buy insurance policies that fit the client’s business or personal needs. At entry-level, a broker salary sits around £20,000 - £27,000. Employers look for a degree in a business, finance or engineering discipline, an apprenticeship qualification or you can work your way up the ladder after gaining GCSEs and at least two A-levels. See the leading graduate employers in insurance and risk management.
An underwriter reviews or creates new applications for individual and business insurance coverage. They use computer programmes to determine the level of risk involved in insuring a person or company. You can get into underwriting in multiple ways, from a financial services apprenticeship to a relevant degree in economics, business or mathematics. The average salary of an entry-level underwriter in insurance is £21,000.
Insurance advisors use their in-depth knowledge of insurance policies to sell or create plans for customers or businesses based on their needs. This role is suited to those who enjoy sales, are analytical and hold computer skills. At entry-level, you can earn between £19,000 to £26,000.
Build on your skills with internships to help get your insurance career off the ground.
Are you the investigative type?
As an insurance investigator, your job is to analyse factual information including the claimant's background, witnesses, other professionals and fact-checking details with policyholders. You can get into insurance investigating through degrees like law or economics, but companies like to hire juniors with minimal qualifications so they can train them to suit their business. Starting out, you can expect to make from £21,000 to £26,000.
Finally, actuaries use probability and statistical information to provide advice on financial risks. You need a knowledge of business and economics and the ability to perform an in-depth analysis of data to provide an outcome. At entry-level, actuaries can expect to earn £26,000 to £30,000 from graduate programmes or graduate jobs.
Mid-level/senior Insurance salaries
A mid-level insurance broker salary starts at £38,000 and rises to £80,000 as you gain more experience and apply for senior roles. You must have the ability to sell services, have excellent verbal communication skills and the ability to work well under pressure.
A mid-level or senior underwriter can earn from £56,000 to £100,000. To earn those big bucks you need a wealth of experience with several different clients. With this experience, an underwriter can apply for related roles like risk management or claims management.
As you move onto mid-level and senior roles as an insurance advisor, your responsibilities will grow with your impact on the business. You can earn from £48,000 up to £66,000 depending on the type of clients you deal with.
At mid-level/senior insurance investigator level, you may deal with more claims that are suspicious of fraud. This is when investigators conduct interviews with witnesses and police to gain information about an incident. This highly important job pays up to £60,000.
For actuary roles, employers look for a Bachelors in disciplines like mathematics, finance, physics or accounting, an actuarial technician higher apprenticeship or voluntary trainee work experience. Once you gain experience at a junior level, you can move up to mid-level positions which pay from £40,000 to £58,000.
Entry-level risk management graduate salary expectations
As a risk technician, your role is to analyse financial risks for businesses, including the impact of interest rates, inflation and credit scores that impact a businesses decision-making process. At entry-level, you can earn a starting salary of £21,000 to £25,000 depending on your work location and company. Break into this field with a company trainee programme, relevant Bachelors degree in economics, accounting or business, or a degree apprenticeship.
As technology drives us and businesses every day, what happens if something goes wrong? Technology risk management helps businesses minimise the risk of technology failure that can severely disrupt everyday tasks and impact their profits. Graduate programmes can earn you a competitive salary of around £26,000 to £30,000.
Risk management relies on facts and data analysis
Commodity risk managers are responsible for monitoring the risk of commodity trading activities. The average salary of a junior commodity risk manager is £19,000 to £25,000. Employers look for a Bachelor’s in financial disciplines, or relevant trainee or apprenticeship qualifications in risk management. To gain experience, look at Insurance and Risk Management internships.
Finally, as an operations risk manager, your job is to ensure the operations are running effectively to meet the business’s objectives and goals. At entry-level, you can earn £21,000 to £30,000. Graduate schemes will offer higher pay in comparison to apprenticeships or trainee programmes because of the academic qualifications you hold. Learn the benefits of risk management.
Mid-level/senior risk management salaries
On a day-to-day, a financial risk analyst you will advise clients on how to reduce the risk of future insurance claims, monitor market trends and forecast or conduct research to learn more about the risks. As you move up from risk technician to risk analyst, your salary will increase from £29,000 to £40,000 with roughly six years of experience. As a senior with over ten years experience, you can earn up to £73,000.
Businesses that are entirely online will have technology risk managers to ensure that nothing fails, but if it does, they ensure there’s a plan B. Mid-level to senior salaries range from £65,000 up to £88,000 depending on the businesses you have worked for and experience level. To become a technology risk manager, you’ll need communication, analytical, leadership and problem-solving skills to thrive.
At mid to senior level, a commodity risk manager can earn between £47,000 to £72,000, depending on experience and qualifications. You need to be a great communicator with analytical experience and have the ability to use your intuition and knowledge of the market to help make businesses make informed decisions. Learn more about professional insurance and risk management qualifications.
Lastly, as a mid-senior level operational risk manager, you can earn between £39,000 to £99,000. Increasing if you work inside of London, compared to any other city in the UK. On a day-to-day basis, you'll research and analyse operational data, inform business leaders of risk policies and provide hands-on operation strategies alongside other employees.
Browse graduate jobs for Insurance and Risk Management and take the next step towards a career in this rewarding sector.