Brokers lose out in salary survey
Underwriters are the big winners in the latest Hays salary survey, which shows little improvement in broker remuneration.
The average salary package for an underwriter has increased in most areas of Australia and NZ. Underwriters in south-east Queensland enjoyed the highest salary hikes, with average wages up $35,000 to $80,000, ahead of Perth, which was up $25,000 to $80,000.
The average underwriter salary in Sydney has increased $10,000 to $85,000, while in Melbourne packages have jumped $15,000 to $85,000.
But brokers’ salaries were largely static, apart from modest increases in south-east Queensland (up $5000 to $70,000) and Auckland (up $NZ5000 ($4000)) to $NZ85,000 ($68,000)).
And brokers continue to suffer in relation to other financial services professionals, with qualified financial planners earning as much as $30,000 more than their broking counterparts.
Hays Insurance Senior Manager Carl Piesse says despite a shortage of candidates in the insurance sector, brokers are unlikely to deviate from their wage discipline.
“In broking, we’re not seeing competitors paying over the odds to get someone from another firm,” Mr Piesse told insuranceNEWS.com.au.
“They are struggling to get the right people, but they’re not able to increase salaries above the norm.”
The average salary package for an underwriter has increased in most areas of Australia and NZ. Underwriters in south-east Queensland enjoyed the highest salary hikes, with average wages up $35,000 to $80,000, ahead of Perth, which was up $25,000 to $80,000.
The average underwriter salary in Sydney has increased $10,000 to $85,000, while in Melbourne packages have jumped $15,000 to $85,000.
But brokers’ salaries were largely static, apart from modest increases in south-east Queensland (up $5000 to $70,000) and Auckland (up $NZ5000 ($4000)) to $NZ85,000 ($68,000)).
And brokers continue to suffer in relation to other financial services professionals, with qualified financial planners earning as much as $30,000 more than their broking counterparts.
Hays Insurance Senior Manager Carl Piesse says despite a shortage of candidates in the insurance sector, brokers are unlikely to deviate from their wage discipline.
“In broking, we’re not seeing competitors paying over the odds to get someone from another firm,” Mr Piesse told insuranceNEWS.com.au.
“They are struggling to get the right people, but they’re not able to increase salaries above the norm.”