Salary increases in the insurance sector are moving ahead of inflation but trail their counterparts in banking and accounting, according to a national survey.

Insurance sector salaries rose an average 5.1% in the past 12 months, with Queensland, South Australia, Perth and Auckland the biggest winners by location.

The latest Hays national salary survey of the insurance sector shows underwriting managers in Brisbane and the Gold Coast look for starting packages of $80,000 a year – up $10,000 from a year ago.

Senior underwriting roles in Perth pay $16,000 a year more than 12 months previously, taking the annual package to $76,000.

Perth brokers are the highest paid in the survey at an average $87,000, well clear of Sydney ($80,000), Auckland ($80,000) and Melbourne ($75,000).

However, the gains pale in comparison with the broader financial services sector.

Financial accountants and managers had increases of 7.3% and 6.7 % respectively in Australia.

Packages in wealth management and financial planning positions rose 7.7%, 10.5% and 22.9% in Sydney, Brisbane and Perth respectively.

Hays Insurance Senior Regional Director Nick Deligiannis says staff shortages in Australia are most evident in underwriter roles in life insurance, PI and commercial lines.

New Zealand is experiencing skill shortages more broadly in underwriting, broking, business development, client services, relationship management and claims – including domestic, commercial and life products.

“In a clear trend, the shortage of skilled candidates has affected recruitment habits, attitudes and methodologies over the past year,” Mr Deligiannis said.

“Sixty-four per cent of survey respondents will consider sponsoring candidates from overseas, which is a substantial increase from 44% last year, and 80% report a need to adopt a more flexible approach to staffing.”