Growing competition in the industry has created strong demand for insurance professionals, according to recruitment company Hays.

“The sector remains financially strong and a great place to build a career, although the outlook on salaries is mixed,” this year’s Hays Salary Guide says. 

The increase in competition is particularly good news for brokers.

“Brokers with strong networks or a track record of generating consistent results and new business development are able to demand a premium salary package when looking at new opportunities.”

Account brokers can earn $80,000-$100,000 a year in most capital cities, with the highest salaries in Perth, at $100,000-$130,000. Hobart has the lowest salaries for account brokers, at $70,000-$90,000.

WA’s growing oil and gas market has created high demand for insurance brokers and account executives with mining and resources backgrounds.

Broking candidates with strong technical backgrounds in property and liability products are in demand nationwide.

General insurance staff with technical and commercial lines experience are also wanted, while quality candidates are “hard to find and… hard to retain”.

Hays says commercial underwriters and claims candidates can expect to do well when moving roles.

Overall, salaries have stayed flat in commercial lines, despite the sector’s strong financial performance.

With demand for insurance professionals remaining high, Hays predicts there will be pressure on salaries to increase over the next two years.