Average remuneration in the insurance industry is 2.6% lower than the general market, according to global management consultancy Hay Group.

But Australian salaries across all sectors will increase 4% on average this year, the group says.

Hay Group’s Australian Salary Movement Index report says Australian pay is higher on average than other advanced economies including the UK, US and New Zealand.

Across the financial services sector, remuneration including salary, allowances and superannuation, increased 3.9% in the year to February.

The average rise across all industries was 4.5% and the resource sector increased 6.3%.

But when bonus payments are taken into account, financial services sector remuneration increased 5.7%. The sector is back to pre-GFC levels of bonus payment increases, according to the report.

By comparison, remuneration including bonuses across all industries rose 5%.

This shows the emphasis that the financial services sector places on performance-based pay, Hay Group says.

Report author Steven Paola says the financial services sector is “showing increasing signs of resilience”.

The group’s report is based on a survey of 440 organisations and reflects the year to February 2012.