P&C Salaries Remain Constant

Salary budgets within the property/casualty insurance industry appear to be holding steady amidst a rough economic climate, according to a new study from an insurer trade group.

According to the Property Casualty Insurers Association of America (PCI) Insurance Compensation Survey, property/casualty insurance companies are projecting average salary budget increases of 3.4% in 2010, which is the same percent increase reported in 2009. This compares to average salary budget increases of 4.0% in 2008.

The PCI insurance compensation survey includes information for more than 60 benchmark jobs in the property/casualty insurance industry. This year, 160 companies participated in the survey.

A new element of this year’s survey includes a section on the economic conditions for the positions surveyed. This section is important because it addresses how organizations have been affected by the current economic climate, and what they plan to do in the future to adjust to the changing conditions, according to the organization. Also new this year is information about the timing of salary increases. The survey contains a strong, matched-sample comparison, which helps prevent the data from being overly influenced by fluctuation of participants from year to year.

The survey includes a section addressing how organizations have been affected by the current economic climate, and what they plan to do in the future to adjust to the changing conditions. Also new this year is information about the timing of salary increases.