The impact of the financial services meltdown is evident all around the insurance industry. A new survey from Charlottesville, Va.-based SNL Financial leaves no doubt about the wounds the crisis has inflicted on the compensation of C-level insurance executives.
The survey, “Executive Compensation Review for Insurance,” notes that total compensation was down by 11% across all lines of business. Not surprisingly, the most auspicious drop came for executives in the mortgage and financial guarantee sector, where CEOs saw their year-over-year compensation fall by an average of 73% and CFOs saw a 46% reduction. CEOs at multi-line and managed care carriers also took a big hit, recording average reductions of 27% and 24%, respectively. The sole line of business to counter this trend was life and health insurers, whose CEOs recorded a 3% increase.
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