Insurance professionals are experiencing significant compensation growth as the industry competes fiercely for top talent, with premium positions now reaching well into the $400,000+ range across multiple specialties.

In a recent P&C Specialist article featuring insights from Managing Partner, Cate Furman, the analysis reveals how carriers are dramatically increasing compensation packages to retain skilled professionals. Furman emphasized that companies must offer attractive packages to prevent talent from defecting to Managing General Agents (MGAs), which often provide superior compensation backed by private equity funding.

The article explores:

• Strong year-over-year earnings growth in property and casualty, with projected salary increases across management levels
• Significant variation in carrier compensation performance, with some companies leading while others lag behind peers
• Leadership and specialized roles commanding substantial packages, particularly in competitive areas like renewable energy
• Sales positions offering premium pay to prevent defection to brokerage firms, including remote opportunities
• Technology roles attracting top-tier compensation as carriers compete with well-funded insurtechs
• Total compensation often exceeding base salaries significantly when including bonuses and structured pay

As the insurance industry faces talent shortages and competition from MGAs and insurtechs, Furman’s expertise highlights how carriers must evolve compensation strategies to include competitive packages that reflect the true value of top-tier insurance professionals in today’s market.

Click here to read the full article (you do need to have a subscription to P&C Specialist in order to view)