Chartered professionals 'paid 25% more' - CII

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Chartered insurance professionals are paid above 25% more than non-chartered practitioners, research by CII has found.

There was also a gender pay-gap with 72% of women in the industry earning less than £35,000 compared to 47% of men.

The survey also found 2% of women in the industry are earning over £80,000 compared to 11% of men, 47% of women surveyed felt well rewarded.

Employees of insurance companies were found to be earning 12% more on average than brokers, the survey of over 5,700 professionals found.

Among brokers surveyed, two-thirds (66%) were in the lowest salary bands up to £35,000 per annum, compared to 55% of insurers.

David Ross, director of communications at the CII, said: "Our Royal Charter demands that we seek ways to secure and justify the confidence of the public in our members and the wider insurance community.

"If we are to achieve this, it is vital that we have a better understanding of our members, their concerns and their aspirations.

"This research is a useful companion piece to our annual skills survey, which provides the most complete data on the insurance skills landscape.

"When taken together, the two studies provide a picture of an industry coming to terms with the aftermath of the financial crisis and gaining a new-found confidence as it moves towards becoming a profession."

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