Claude Penland: Actuary & Partner, Ezra Penland Actuarial Recruitment

Solvency II, in line with the Basel III accord for banks, is expected to increase manager pay by 70 per cent over the next 12 months.

 2011 US Actuarial Salary Surveys Published by ClaudePenland.com

Found at ClaudePenland.com/salary, these base salary plus bonus compensation surveys are split by Life, Property and Casualty, Pensions and Health actuarial work.

Comprising 10 distinct salary tables listing years of employment and number of actuarial exams, they are further distributed by consulting versus insurance / reinsurance / other employment. These actuary salary surveys were derived using public compensation data.

A downloadable, printable and shareable pdf file of all salary tables is also available directly from the ClaudePenland.com/salary page.

Claude Penland is an Associate of the Casualty Actuarial Society and a member of the American Academy of Actuaries, with twenty years of industry experience. His ClaudePenland.com website has a rapidly growing, global readership of 50,000+ visitors/month. Claude posts 6+ times a day at ClaudePenland.com on actuarial news, insurance news (also reachable at 4InsuranceNews.com), insurance startup companies (InsuranceStartups.com), insurance mergers and acquisitions (WhoBoughtWho.com), insurance trends (InsTrends.com), reinsurance news and trends (ReinsuranceTrends.com), web startups (1000Startups.com), web trends (WebTrendInfo.com), web development, pension risk (PensionRiskNews.com), catastrophe risk (CatRisky.com), Solvency II European insurance regulations (SolvencyDeux.com), Takaful (TakafulMe.com), predictive analytics (PredNews.com), risk management (TheRiskNews.com), odd business ideas (OddBusinessIdeas.com), plus finance and investment.

At ClaudePenland.com/multimedia, there are 50+ helpful presentations, videos and articles. As a leading online social networking actuary, Claude presents “LinkedIn Social Networking for Insurance Professionals”, “111 Important Twitter Feeds for Insurance Professionals”, as well as various salary surveys (InsuranceSalarySurveys.com, ReinsuranceSalarySurvey.com).

His timely article on Solvency II European insurance regulations was published in the May 2011 issue of the Casualty Actuarial Society’s Actuarial Review. Claude’s Catastrophe Risk Trends piece was published in the May/June 2011 issue of the American Academy of Actuaries’ Contingencies magazine.

Subscribe to Claude’s daily email digest at ClaudePenland.com/subscribe or contact him at claude@claudepenland.com. Wake Up and SmelltheNews.com ™.

See ClaudePenland.com/salary for up-to-date actuarial salary surveys split out by Property and Casualty, Life, Pensions and Health.

Further delineations include consulting versus insurance/reinsurance/all other.

LIFE
EzraPenland.com, Life
R.A.D. Search, LLC, Life
SC International, Life & Health combined
Jobs4Actuary, Life
***(see below)

HEALTH
EzraPenland.com, Health
SC International, Life & Health combined
***(see below)

CASUALTY
EzraPenland.com, Casualty
R.A.D. Search, LLC, Casualty
SC International, Casualty
Milt Dossin
Nationwide Actuarial Search
Jobs4Actuary, Casualty
***(see below)

PENSION
EzraPenland.com, Pension
SC International, Pension
***(see below)

***Additionally, many jobs at Actuarial Careers and Andover Research indicate expected compensation.

OTHER SOURCES
PayScale
Indeed
SimplyHired
SalaryExpert
GlassDoor
Salary.com
Clear Solutions

Average United States salary of $113,000, up 10%.

Average European salary of $78,000, up 15%.

A survey of 43 European financial services organizations determined that chief risk officers received an average 5% salary increase between 2009 and 2010.

A risk manager salary survey in France found that ERM professionals earn far more than their insurance manager peers.

(hat tip to Actuarial Opinions)

Chief Risk Officer Salaries: How Much Compensation Do They Earn? Salary Surveys.

European Financial Services Chief Risk Officers’ Compensation Rising

PayScale’s salary plus bonus range is $120K-273K.

Indeed’s average salary is $105K.

Simply Hired’s average salary is $80K.

eHow has 2008 CRO’s earning $92K.

The Risk and Insurance Management Society had insurance-specific CRO’s earning $230K in 2008.

Health Insurance Compensation Survey at Top 10 United States Insurers
by Claude Penland
A Health Insurer Salary Survey was Compiled at HealthSalarySurvey.com

A healthcare insurer salary survey was compiled at HealthSalarySurvey.com. This research included only the top 10 health insurance companies in the US market, based on company public market value.

Compensation by executives at Coventry, Health Net, Amerigroup, Magellan, WellCare, UnitedHealth, WellPoint, Aetna, CIGNA and Humana was summed up.

The median Chief Executive Officer (CEO) at these firms grossed $6.6 million. Fifty percent of these CEO’s earned between $5.4 million and $12.1 million.

The median Chairman collected $15.3 million, with the middle 50% of the Chairpersons bringing home $7.2-17.9 million.

Median Presidents grossed $6.5 million. Fifty percent of these Presidents earned between $3.6 million and $8.9 million.

Chief Financial Officers (CFO), at the median, earned $4.0 million. Fifty percent of these CFO’s collected between $1.8 million and $6.9 million.

The median Chief Operating Officer collected $2.7 million. Fifty percent of these COO’s brought home between $2.2 million and $3.1 million.

Annual pay was determined from U.S. SEC filings. This compensation included salary, bonus, share awards, option awards, non-equity incentive plan compensation and change in pension value.

Property and Casualty Insurance Salaries in the C-Suite, by Claude Penland
How Much Do Underwriters, Actuaries, Financial Analysts, Claims Earn when They Reach the Top

A survey of property and casualty insurance compensation was recently completed at CasualtySalarySurvey.com. This research study looked at the top 10 primary insurance companies in the United States property and casualty market.

Included companies were Progressive, Cincinnati Financial, AIG, ACE, Travelers, Chubb, Allstate, CNA, W.R. Berkley and Markel.

Annual compensation was compiled from publicly-available U.S. Securities and Exchange Commission documents. This compensation included salary, bonus, share awards, option awards, non-equity incentive plan compensation and change in pension value.

The median Chief Executive Officer (CEO) at these firms earned $10.4 million. Fifty percent of these CEO’s earned between $4.3 million and $16.9 million.

The median Chairman collected $15.9 million, with the middle 50% of the Chairmen bringing home $11.3-18.8 million.

Chief Operating Officers (COO), at the median, earned $7.3 million. Fifty percent of these COO’s collected $5.0-7.5 million.

The median President brought home $9.1 million. Fifty percent of these Presidents earned between $5.0 million and $12.2 million.

Chief Financial Officers (CFO), at the median, earned $2.8 million. Fifty percent of these CFO’s collected between $1.3 million to $4.8 million.

Median Chief Investment Officers (CIO) collected $1.6 million, with the middle 50% of the CIO’s earning $1.2-3.2 million.

The median General Counsel earned $2.5 million. Fifty percent of these General Counsels brought home between $2.5 million and $4.5 million.

This information should be of interest to those in the insurance field, especially claims, underwriting, actuaries in actuarial departments, accounting, finance and other areas.