FRS Update February 2024

Tue Feb 13 2024


The Insurance industry continues to witness the significant trend of larger insurance groups acquiring small insurance brokers that we saw during 2023.  We examine the current landscape of acquisitions and explore the potential effects on various aspects of the industry, including business growth, recruitment, salaries, benefits, work-life balance, and career progression.


Over the past year, Ireland’s insurance industry has faced a complex environment marked by challenges and also opportunities. Notably, the trend of larger insurance groups acquiring small brokers has been a prominent feature, reshaping the sector and influencing various aspects of the industry.

Key Growth Areas

The primary motivation behind the surge in acquisitions is the potential for accelerated business growth. Larger insurance groups are able to enhance their product offerings, expand their customer base, and gain a competitive edge in the market. By integrating the expertise and client portfolios of small brokers, these conglomerates are already seeing a boost in revenue and market influence.

Traditional roles within the industry, particularly in underwriting and claims handling have seen significant expansion reflecting the sector’s adaptability to evolving demands and showcasing a broader scope of responsibilities within these positions.

The evolving landscape has also increased the demand for specialized skills. Insurance companies are actively seeking professionals in areas such as project management, strategy, consulting, IT, and data science & analytics to enhance their capabilities and stay competitive in the market.


The acquisition trend has had somewhat mixed effects on recruitment within the industry. While small brokers may face uncertainties about their roles and job security during mergers, the larger insurance groups may experience an influx of new talent from the acquired firms. The industry could witness an overall increase in demand for specialized skills as the takeover companies diversify their service offerings.

Salaries and Benefits

Salaries and benefits within the insurance industry appear to have been influenced by this acquisition trend. Employees of acquired small brokers are experiencing changes in compensation structures, and the larger groups may need to align salary scales and benefits packages across the newly integrated workforce. It is crucial for both employers and employees to adapt to these changes to maintain a harmonious work environment.

Salaries within traditional roles have experienced a notable increase, ranging from 2-8%, depending on the specific role and the organization. This growth in remuneration emphasizes the industry’s recognition of the enhanced responsibilities and expertise required for these roles.

The benefits landscape within the insurance industry remains diverse. Employees typically enjoy performance bonuses ranging from 5-15%, pension plans, healthcare coverage, discounted insurance products, education support, and professional memberships. This comprehensive benefits package aims to attract and retain top talent.

Work Life Balance

The impact on work-life balance in the insurance industry is dependent on how seamlessly the integration process occurs. Uncertainties and disruptions during the mergers can lead to challenges, albeit temporary, in maintaining work-life balance. However, if the integration is well-executed, it could potentially result in streamlined processes and improved efficiency, contributing to a healthier work-life balance for employees.

While remote working is still a relatively small portion of the overall work model, 16% of employees in the insurance industry in Ireland have embraced this option.   73% of employees offer a hybrid working model while 11% continues to work fully onsite.

Career Progression

The acquisition trend promises new opportunities for career progression within the industry. Employees of small brokers that are now part of larger groups may find themselves in roles with expanded responsibilities and growth prospects. Additionally, the increased scale and resources of the large Insurance Groups may provide a more structured career path for individuals seeking advancement within the sector.


The current trend of acquisitions in the insurance industry during 2024 is reshaping the landscape and has implications for various aspects of the business. While the primary focus is on business growth and market dominance, the effects on recruitment, salaries, benefits, work-life balance, and career progression are essential considerations for industry stakeholders. Successfully navigating these changes will be crucial for both the insurance groups and their employees to thrive in the evolving landscape

Market Salaries 2024

Head of Underwriting 90k 150k
Underwriting Manager 75k 110k
Snr Underwriter (5+ years) 65k 90k
Underwriter 30k 65k
Underwriting Assistant 28k 45k
Head of Claims 85k 150k
Claims Manager 65k 95k
Claims handler (5+ years) 45k 60k
Claims Handler 30k 45k
Customer Service 25k 35k
Broker Relationship Manager (5+ years) 65k 100k
Broker Relationship Manager 45k 65k
Product Manager 55k 100k
Product Executive 35k 65k
Client Services Director 80k 125k
Client Manager 65k 105k
Commercial Account Executive (5+ years) 50k 110k
Commercial Account Executive 35k 50k
Commercial Account Handler (5+ years) 55k 75k
Commercial Account Handler 30k 55k
Manager 50k 75k
Personal Lines Team Leader 40k 65k
Personal Lines – Account Executive (5+ years) 35k 55k
Personal Lines – Account Executive 28k 40k
Broker Administrator 25k 40k


LIFE & PENSIONS Low € High €
Head of Operations 75k 110k
Operations Manager 45k 70
Operations Executive 30k 45k
Relationship Manager/Broker Consultant 40k 65k
Head of Underwriting 80k 140k
Underwriter (5+ years) 50k 80k
Underwriter 30k 50k
Claims Manager 65k 90k
Claims Team Leader 40k 55k
Claims Officer 28k 40k
Investment Analyst 40k 70k
Relationships Manager 70k 120k
Pensions Manager 60k 80k
Pensions Consultant 48k 70k
Sales Agent 30k 40k
Life & Pensions Administrator (3+ years) 40k 65k
Life & Pensions Administrator 32k 45k


Financial Advisor (5+ years) 50k 90k
Financial Advisor (3-5 years) 35k 50k
Financial Advisor (1-3 years) 30k 40k
Team Leader 40k 65k
Client Services Executive 30k 45k
Customer Service 28k 33k
Operations Manager 50k 70k



At FRS, we understand the critical role that top-tier personnel play in driving business success. That’s why our dedicated Business Support team is committed to providing unparalleled staffing solutions tailored to your organization’s unique needs.

With extensive experience and a deep understanding of the Irish market, our team specializes in sourcing and supplying top talent in HR, Business Support, and Administrative roles.

If you are looking to add talent to your workforce, email today.

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