Re/insurance coverage non-exec director remuneration up 70% since 2018

There was a 70% uplift in re/insurance coverage Non-Government Director (NED) remuneration since 2018, in step with a up to date record via Damhurst, an govt seek company serving the worldwide re/insurance coverage neighborhood.

The record supplies NED remuneration information for a number of insurance coverage trade segments together with mutuals, MGAs, Lloyd’s Managing Brokers and agents. It additionally distinguishes remuneration main points between chairs and non-chairs.

On moderate, the record discovered, re/insurance coverage NEDs have been paid £93,500 in 2022 which equates to £2,800 consistent with reduced in size day. This remuneration used to be based totally upon a mean of 33 days reduced in size paintings, the company famous.

Damhurst mentioned that this uplift is partially because of inflation and the rise within the selection of days reduced in size. The upturn in reduced in size days displays the continuing building up in regulatory scrutiny and the consequent further workload falling upon the NEDs.

The survey additionally identified that NEDs estimate they nonetheless dedicate on moderate seven greater than their reduced in size days to their person forums.

The pursuit of larger board range is some other key motive force for uplift, the record discovered, which additionally may provide an explanation for the rise in remuneration.

As a part of this range, there was proof of extra feminine administrators, and the ones from outdoor the trade. 25% of the respondents have been feminine, which in step with Damhurst, quite displays the typical insurance coverage board composition, who have been paid on moderate 9% greater than their male opposite numbers.

Simon Beale, Head of Board Apply at Damhurst stated: “The newest Damhurst NED Remuneration Record supplies a far wanted, present reference level for NED reimbursement which is significant if the insurance coverage marketplace is to proceed to draw and retain the most productive skill on its forums.

“We believe our advisory experience to be an important a part of our function in helping purchasers find essentially the most suitable NEDs for his or her Board. This record dietary supplements that recommendation.”

In spite of everything, the survey additionally highlighted one of the vital key issues raised regularly at forums in 2022. A mixture of group of workers retention, recruitment and loss of skill have been considerably essentially the most raised subjects.

Different issues incessantly discussed in step with the record incorporated: ESG, regulatory calls for and inflation.