NU Online News Service, Oct. 12, 3:19 p.m. EDT
Salary budgets within the property and casualty insurance industry appear to be holding steady, with increases of 3.4 percent expected for next year, according to a survey.
The Property Casualty Insurers Association of America (PCI) Insurance Compensation Survey found companies are projecting average 2010 salary budget increases of 3.4 percent--the same percent increase reported in 2009. This compares to average salary budget increases of 4 percent in 2008.
The PCI insurance compensation survey includes information for over 60 benchmark jobs in the property and casualty insurance industry.
PCI said 160 companies participated in the survey which provides current information about industry compensation practices.
This year's survey, PCI said, contains a new section on the economic conditions for the positions surveyed.
The organization said the section is important because it addresses how organizations have been affected by the current economic climate and what they plan to do in the future to adjust to the changing conditions.
Also new this year is information about the timing of salary increases. The survey contains a strong matched sample comparison which helps prevent the data from being overly influenced by fluctuation of participants from year to year.
Copies of the survey can be purchased by contacting Swapna Thomas at email@example.com.
PCI is composed of more than 1,000 member companies, who write over $180 billion in annual premium, 37.4 percent of the nation's property and casualty insurance.