Despite tough economic times, salary budgets within the property/casualty insurance industry appear to be holding steady, according to a new study from an insurer trade group.
According to the Property Casualty Insurers Association of America (PCI) Insurance Compensation Survey, property/casualty insurance companies are projecting average salary budget increases of 3.4 percent in 2010, which is the same percent increase reported in 2009. This compares to average salary budget increases of 4.0 percent in 2008.
The PCI insurance compensation survey includes information for more than 60 benchmark jobs in the property/casualty insurance industry. This year 160 companies participated in the survey.
The survey includes a section addressing 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.