Insurance Broker Salary UK: Understanding Hourly and Annual Pay

If you are exploring a career in insurance broking or looking to benchmark your current pay, understanding how an insurance broker salary converts between hourly and annual figures is essential. This guide uses the latest UK data from the Office for National Statistics (ONS) and the Hays Insurance Salary Survey 2026 to give you a clear picture of earning potential.

What the Data Shows

The ONS Annual Survey of Hours and Earnings (ASHE) 2025 reports that the median gross annual earnings for all full-time UK employees was £39,039, with median hourly earnings of £19.67 (excluding overtime). However, insurance broker salaries can differ significantly from this national average. According to the Hays Insurance Salary Survey 2026, earning potential for broking roles is structured as follows:

• Entry level: £28,840 per year
• Senior roles: £128,750 per year
• Partner / Head of broking: £257,500 per year

These figures are annual salaries based on roles across the UK, not including London weighting or bonuses. To convert these to an hourly rate, we assume a standard full-time week of 37.5 hours and 52 paid weeks per year. For example:

• Entry level: £28,840 ÷ (37.5 × 52) ≈ £14.80 per hour
• Senior: £128,750 ÷ 1,950 ≈ £66.03 per hour
• Partner/Head: £257,500 ÷ 1,950 ≈ £132.05 per hour

Remember that these are rough conversions. Actual take-home pay depends on your exact contracted hours, any unpaid overtime, and whether you receive commission or bonuses. For a quick calculation, use our hourly calculator.

How Insurance Broker Salaries Compare to UK Benchmarks

The National Living Wage (for employees aged 21 and over) was £12.21 per hour in April 2025. Even entry-level insurance broker roles exceed this minimum, reflecting the specialist nature of the work. The ONS median hourly earnings for all full-time employees (£19.67) sit between entry-level and senior broker rates, suggesting that experienced brokers can earn well above the national average.

It is also worth noting that the Hays survey found 42% of insurance employers increased salaries by between 2.5% and 5% over the past year, indicating steady wage growth in the sector. Salary transparency is increasingly important: 96% of professionals said they are more likely to apply for a role when pay is listed upfront.

Part-Time vs Full-Time Considerations

Full-time is typically defined as working more than 30 paid hours per week (ONS definition), but many insurance broker roles are based on 37.5 hours. Part-time brokers will have a pro-rata salary. When converting a part-time hourly rate to an annual figure, use the same formula: hourly rate × actual weekly hours × 52. For example, a part-time broker earning £20 per hour for 25 hours a week would have an annual salary of £20 × 25 × 52 = £26,000.

Always check your contract for your exact hours and any overtime or London weighting provisions. London-based roles often include a weighting of 10–20% on top of the base salary, though this is not captured in the Hays ranges.

Using Our Tools

To make sense of your own pay, you can explore our salary data for more UK benchmarks. Whether you are negotiating a new role or reviewing your current compensation, understanding the hourly-to-annual conversion helps you compare offers on a like-for-like basis.

Key Takeaways

• Insurance broker salaries range from around £28,840 (entry level) to over £257,500 (partner/head) according to Hays.
• Hourly equivalents depend on your weekly hours; the standard assumption is 37.5 hours per week.
• The UK median full-time hourly earnings (£19.67) provide a useful comparison point.
• Always consider London weighting, overtime, and bonus when evaluating a salary offer.

For more guidance on salary conversion and UK pay scales, visit our about page or browse related topics.