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Thread: Working for non-profit companies

  1. #1
    Actuary.com - Level I Poster
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    Working for non-profit companies

    How are the entry level salaries at non-profit insurance companies compared to private insurance companies?

    Are the salaries at non-profit companies lower than the DWS chart?

    Thank you.

  2. #2
    You spam? I ban! Irish Blues's Avatar
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    By "non-profit" do you mean mutual companies? Because even mutual companies attempt to make a profit, as it's a requirement to maintain policyholders equity in various capital ratios.
    "You better get to living, because dying's a pain in the ***." - Frank Sinatra

    http://www.hockeybuzz.com/blogger_ar...blogger_id=174 - where I talk about the Blues and the NHL.

  3. #3
    Actuary.com - Level I Poster
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    Non-profit companies examples: Kaiser foundation, BCBS etc.

  4. #4
    Actuary.com - Posting Master
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    Quote Originally Posted by xbox2kfan View Post
    Non-profit companies examples: Kaiser foundation, BCBS etc.
    BCBS is non-profit?

  5. #5
    Actuary.com - Level IV Poster
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    Not that the OP asked, but I sometimes want to rant about the misconception that profit is bad in insurance.

    Non-profit is somewhat meaningless in insurance. Even if it sounds all cynical, it's not really a bad thing. It would be very unwise and even illegal to run an insurance company without a large profit cushion. This money is all invested back in the economy anyway, so it has a positive net societal effect. If the company doesn't make enough profit, all the companies who were responsible enough to make profit would get stuck paying assessments after a catastrophe, or taxes would go up, or some similar outcome.

    I think some confuse profit with executive salary, even though they are very different things. Once you see how small a percentage of insurance premiums actually goes to salaries, you realize that people making a good living off insurance isn't what causes high rates.

    What the population should be more worried about is companies that are so competitively driven to gain market share, that they cut rates to unprofitable levels. In the P&C industry, this is a very real concern. Can't speak for life and health, where the accusation is that the companies are all greedy and evil and need to be 'occupied'.

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