Insurance Industry CEO Salaries
The most recent study of insurance industry executive compensation, published in the July 2002 edition of The Insurance Forum, reveals that at least 79 insurance industry executives received compensation of over $5 million in 2001, including 18 who received $10 million or more.* Meanwhile, insurance companies are lobbying Congress for federal legislation to protect them in the event of future terrorist attacks. And for the last 20 years, they have been lobbying for measures to deprive sick and injured Americans of their right to be fairly compensated for injuries caused by wrongdoing.
The top 15 individuals for 2001:
|
Rank |
Executive |
Title/Company |
Compensation |
|
1. |
Eli Broad |
SunAmerica (of American International Group) |
$48,174,739 |
|
2. |
Sanford I. Weill |
Citigroup |
$26,694,959 |
|
3. |
Jacques E. Dubois, Jr. |
Swiss Re |
$19,739,137 |
|
4. |
Lawrence J. Lasser |
President, Putnam Investments (of Marsh & McLennan) |
$19,253,003 |
|
5. |
Richard W. Scott |
Vice President and Chief Investment officer, Yosemite Insurance Company (of American general Corporation) |
$18,799,291 |
|
6. |
Jay S. Wintrob |
SunAmerica (of American International Group) |
$18,181,204 |
|
7. |
Robert E. Rubin |
Citigroup |
$16,412,614 |
|
8. |
Larry C. Glasscock |
President and CEO, Anthem, Inc. |
$15,703,827 |
|
9. |
Daniel P. Amos |
AFLAC |
$15,141,465 |
|
10. |
Phillip B. Lassiter |
Chairman and CEO, AMBAC Assurance |
$14,274,665 |
|
11. |
Thomas J. McInerney |
President and CEO, Aetna Insurance Company of America (of Netherlands Insurance) |
$14,100,577 |
|
12. |
Michael A. Carpenter |
Citigroup |
$13,297,917 |
|
13. |
James N. Stanard |
Chairman and CEO, RenaissanceRe |
$11,697,416 |
|
14. |
Yoshiki Otake |
AFLAC |
$11,639,209 |
|
15. |
Raymond Barrette |
Chairman and CEO, OneBeacon Insurance Company |
$11,447,343 |
Average: $18,303,824
"Broad and Wintrob are associated with SunAmerica, a unit of American International Group. For the two combined ... 1 percent was salary, 11 percent was bonus, and 88 percent was 'all other compensation.'" The Insurance Forum, Vol, 29, No. 7 (July 2002), p. 75.
"Amos and Otake are associated with AFLAC. For the two combined … 7 percent was salary, 6 percent was bonus, and 87 percent was 'all other compensation.'" The Insurance Forum, Vol. 29, No. 7 (July 2002), p. 76.
Scott’s salary was $474,000, bonus was $500,000, and "other compensation" was $17.8 million. The Insurance Forum, Vol. 29, No. 7 (July 2002), p. 75.
-information from Center for Justice and Democracy http://www.centerjd.org