Insurance Companies Salary Structure: How Much Staff Earns (2024)

An Insurance company is an organization, whose goal is to give compensation and support to anyone that loses his/her life or property. When you buy insurance from an insurance company, you are referred to as a policy holder or the insured. Knowing how much a staff of an insurance company earn monthly might help you decide whether to work in the insurance sector or not.

The Nigerian insurance sector consists of companies that offer risk management in the form of insurance contracts. The basic concept here is that the insurer will make a guaranteed payment for a particular future event. While on the other hand, the insured would pay a small premium to the insurer in exchange for protection against future events. In this article, we would be showing you the average monthly salary of an insurance staff.

How Much Does An Insurance Staff Earn Per Month

An employee of an insurance company typically earns an approximate amount of N339,000 per month. The salaries ranges from N126.000 to N655,000. This figure is non-exclusive of bonuses accrued through transport, housing etc. It is important to note that salaries differ with respect to different job titles.

Let’s look at a table that details their respective Job positions and their average salaries

Types Of Insurance Companies

Not all Nigerian insurance companies give off the same products or take care of the same customer base. The largest categories of Nigerian insurance companies are Life or personal insurance. There are various types of insurance companies in Nigeria, and they include:-

• Life Insurance or Personal Insurance
• Guarantee Insurance
• Property Insurance
• Liability Insurance
• Social Insurance
• Marine Insurance
• Fire Insurance

Key Takeaways

• The Nigerian insurance industry is made up of different types of players that operate in different spaces.
• Nigerian Life insurance companies mainly focus on replacing the value of human capital and legacy planning.
• For Nigerian health insurers, their main focus is to cover the cost of medical care, casualty, and accident.
• The major job of an insurance company is aimed at replacing the value of valuables, cars or homes. They can either be structured as mutual companies whereby the policyholders are the owners or as a traditional stock company where you have outside investors as the chief policyholders.

Comparing the salaries of insurance worker by years of experience

One big factor that controls how much insurance staff earns is their level of experience. Normally, the more experience you have, the more your salary.  On a general note, an employee with 2-5 years of experience can earn an average of 35% more than the newbie’s across all job titles.

As a professional, if you have an experience of more than 5 years, you would earn 36 % more.

Comparing the salaries of insurance workers by the level of education

It is a well-known fact that the more educated you are, the more pay you would receive. Let us review how much an extra certificate can add to your salary.

If you have a secondary school certificate or diploma, you can earn 8% more than your contemporaries that don’t have. For individuals with a bachelor’s degree, you can accrue 25% more than your peers with just a diploma or degree. If you have a master’s degree certificate your salary would be 29% more than the insurance staff with Bachelor’s Degree. For PhD holders, they earn 23% more than a master’s degree holder.

Comparing the Salaries of Insurance workers by Gender

It is widely believed that gender should not be a factor that affects pay, but in reality, it does. In Nigeria, Male employees earn 13% more than female employees.

Top Insurance Companies in Nigeria

Here is a list of the top insurance companies in Nigeria

• Continental Reinsurance
• Aiico Insurance Plc
• African Alliance Insurance Company Ltd
• Acen Insurance Company
• Niger Insurance Plc
• A&G Insurance
• Consolidated Hallmark Insurance.
• Adic Insurance
• Cornerstone Insurance PLC etc.
• Royal Exchange Plc