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

Last updated on August 4th, 2023 at 08:15 pm

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

Job position Average Salary  scale
Actuarial Analyst 445,000 NGN
Actuarial Assistant 331,000 NGN
Actuary 468,000 NGN
Adjustment Insurance Clerk 129,000 NGN
Assistant Broker 204,000 NGN
Assistant Claims Manager 355,000 NGN
Associate Insurance Representative 172,000 NGN
Auditing Insurance Manager 494,000 NGN
Broker 348,000 NGN
Claim Advocacy Professional 347,000 NGN
Claims Adjuster 131,000 NGN
Claims Analyst 176,000 NGN
Claims Examiner 168,000 NGN
Claims Manager 485,000 NGN
Claims Processor 122,000 NGN
Claims Representative 152,000 NGN
Claims Resolution Specialist 357,000 NGN
Claims Supervisor 345,000 NGN
Complaints Specialist 295,000 NGN
Compliance Officer 272,000 NGN
Consultant 339,000 NGN
Eligibility Specialist 335,000 NGN
Insurance Account Manager 422,000 NGN
Insurance Accounts Executive 379,000 NGN
Insurance Agent 208,000 NGN
Insurance Analyst 313,000 NGN
Insurance Appraiser 335,000 NGN
Insurance Claims Clerk 119,000 NGN
Insurance Examiner 311,000 NGN
Insurance Investigator 306,000 NGN
Insurance Manager 570,000 NGN
Insurance Operations Manager 551,000 NGN
Insurance Policy Processing Clerk 128,000 NGN
Insurance Pricing Assistant 261,000 NGN
Insurance Program Manager 459,000 NGN
Insurance Project Manager 432,000 NGN
Insurance Quality Assurance Agent 296,000 NGN
Insurance Sales Director 575,000 NGN
Insurance Team Leader 338,000 NGN
Insurance Underwriter 257,000 NGN
Loss Control Specialist 336,000 NGN
Loss Prevention Investigator 347,000 NGN
Loss Prevention Manager 466,000 NGN
Loss Prevention Specialist 361,000 NGN
Marine Underwriter 259,000 NGN
Medical Auditor 336,000 NGN
Monitoring and Performance Officer 238,000 NGN
Payment Services Specialist 335,000 NGN
Policy Change Director 530,000 NGN
Policy Change Supervisor 351,000 NGN
Policy Change Technician 167,000 NGN
Risk Analyst 391,000 NGN
Risk Management Director 650,000 NGN
Risk Management Supervisor 402,000 NGN
Risk Manager 635,000 NGN
Risk Modeling Manager 609,000 NGN
Title Insurance Typist 292,000 NGN
Training Manager 356,000 NGN

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
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Oluchi Chukwu

Oluchi is a seasoned Information blogger, content developer and the editor of Nigerian Queries. She is a tech enthusiast who loves reading, writing and research

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