Insurance Companies Salary Structure: How Much Staff Earns (2023)
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|
|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|
|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|
|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
- 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