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Insurance Average Salaries in Mexico 2024

How much money does a person working in Insurance make in Mexico?


Average Monthly Salary
32,900 MXN
( 395,000 MXN yearly)

LOW
12,400
MXN
AVERAGE
32,900
MXN
HIGH
64,300
MXN
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Insurance in Mexico typically earns around 32,900 MXN. Salaries range from 12,400 MXN (lowest average) to 64,300 MXN (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Mexico exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst46,300 MXN
Actuarial Assistant30,700 MXN
Actuarial Specialist32,300 MXN
Actuary44,800 MXN
Adjustment Insurance Clerk12,400 MXN
Assistant Broker20,300 MXN
Assistant Claims Manager35,300 MXN
Associate Insurance Representative17,600 MXN
Auditing Insurance Manager51,500 MXN
Blockchain Insurance Auditor30,100 MXN
Broker35,100 MXN
Claim Advocacy Professional33,700 MXN
Claims Adjuster12,100 MXN
Claims Analyst17,600 MXN
Claims Examiner18,300 MXN
Claims Manager46,800 MXN
Claims Processor12,800 MXN
Claims Representative15,500 MXN
Claims Resolution Specialist37,600 MXN
Claims Supervisor32,100 MXN
Complaints Specialist31,500 MXN
Compliance Examiner31,800 MXN
Compliance Officer25,900 MXN
Compliance Reviewer32,600 MXN
Consultant33,400 MXN
Drone Claims Adjuster15,700 MXN
Eligibility Interviewer35,700 MXN
Eligibility Specialist33,800 MXN
Insurance Account Manager39,900 MXN
Insurance Accounts Executive36,900 MXN
Insurance Adjuster30,700 MXN
Insurance Agent20,900 MXN
Insurance Analyst34,300 MXN
Insurance Appraiser32,400 MXN
Insurance Claims Clerk12,500 MXN
Insurance Compliance Officer37,700 MXN
Insurance Data Scientist32,000 MXN
Insurance Examiner32,000 MXN
Insurance Fraud Investigator27,200 MXN
Insurance Investigator31,000 MXN
Insurance Manager57,000 MXN
Insurance Operations Manager58,300 MXN
Insurance Policy Processing Clerk12,700 MXN
Insurance Pricing Assistant26,400 MXN
Insurance Product Manager39,900 MXN
Insurance Program Manager43,000 MXN
Insurance Project Manager42,600 MXN
Insurance Quality Assurance Agent28,600 MXN
Insurance Sales Agent19,100 MXN
Insurance Sales Director53,200 MXN
Insurance Sales Manager45,100 MXN
Insurance Sales Representative17,400 MXN
Insurance Team Leader36,500 MXN
Insurance Underwriter25,000 MXN
Insurtech Analyst32,500 MXN
Loss Control Specialist31,600 MXN
Loss Prevention Investigator35,400 MXN
Loss Prevention Manager46,600 MXN
Loss Prevention Specialist35,400 MXN
Marine Underwriter24,100 MXN
Medical Auditor33,600 MXN
Monitoring and Performance Officer24,300 MXN
Parametric Insurance Specialist32,300 MXN
Payment Services Specialist34,100 MXN
Peer-to-Peer Insurance Manager42,000 MXN
Policy Change Director51,500 MXN
Policy Change Supervisor36,900 MXN
Policy Change Technician15,600 MXN
Risk Analyst38,900 MXN
Risk Management Director63,400 MXN
Risk Management Supervisor42,600 MXN
Risk Manager59,600 MXN
Risk Modeling Manager62,000 MXN
Social Media Risk Analyst34,700 MXN
Title Insurance Typist27,400 MXN
Training Manager35,400 MXN
Underwriting Assistant16,400 MXN


Insurance Jobs Pay Scale and Salaries in Mexico

Median and salary distribution Mexico Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
32,100 MXN or more
10% of people earn
27,100 to 32,100 MXN
20% of people earn
16,000 MXN or less
65% of people earn
16,000 to 27,100 MXN
Minimum Salary
12,400 MXN
Median
28,900 MXN
Maximum
64,300 MXN




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Mexico range from 12,400 MXN (starting average salary) to 64,300 MXN (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 28,900 MXN, implying that half of the workforce in Mexico earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Mexico earn less than 22,400 MXN, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 35,000 MXN, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Mexico. The analysis revealed that roughly 65% of all reported salaries fell within the range of 16,000 MXN to 27,100 MXN. Approximately 20% of salaries were below the 16,000 MXN mark, while 10% ranged from 27,100 MXN to 32,100 MXN. Only 5% of individuals earned a gross salary of 32,100 MXN or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Insurance in Mexico having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Insurance in Mexico, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Mexico costs anywhere from 167,000 MXN to 500,000 MXN and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Mexico

Salary comparison by gender Mexico Insurance monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Insurance in Mexico, the average difference between the salary of male and female employees is 12%.

Male
34,400 MXN
Female-11%
30,600 MXN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Mexico for all Careers

Salary comparison by gender monthly Mexico
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Average Annual Salary Increment Percentage / Insurance / Mexico

How much are annual salary increments in Mexico for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in Mexico are likely to observe a salary increase of approximately 9% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Annual Salary Increment Rate Mexico Insurance
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Mexico / All Professions

Annual Salary Increment Rate Mexico
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in Mexico is 5%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Insurance / Mexico

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Mexico Insurance
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51% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 49% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus
49%
No Bonus
51%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Hourly Average Wage / Insurance / Mexico


190 MXN per hour

The average hourly wage (pay per hour) in Insurance in Mexico is 190 MXN.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in Mexico is 71 MXN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Acapulco38,600 MXN
Acuna32,900 MXN
Aguascalientes39,400 MXN
Boca del Rio29,100 MXN
Buenavista31,800 MXN
Campeche32,400 MXN
Cancun38,500 MXN
Celaya35,400 MXN
Chalco30,300 MXN
Chetumal29,700 MXN
Chicoloapan30,400 MXN
Chihuahua44,000 MXN
Chilpancingo31,400 MXN
Chimalhuacan38,200 MXN
Cholula de Rivadabia30,800 MXN
Ciudad Apodaca37,000 MXN
Ciudad del Carmen30,500 MXN
Ciudad Juarez30,200 MXN
Ciudad Lopez Mateos37,100 MXN
Ciudad Obregon35,000 MXN
Ciudad Santa Catarina34,100 MXN
Ciudad Valles28,300 MXN
Ciudad Victoria34,600 MXN
Coacalco34,200 MXN
Coatzacoalcos32,600 MXN
Colima28,800 MXN
Cordoba28,700 MXN
Cuautitlan Izcalli37,100 MXN
Cuautla29,200 MXN
Cuernavaca35,000 MXN
Culiacan40,000 MXN
Delicias28,100 MXN
Durango37,500 MXN
Ecatepec de Morelos45,000 MXN
Ensenada34,400 MXN
Fresnillo27,600 MXN
General Escobedo35,800 MXN
Gomez Palacio33,900 MXN
Guadalajara44,700 MXN
Guadalupe38,300 MXN
Guaymas27,100 MXN
Hermosillo39,200 MXN
Hidalgo del Parral26,800 MXN
Iguala27,700 MXN
Irapuato36,200 MXN
Ixtapaluca34,900 MXN
Jiutepec30,200 MXN
La Paz32,600 MXN
Leon44,500 MXN
Los Mochis34,000 MXN
Los Reyes la Paz33,700 MXN
Manzanillo28,300 MXN
Matamoros36,600 MXN
Mazatlan35,800 MXN
Merida39,200 MXN
Metepec32,100 MXN
Mexicali38,800 MXN
Mexico City44,900 MXN
Minatitlan27,000 MXN
Monclova32,100 MXN
Monterrey44,100 MXN
Morelia37,700 MXN
Naucalpan43,600 MXN
Navojoa26,700 MXN
Nezahualcoyotl43,900 MXN
Nogales31,600 MXN
Nuevo Laredo35,900 MXN
Oaxaca33,100 MXN
Ojo de Agua33,200 MXN
Orizaba27,200 MXN
Pachuca33,000 MXN
Piedras Negras29,300 MXN
Playa del Carmen29,600 MXN
Poza Rica30,700 MXN
Puebla44,700 MXN
Puerto Vallarta31,600 MXN
Queretaro38,100 MXN
Reynosa37,600 MXN
Salamanca29,900 MXN
Saltillo39,200 MXN
San Cristobal de las Casas31,000 MXN
San Juan del Rio28,600 MXN
San Luis Potosi38,700 MXN
San Luis Rio Colorado30,000 MXN
San Nicolas de los Garza36,500 MXN
San Pablo de las Salinas31,200 MXN
San Pedro Garza Garcia27,200 MXN
Soledad de Graciano Sanchez33,100 MXN
Tampico34,400 MXN
Tapachula31,200 MXN
Tehuacan32,900 MXN
Tepic35,100 MXN
Tijuana44,400 MXN
Tlalnepantla de Baz38,100 MXN
Tlaquepaque37,500 MXN
Toluca36,900 MXN
Tonala36,100 MXN
Torreon37,800 MXN
Tuxtla Gutierrez37,300 MXN
Uruapan33,600 MXN
Veracruz36,300 MXN
Villa Nicolas Romero34,200 MXN
Villahermosa35,600 MXN
Xalapa36,400 MXN
Xico35,300 MXN
Zacatecas27,800 MXN
Zamora de Hidalgo28,400 MXN
Zapopan44,300 MXN

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Mexico is 9% on average across all career fields.

Private Sector
32,000 MXN
Public Sector+9%
34,800 MXN
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Mexico?

A good and competitive compensation would range anywhere between 28,900 MXN and 35,000 MXN. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Insurance in Mexico ranges from 12,400 MXN to 22,400 MXN. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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