Insurance Average Salaries in Jersey 2020
How much money does a person working in Insurance make in Jersey?
LOW
1,920
GBP AVERAGE
5,170
GBP HIGH
9,960
GBP
A person working in Insurance in Jersey typically earns around 5,170 GBP per month. Salaries range from 1,920 GBP (lowest average) to 9,960 GBP (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Salaries for specific jobs
| Job Title | Average Salary |
| Actuarial Analyst | 7,470 GBP |
| Actuarial Assistant | 5,300 GBP |
| Actuary | 7,130 GBP |
| Adjustment Insurance Clerk | 2,060 GBP |
| Assistant Broker | 3,430 GBP |
| Assistant Claims Manager | 5,670 GBP |
| Associate Insurance Representative | 2,750 GBP |
| Auditing Insurance Manager | 8,300 GBP |
| Broker | 5,560 GBP |
| Claim Advocacy Professional | 5,280 GBP |
| Claims Adjuster | 2,090 GBP |
| Claims Analyst | 2,670 GBP |
| Claims Examiner | 2,690 GBP |
| Claims Manager | 7,370 GBP |
| Claims Processor | 1,960 GBP |
| Claims Representative | 2,420 GBP |
| Claims Resolution Specialist | 5,720 GBP |
| Claims Supervisor | 5,260 GBP |
| Complaints Specialist | 4,960 GBP |
| Compliance Officer | 4,130 GBP |
| Consultant | 5,150 GBP |
| Eligibility Specialist | 5,370 GBP |
| Insurance Account Manager | 6,430 GBP |
| Insurance Accounts Executive | 6,070 GBP |
| Insurance Agent | 3,170 GBP |
| Insurance Analyst | 5,280 GBP |
| Insurance Appraiser | 5,630 GBP |
| Insurance Claims Clerk | 1,900 GBP |
| Insurance Examiner | 4,730 GBP |
| Insurance Investigator | 4,890 GBP |
| Insurance Manager | 9,120 GBP |
| Insurance Operations Manager | 8,810 GBP |
| Insurance Policy Processing Clerk | 1,950 GBP |
| Insurance Pricing Assistant | 4,380 GBP |
| Insurance Program Manager | 7,000 GBP |
| Insurance Project Manager | 6,570 GBP |
| Insurance Quality Assurance Agent | 4,500 GBP |
| Insurance Sales Agent | 3,140 GBP |
| Insurance Sales Director | 9,200 GBP |
| Insurance Team Leader | 5,410 GBP |
| Insurance Underwriter | 3,910 GBP |
| Loss Control Specialist | 5,380 GBP |
| Loss Prevention Investigator | 5,840 GBP |
| Loss Prevention Manager | 7,450 GBP |
| Loss Prevention Specialist | 5,490 GBP |
| Marine Underwriter | 3,940 GBP |
| Medical Auditor | 5,380 GBP |
| Monitoring and Performance Officer | 3,610 GBP |
| Payment Services Specialist | 5,630 GBP |
| Policy Change Director | 8,480 GBP |
| Policy Change Supervisor | 5,900 GBP |
| Policy Change Technician | 2,670 GBP |
| Risk Analyst | 6,250 GBP |
| Risk Management Director | 9,880 GBP |
| Risk Management Supervisor | 6,440 GBP |
| Risk Manager | 9,660 GBP |
| Risk Modeling Manager | 9,740 GBP |
| Title Insurance Typist | 4,440 GBP |
| Training Manager | 5,990 GBP |
Insurance Jobs Salary Distribution in Jersey
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Jersey range from 1,920 GBP per month (minimum average salary) to 9,960 GBP per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 5,580 GBP per month, which means that half (50%) of people working in Insurance are earning less than 5,580 GBP while the other half are earning more than 5,580 GBP. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Insurance are earning less than 3,370 GBP while 75% of them are earning more than 3,370 GBP. Also from the diagram, 75% of people working in Insurance are earning less than 8,390 GBP while 25% are earning more than 8,390 GBP.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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
Salary Comparison by Years of Experience
How does a person's salary progress over time?
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 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.
Salary Comparison By Education
How does the education level affect your salary?
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 degrees levels across many jobs, 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 cerificate 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 Jersey costs anywhere from 25,800 Pound Sterling(s) to 77,300 Pound Sterling(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you 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 into 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 your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Insurance Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Jersey who work in Insurance earn 19% more than their female counterparts on average.
| Male | 5,620 GBP | |
| Female | -16% | 4,710 GBP |
Salary Comparison By Gender in Jersey for all Careers
Insurance Average Annual Salary Increment Percentage in Jersey
How much are annual salary increments in Jersey for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in Jersey are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
Jersey / All Professions
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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
Annual Increment Rate By Industry 2019
| Banking | 9% | |
| Energy | 9% | |
| Information Technology | 9% | |
| Healthcare | 9% | |
| Travel | 9% | |
| Construction | 9% | |
| Education | 9% |
Listed above are the average annual increase rates for each industry in Jersey for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Worldwide Salary Raises: All Countries and All Jobs
Insurance Bonus and Incentive Rates in Jersey
How much and how often are bonuses being awarded?
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Insurance is considered to be a moderate bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
61% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 39% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.
| Received Bonus | 39% | |
| No Bonus | 61% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 Generators | Supporting 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: | Example: |
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.
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.
Insurance Hourly Average Wage in Jersey
30 GBP per hourThe average hourly wage (pay per hour) in Jersey is 30 GBP. This means that the average person in Jersey earns approximately 30 GBP for every worked hour.
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 fix 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.
Insurance VS Other Jobs
The average salary for Insurance is 0% more than that of All Jobs.
Government vs Private Sector Salary Comparison
Where can you get paid more, working for a private company or for the government? Public sector employees in Jersey earn 25% more than their private sector counterparts on average across all sectors.
| Private Sector | 4,580 GBP | |
| Public Sector | +25% | 5,720 GBP |
