HOME BROWSE SALARIES BEST PAYING JOBS
Browse Salaries
Best Paying Jobs
Salary Increase Letters
Career Articles

Insurance Average Salaries in Jersey 2020

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


Average Monthly Salary
5,170 GBP
( 62,000 GBP yearly)

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 TitleAverage Salary
Actuarial Analyst7,470 GBP
Actuarial Assistant5,300 GBP
Actuary7,130 GBP
Adjustment Insurance Clerk2,060 GBP
Assistant Broker3,430 GBP
Assistant Claims Manager5,670 GBP
Associate Insurance Representative2,750 GBP
Auditing Insurance Manager8,300 GBP
Broker5,560 GBP
Claim Advocacy Professional5,280 GBP
Claims Adjuster2,090 GBP
Claims Analyst2,670 GBP
Claims Examiner2,690 GBP
Claims Manager7,370 GBP
Claims Processor1,960 GBP
Claims Representative2,420 GBP
Claims Resolution Specialist5,720 GBP
Claims Supervisor5,260 GBP
Complaints Specialist4,960 GBP
Compliance Officer4,130 GBP
Consultant5,150 GBP
Eligibility Specialist5,370 GBP
Insurance Account Manager6,430 GBP
Insurance Accounts Executive6,070 GBP
Insurance Agent3,170 GBP
Insurance Analyst5,280 GBP
Insurance Appraiser5,630 GBP
Insurance Claims Clerk1,900 GBP
Insurance Examiner4,730 GBP
Insurance Investigator4,890 GBP
Insurance Manager9,120 GBP
Insurance Operations Manager8,810 GBP
Insurance Policy Processing Clerk1,950 GBP
Insurance Pricing Assistant4,380 GBP
Insurance Program Manager7,000 GBP
Insurance Project Manager6,570 GBP
Insurance Quality Assurance Agent4,500 GBP
Insurance Sales Agent3,140 GBP
Insurance Sales Director9,200 GBP
Insurance Team Leader5,410 GBP
Insurance Underwriter3,910 GBP
Loss Control Specialist5,380 GBP
Loss Prevention Investigator5,840 GBP
Loss Prevention Manager7,450 GBP
Loss Prevention Specialist5,490 GBP
Marine Underwriter3,940 GBP
Medical Auditor5,380 GBP
Monitoring and Performance Officer3,610 GBP
Payment Services Specialist5,630 GBP
Policy Change Director8,480 GBP
Policy Change Supervisor5,900 GBP
Policy Change Technician2,670 GBP
Risk Analyst6,250 GBP
Risk Management Director9,880 GBP
Risk Management Supervisor6,440 GBP
Risk Manager9,660 GBP
Risk Modeling Manager9,740 GBP
Title Insurance Typist4,440 GBP
Training Manager5,990 GBP

Insurance Jobs Salary Distribution in Jersey

Median and salary distribution monthly Jersey Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jersey/insurance/median-and-salary-distribution-monthly-jersey-insurance.jpg

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?

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

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.


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.

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.

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
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg

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.


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.

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

Salary comparison by gender monthly Jersey Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jersey/insurance/salary-comparison-by-gender-monthly-jersey-insurance.jpg

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
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Jersey for all Careers

Salary comparison by gender monthly Jersey
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jersey/salary-comparison-by-gender-monthly-jersey.jpg

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.

Annual Salary Increment Rate Jersey Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jersey/insurance/annual-salary-increment-rate-jersey-insurance.jpg


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.

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

The average salary increase in one year (12 months) in Jersey is 2%.

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

Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

Insurance Bonus and Incentive Rates in Jersey

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Jersey Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jersey/insurance/annual-salary-bonus-rate-jersey-insurance.jpg

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 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.

Insurance Hourly Average Wage in Jersey


30 GBP per hour

The 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.


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

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

Salary Comparison Between Insurance and Insurance monthly Jersey
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jersey/insurance/salary-comparison-between-insurance-and-insurance-monthly-jersey.jpg

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
Percentage increase and decrease are relative to the previous value

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2020