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Insurance Average Salaries in Australia 2020

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


Average Yearly Salary
91,100 AUD
( 7,590 AUD monthly)

LOW
33,800
AUD
AVERAGE
91,100
AUD
HIGH
176,000
AUD

A person working in Insurance in Australia typically earns around 91,100 AUD per year. Salaries range from 33,800 AUD (lowest average) to 176,000 AUD (highest average, actual maximum salary is higher).

This is the average yearly 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 Analyst132,000 AUD
Actuarial Assistant85,000 AUD
Actuary122,000 AUD
Adjustment Insurance Clerk36,100 AUD
Assistant Broker58,700 AUD
Assistant Claims Manager97,500 AUD
Associate Insurance Representative49,200 AUD
Auditing Insurance Manager146,000 AUD
Broker92,800 AUD
Claim Advocacy Professional97,800 AUD
Claims Adjuster33,500 AUD
Claims Analyst47,600 AUD
Claims Examiner48,200 AUD
Claims Manager133,000 AUD
Claims Processor35,400 AUD
Claims Representative42,500 AUD
Claims Resolution Specialist106,000 AUD
Claims Supervisor95,500 AUD
Complaints Specialist90,100 AUD
Compliance Officer77,500 AUD
Consultant93,700 AUD
Eligibility Specialist97,900 AUD
Insurance Account Manager114,000 AUD
Insurance Accounts Executive102,000 AUD
Insurance Agent57,000 AUD
Insurance Analyst96,700 AUD
Insurance Appraiser93,500 AUD
Insurance Claims Clerk35,100 AUD
Insurance Examiner87,700 AUD
Insurance Investigator91,200 AUD
Insurance Manager160,000 AUD
Insurance Operations Manager168,000 AUD
Insurance Policy Processing Clerk36,500 AUD
Insurance Pricing Assistant74,300 AUD
Insurance Program Manager118,000 AUD
Insurance Project Manager119,000 AUD
Insurance Quality Assurance Agent81,000 AUD
Insurance Sales Agent53,400 AUD
Insurance Sales Director148,000 AUD
Insurance Team Leader104,000 AUD
Insurance Underwriter72,500 AUD
Loss Control Specialist93,400 AUD
Loss Prevention Investigator102,000 AUD
Loss Prevention Manager131,000 AUD
Loss Prevention Specialist96,900 AUD
Marine Underwriter71,600 AUD
Medical Auditor94,400 AUD
Monitoring and Performance Officer65,000 AUD
Payment Services Specialist98,200 AUD
Policy Change Director141,000 AUD
Policy Change Supervisor99,000 AUD
Policy Change Technician45,000 AUD
Risk Analyst107,000 AUD
Risk Management Director187,000 AUD
Risk Management Supervisor122,000 AUD
Risk Manager167,000 AUD
Risk Modeling Manager169,000 AUD
Title Insurance Typist76,700 AUD
Training Manager103,000 AUD

Insurance Jobs Salary Distribution in Australia

Median and salary distribution yearly Australia Insurance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance salaries in Australia range from 33,800 AUD per year (minimum average salary) to 176,000 AUD per year (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 85,600 AUD per year, which means that half (50%) of people working in Insurance are earning less than 85,600 AUD while the other half are earning more than 85,600 AUD. 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 53,700 AUD while 75% of them are earning more than 53,700 AUD. Also from the diagram, 75% of people working in Insurance are earning less than 123,000 AUD while 25% are earning more than 123,000 AUD.


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
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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 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
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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 Australia costs anywhere from 37,800 Australian Dollar(s) to 114,000 Australian Dollar(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 yearly Australia Insurance
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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? Male employees in Australia who work in Insurance earn 6% more than their female counterparts on average.

Male
93,400 AUD
Female-5%
88,300 AUD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Australia for all Careers

Salary comparison by gender yearly Australia
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Insurance Average Annual Salary Increment Percentage in Australia

How much are annual salary increments in Australia for Insurance professionals? How often do employees get salary raises?

Insurance

Insurance professionals in Australia are likely to observe a salary increase of approximately 9% every 15 months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate Australia 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.

Australia / 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 Australia is 6%.

Annual Increment Rate By Industry 2019

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Listed above are the average annual increase rates for each industry in Australia 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

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Insurance Bonus and Incentive Rates in Australia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Australia Insurance
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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.

49% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 51% 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
51%
No Bonus
49%

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 Australia


44 AUD per hour

The average hourly wage (pay per hour) in Australia is 44 AUD. This means that the average person in Australia earns approximately 44 AUD 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 yearly Australia
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The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Adelaide100,000 AUD
Brisbane104,000 AUD
Canberra-Queanbeyan96,800 AUD
Gold Coast-Tweed98,600 AUD
Gosford89,100 AUD
Melbourne106,000 AUD
Newcastle94,700 AUD
Perth102,000 AUD
Sunshine Coast93,000 AUD
Sydney108,000 AUD
Wollongong90,900 AUD

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 Australia earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
88,600 AUD
Public Sector+5%
93,000 AUD
Percentage increase and decrease are relative to the previous value

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