How much money does a person working in Insurance make in Malaysia?
9,484 MYR per month
Average Monthly Salary
A person working in Insurance in Malaysia typically earns around 9,484 MYR per month.
This is the average monthly salary including housing, transport, and other benefits.
Salaries differ drasticly between different Insurance jobs. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Salaries for specific jobs
|Claims Adjuster||8,333 MYR|
|Claims Analyst||5,000 MYR|
|Claims Examiner||4,225 MYR|
|Claims Processor||2,481 MYR|
|Insurance Agent||10,000 MYR|
|Insurance Analyst||5,750 MYR|
|Insurance Underwriter||3,383 MYR|
|Risk Analyst||7,000 MYR|
|Risk Management Director||40,111 MYR|
|Risk Manager||7,200 MYR|
|Risk Modeling Manager||6,000 MYR|
|Senior Insurance Underwriter||8,000 MYR|
Insurance Jobs Salary Distribution in Malaysia
25% of people earn
50% of people earn
75% of people earn
Abount These Figures: Salary Range, Median and Percentiles
The Insurance salaries in Malaysia range between 2,332 MYR per month (minimum salary) to 83,333 MYR per month (maximum salary).
The median salary is 5,400 MYR per month, which means that half (50%) of people working in Insurance are earning less than 5,400 MYR while the other half are earning more than 5,400 MYR. 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.
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 4,500 MYR while 75% of them are earning more than 4,500 MYR. Also from the diagram, 75% of people working in Insurance are earning less than 9,000 MYR while 25% are earning more than 9,000 MYR.
What is the difference between the median and the average salary? What should you be looking at?
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 plently of room for improvement. If your wage is in between the average and median, then things can be a bit confusing. We have written a guide to explain all the different senarios. How to compare your salary
Insurance Salary Forecast and Trend in Malaysia
How do Insurance salaries change over time? Listed below is a chart that shows the average salary in recent years.
|Average Salary 2016|| = |
|Average Salary 2017|| +3% |
|Average Salary 2018|| +1% |
|Average Salary 2019|| +2% |
Percentage increase and decrease are relative to the previous value
Insurance salaries in Malaysia are rising in the year 2019 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 2% higher than those of 2018. The trend suggests a slow yet continous increase in pay in 2020 and future years. These numbers differ slightly from industry to another.
Insurance Hourly Average Wage in Malaysia
49 MYR per hour
Average Hourly Wage
The average hourly wage (pay per hour) in Malaysia for Insurance is 49 MYR. This means that the average person in Malaysia earns approximatly 49 MYR for every worked hour.
Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )
The hourly wage is the salary paid in one working 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 annual vacation allowance. The figures mentioned above are good approximation and they are considered to the be the standard.
Salary Comparison of Insurance Jobs in Malaysia
We compared Malaysia salaries for Insurance and All Jobs and we found that Insurance salaries are 29% more than those of All Jobs.
Salary Comparison By City