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Insurance Appraiser Average Salary in Maldives 2020

How much money does an Insurance Appraiser make in Maldives?

Average Monthly Salary
19,000 MVR
( 228,000 MVR yearly)


A person working as an Insurance Appraiser in Maldives typically earns around 19,000 MVR per month. Salaries range from 10,200 MVR (lowest) to 28,600 MVR (highest).

This is the average monthly salary including housing, transport, and other benefits. Insurance Appraiser salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Insurance Appraiser Salary Distribution in Maldives

Median and salary distribution monthly Maldives Insurance Appraiser
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Appraiser salaries in Maldives range from 10,200 MVR per month (minimum salary) to 28,600 MVR per month (maximum salary).

  • Median Salary

    The median salary is 17,500 MVR per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 17,500 MVR while the other half are earning more than 17,500 MVR. 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 Insurance Appraiser(s) are earning less than 12,500 MVR while 75% of them are earning more than 12,500 MVR. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 21,200 MVR while 25% are earning more than 21,200 MVR.

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

Insurance Appraiser Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Maldives Insurance Appraiser
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Insurance Appraiser salaries by experience level and this is what we found.

An Insurance Appraiser with less than two years of experience makes approximately 11,900 MVR per month.

While someone with an experience level between two and five years is expected to earn 15,000 MVR per month, 26% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 19,800 MVR per month, 32% more than someone with two to five years of experience.

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.

Additionally, Insurance Appraiser(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 23,300 MVR per month, 18% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 25,800 MVR per month, 11% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 27,400 MVR per month, 6% more than people with fifteen to twenty years of experience.

Insurance Appraiser average salary change by experience in Maldives

0 - 2 Years
11,900 MVR
2 - 5 Years+26%
15,000 MVR
5 - 10 Years+32%
19,800 MVR
10 - 15 Years+18%
23,300 MVR
15 - 20 Years+11%
25,800 MVR
20+ Years+6%
27,400 MVR
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Insurance Appraiser Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Insurance Appraiser(s) who have the same experience but different education levels.

Salary comparison by education level monthly Maldives Insurance Appraiser
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Insurance Appraiser salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Insurance Appraiser is 16,500 MVR per month.

While someone with a Bachelor's Degree gets a salary of 24,600 MVR per month, 49% more than someone having a Certificate or Diploma degree.

Insurance Appraiser average salary difference by education level in Maldives

Certificate or Diploma
16,500 MVR
Bachelor's Degree+49%
24,600 MVR
Percentage increase and decrease are relative to the previous value

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Insurance Appraiser Salary Comparison By Gender

Salary comparison by gender monthly Maldives Insurance Appraiser
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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 Insurance Appraiser employees in Maldives earn 8% more than their female counterparts on average.

19,600 MVR
18,100 MVR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Maldives for all Careers

Salary comparison by gender monthly Maldives
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Insurance Appraiser Average Annual Salary Increment Percentage in Maldives

How much are annual salary increments in Maldives for Insurance Appraiser(s)? How often do employees get salary raises?

Insurance Appraiser

Insurance Appraiser(s) in Maldives are likely to observe a salary increase of approximately 7% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Maldives Insurance Appraiser
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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.

Maldives / 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 Maldives is 2%.

Annual Increment Rate By Industry 2019

Information Technology

Listed above are the average annual increase rates for each industry in Maldives 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 Appraiser Bonus and Incentive Rates in Maldives

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Maldives Insurance Appraiser
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An Insurance Appraiser is considered to be a low bonus-based job 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.

92% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 8% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 2% of their annual salary.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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 Appraiser Average Hourly Wage in Maldives

110 MVR per hour

The average hourly wage (pay per hour) in Maldives is 110 MVR. This means that the average Insurance Appraiser in Maldives earns approximately 110 MVR 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 Appraiser VS Other Jobs

Salary Comparison Between Insurance Appraiser and Insurance monthly Maldives
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The average salary for Insurance Appraiser is 1% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst27,200 MVR+43%
Actuarial Assistant17,900 MVR-6%
Actuary24,900 MVR+31%
Adjustment Insurance Clerk7,320 MVR-61%
Assistant Broker12,300 MVR-35%
Assistant Claims Manager22,000 MVR+16%
Associate Insurance Representative9,890 MVR-48%
Auditing Insurance Manager30,200 MVR+59%
Broker18,800 MVR-1%
Claim Advocacy Professional19,000 MVR+0%
Claims Adjuster7,050 MVR-63%
Claims Analyst10,200 MVR-46%
Claims Examiner10,500 MVR-45%
Claims Manager26,600 MVR+40%
Claims Processor7,220 MVR-62%
Claims Representative8,440 MVR-56%
Claims Resolution Specialist21,100 MVR+11%
Claims Supervisor19,900 MVR+5%
Complaints Specialist17,300 MVR-9%
Compliance Officer15,000 MVR-21%
Consultant19,100 MVR+1%
Eligibility Specialist18,800 MVR-1%
Insurance Account Manager25,000 MVR+32%
Insurance Accounts Executive21,500 MVR+13%
Insurance Agent11,700 MVR-38%
Insurance Analyst18,900 MVR-0%
Insurance Appraiser19,000 MVR+0%
Insurance Claims Clerk7,250 MVR-62%
Insurance Examiner18,400 MVR-3%
Insurance Investigator17,700 MVR-7%
Insurance Manager33,100 MVR+75%
Insurance Operations Manager33,600 MVR+77%
Insurance Policy Processing Clerk7,200 MVR-62%
Insurance Pricing Assistant15,600 MVR-18%
Insurance Program Manager26,400 MVR+39%
Insurance Project Manager24,300 MVR+28%
Insurance Quality Assurance Agent16,200 MVR-15%
Insurance Sales Agent11,900 MVR-37%
Insurance Sales Director31,000 MVR+63%
Insurance Team Leader21,100 MVR+11%
Insurance Underwriter14,100 MVR-26%
Loss Control Specialist18,600 MVR-2%
Loss Prevention Investigator20,700 MVR+9%
Loss Prevention Manager27,000 MVR+42%
Loss Prevention Specialist20,400 MVR+8%
Marine Underwriter14,900 MVR-21%
Medical Auditor19,500 MVR+3%
Monitoring and Performance Officer14,100 MVR-26%
Payment Services Specialist19,900 MVR+5%
Policy Change Director31,100 MVR+64%
Policy Change Supervisor20,000 MVR+5%
Policy Change Technician9,260 MVR-51%
Risk Analyst22,700 MVR+20%
Risk Management Director36,800 MVR+94%
Risk Management Supervisor24,500 MVR+29%
Risk Manager37,600 MVR+98%
Risk Modeling Manager35,100 MVR+85%
Title Insurance Typist17,300 MVR-9%
Training Manager21,400 MVR+13%

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 Maldives earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
18,400 MVR
Public Sector+7%
19,700 MVR
Percentage increase and decrease are relative to the previous value

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