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Insurance Average Salaries in Mexico 2020

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


Average Monthly Salary
33,300 MXN
( 400,000 MXN yearly)

LOW
12,400
MXN
AVERAGE
33,300
MXN
HIGH
64,300
MXN

A person working in Insurance in Mexico typically earns around 33,300 MXN per month. Salaries range from 12,400 MXN (lowest average) to 64,300 MXN (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 Analyst46,300 MXN
Actuarial Assistant30,700 MXN
Actuary44,800 MXN
Adjustment Insurance Clerk12,400 MXN
Assistant Broker20,300 MXN
Assistant Claims Manager35,300 MXN
Associate Insurance Representative17,600 MXN
Auditing Insurance Manager51,500 MXN
Broker35,100 MXN
Claim Advocacy Professional33,700 MXN
Claims Adjuster12,100 MXN
Claims Analyst17,600 MXN
Claims Examiner18,300 MXN
Claims Manager46,800 MXN
Claims Processor12,800 MXN
Claims Representative15,500 MXN
Claims Resolution Specialist37,600 MXN
Claims Supervisor32,100 MXN
Complaints Specialist31,500 MXN
Compliance Officer25,900 MXN
Consultant33,400 MXN
Eligibility Specialist33,800 MXN
Insurance Account Manager39,900 MXN
Insurance Accounts Executive36,900 MXN
Insurance Agent20,900 MXN
Insurance Analyst34,300 MXN
Insurance Appraiser32,400 MXN
Insurance Claims Clerk12,500 MXN
Insurance Examiner32,000 MXN
Insurance Investigator31,000 MXN
Insurance Manager57,000 MXN
Insurance Operations Manager58,300 MXN
Insurance Policy Processing Clerk12,700 MXN
Insurance Pricing Assistant26,400 MXN
Insurance Program Manager43,000 MXN
Insurance Project Manager42,600 MXN
Insurance Quality Assurance Agent28,600 MXN
Insurance Sales Agent19,100 MXN
Insurance Sales Director53,200 MXN
Insurance Team Leader36,500 MXN
Insurance Underwriter25,000 MXN
Loss Control Specialist31,600 MXN
Loss Prevention Investigator35,400 MXN
Loss Prevention Manager46,600 MXN
Loss Prevention Specialist35,400 MXN
Marine Underwriter24,100 MXN
Medical Auditor33,600 MXN
Monitoring and Performance Officer24,300 MXN
Payment Services Specialist34,100 MXN
Policy Change Director51,500 MXN
Policy Change Supervisor36,900 MXN
Policy Change Technician15,600 MXN
Risk Analyst38,900 MXN
Risk Management Director63,400 MXN
Risk Management Supervisor42,600 MXN
Risk Manager59,600 MXN
Risk Modeling Manager62,000 MXN
Title Insurance Typist27,400 MXN
Training Manager35,400 MXN

Insurance Jobs Salary Distribution in Mexico

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

  • Salary Range

    Insurance salaries in Mexico range from 12,400 MXN per month (minimum average salary) to 64,300 MXN per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 31,300 MXN per month, which means that half (50%) of people working in Insurance are earning less than 31,300 MXN while the other half are earning more than 31,300 MXN. 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 19,700 MXN while 75% of them are earning more than 19,700 MXN. Also from the diagram, 75% of people working in Insurance are earning less than 44,900 MXN while 25% are earning more than 44,900 MXN.


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 Mexico costs anywhere from 166,000 Mexican Peso(s) to 498,000 Mexican Peso(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 Mexico 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 Mexico who work in Insurance earn 12% more than their female counterparts on average.

Male
34,800 MXN
Female-11%
31,000 MXN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Mexico for all Careers

Salary comparison by gender monthly Mexico
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Insurance Average Annual Salary Increment Percentage in Mexico

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

Insurance

Insurance professionals in Mexico are likely to observe a salary increase of approximately 9% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Annual Salary Increment Rate Mexico 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.

Mexico / 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 Mexico is 5%.

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 Mexico 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 Mexico

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

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

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 Mexico


190 MXN per hour

The average hourly wage (pay per hour) in Mexico is 190 MXN. This means that the average person in Mexico earns approximately 190 MXN 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 Mexico
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The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Acapulco39,100 MXN
Acuna33,300 MXN
Aguascalientes39,900 MXN
Boca del Rio29,400 MXN
Buenavista32,200 MXN
Campeche32,800 MXN
Cancun39,000 MXN
Celaya35,800 MXN
Chalco30,600 MXN
Chetumal30,100 MXN
Chicoloapan30,700 MXN
Chihuahua44,500 MXN
Chilpancingo31,800 MXN
Chimalhuacan38,700 MXN
Cholula de Rivadabia31,200 MXN
Ciudad Apodaca37,500 MXN
Ciudad del Carmen30,800 MXN
Ciudad Juarez30,600 MXN
Ciudad Lopez Mateos37,600 MXN
Ciudad Obregon35,400 MXN
Ciudad Santa Catarina34,500 MXN
Ciudad Valles28,600 MXN
Ciudad Victoria35,000 MXN
Coacalco34,700 MXN
Coatzacoalcos33,000 MXN
Colima29,200 MXN
Cordoba29,100 MXN
Cuautitlan Izcalli37,500 MXN
Cuautla29,600 MXN
Cuernavaca35,400 MXN
Culiacan40,400 MXN
Delicias28,400 MXN
Durango38,000 MXN
Ecatepec de Morelos45,500 MXN
Ensenada34,800 MXN
Fresnillo28,000 MXN
General Escobedo36,300 MXN
Gomez Palacio34,300 MXN
Guadalajara45,200 MXN
Guadalupe38,800 MXN
Guaymas27,400 MXN
Hermosillo39,600 MXN
Hidalgo del Parral27,100 MXN
Iguala28,000 MXN
Irapuato36,700 MXN
Ixtapaluca35,300 MXN
Jiutepec30,600 MXN
La Paz33,000 MXN
Leon45,100 MXN
Los Mochis34,400 MXN
Los Reyes la Paz34,100 MXN
Manzanillo28,700 MXN
Matamoros37,100 MXN
Mazatlan36,300 MXN
Merida39,700 MXN
Metepec32,500 MXN
Mexicali39,300 MXN
Mexico City45,500 MXN
Minatitlan27,300 MXN
Monclova32,500 MXN
Monterrey44,700 MXN
Morelia38,100 MXN
Naucalpan44,100 MXN
Navojoa27,000 MXN
Nezahualcoyotl44,400 MXN
Nogales32,000 MXN
Nuevo Laredo36,300 MXN
Oaxaca33,500 MXN
Ojo de Agua33,600 MXN
Orizaba27,600 MXN
Pachuca33,400 MXN
Piedras Negras29,700 MXN
Playa del Carmen29,900 MXN
Poza Rica31,000 MXN
Puebla45,300 MXN
Puerto Vallarta32,000 MXN
Queretaro38,500 MXN
Reynosa38,100 MXN
Salamanca30,300 MXN
Saltillo39,700 MXN
San Cristobal de las Casas31,400 MXN
San Juan del Rio28,900 MXN
San Luis Potosi39,100 MXN
San Luis Rio Colorado30,400 MXN
San Nicolas de los Garza36,900 MXN
San Pablo de las Salinas31,600 MXN
San Pedro Garza Garcia27,500 MXN
Soledad de Graciano Sanchez33,500 MXN
Tampico34,900 MXN
Tapachula31,600 MXN
Tehuacan33,300 MXN
Tepic35,600 MXN
Tijuana44,900 MXN
Tlalnepantla de Baz38,500 MXN
Tlaquepaque38,000 MXN
Toluca37,300 MXN
Tonala36,500 MXN
Torreon38,300 MXN
Tuxtla Gutierrez37,800 MXN
Uruapan34,000 MXN
Veracruz36,700 MXN
Villa Nicolas Romero34,600 MXN
Villahermosa36,000 MXN
Xalapa36,800 MXN
Xico35,800 MXN
Zacatecas28,200 MXN
Zamora de Hidalgo28,800 MXN
Zapopan44,800 MXN

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 Mexico earn 9% more than their private sector counterparts on average across all sectors.

Private Sector
31,900 MXN
Public Sector+9%
34,600 MXN
Percentage increase and decrease are relative to the previous value

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