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Insurance Average Salaries in Namibia 2024

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


Average Monthly Salary
17,300 NAD
( 207,000 NAD yearly)

LOW
6,490
NAD
AVERAGE
17,300
NAD
HIGH
33,700
NAD
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Insurance in Namibia typically earns around 17,300 NAD. Salaries range from 6,490 NAD (lowest average) to 33,700 NAD (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Namibia exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst24,300 NAD
Actuarial Assistant16,300 NAD
Actuarial Specialist17,300 NAD
Actuary24,400 NAD
Adjustment Insurance Clerk6,430 NAD
Assistant Broker11,100 NAD
Assistant Claims Manager19,500 NAD
Associate Insurance Representative9,510 NAD
Auditing Insurance Manager27,000 NAD
Blockchain Insurance Auditor15,500 NAD
Broker18,200 NAD
Claim Advocacy Professional17,700 NAD
Claims Adjuster6,420 NAD
Claims Analyst9,430 NAD
Claims Examiner8,970 NAD
Claims Manager25,600 NAD
Claims Processor6,390 NAD
Claims Representative8,030 NAD
Claims Resolution Specialist18,000 NAD
Claims Supervisor17,900 NAD
Complaints Specialist15,900 NAD
Compliance Examiner16,000 NAD
Compliance Officer13,900 NAD
Compliance Reviewer16,600 NAD
Consultant16,900 NAD
Drone Claims Adjuster7,830 NAD
Eligibility Interviewer19,300 NAD
Eligibility Specialist17,200 NAD
Insurance Account Manager21,400 NAD
Insurance Accounts Executive19,600 NAD
Insurance Adjuster15,800 NAD
Insurance Agent10,300 NAD
Insurance Analyst17,600 NAD
Insurance Appraiser16,700 NAD
Insurance Claims Clerk6,500 NAD
Insurance Compliance Officer19,200 NAD
Insurance Data Scientist16,500 NAD
Insurance Examiner16,800 NAD
Insurance Fraud Investigator14,100 NAD
Insurance Investigator16,400 NAD
Insurance Manager29,600 NAD
Insurance Operations Manager29,100 NAD
Insurance Policy Processing Clerk6,800 NAD
Insurance Pricing Assistant14,100 NAD
Insurance Product Manager20,900 NAD
Insurance Program Manager23,000 NAD
Insurance Project Manager21,500 NAD
Insurance Quality Assurance Agent15,600 NAD
Insurance Sales Agent10,400 NAD
Insurance Sales Director28,200 NAD
Insurance Sales Manager23,200 NAD
Insurance Sales Representative9,510 NAD
Insurance Team Leader18,600 NAD
Insurance Underwriter13,100 NAD
Insurtech Analyst15,600 NAD
Loss Control Specialist16,100 NAD
Loss Prevention Investigator18,200 NAD
Loss Prevention Manager24,200 NAD
Loss Prevention Specialist18,600 NAD
Marine Underwriter13,400 NAD
Medical Auditor17,500 NAD
Monitoring and Performance Officer12,000 NAD
Parametric Insurance Specialist17,800 NAD
Payment Services Specialist17,600 NAD
Peer-to-Peer Insurance Manager20,400 NAD
Policy Change Director26,700 NAD
Policy Change Supervisor19,400 NAD
Policy Change Technician8,260 NAD
Risk Analyst19,000 NAD
Risk Management Director34,600 NAD
Risk Management Supervisor21,300 NAD
Risk Manager33,200 NAD
Risk Modeling Manager31,600 NAD
Social Media Risk Analyst17,700 NAD
Title Insurance Typist15,300 NAD
Training Manager19,400 NAD
Underwriting Assistant9,130 NAD


Insurance Jobs Pay Scale and Salaries in Namibia

Median and salary distribution Namibia Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
17,700 NAD or more
10% of people earn
15,000 to 17,700 NAD
20% of people earn
8,840 NAD or less
65% of people earn
8,840 to 15,000 NAD
Minimum Salary
6,490 NAD
Median
16,000 NAD
Maximum
33,700 NAD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Namibia range from 6,490 NAD (starting average salary) to 33,700 NAD (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 16,000 NAD, implying that half of the workforce in Namibia earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Namibia earn less than 12,300 NAD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 19,300 NAD, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Namibia. The analysis revealed that roughly 65% of all reported salaries fell within the range of 8,840 NAD to 15,000 NAD. Approximately 20% of salaries were below the 8,840 NAD mark, while 10% ranged from 15,000 NAD to 17,700 NAD. Only 5% of individuals earned a gross salary of 17,700 NAD or higher.

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 in Insurance in Namibia 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.

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.


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.
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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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.

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 degree levels across many jobs in Insurance in Namibia, below are our findings.

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 certificate 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 Namibia costs anywhere from 87,600 NAD to 263,000 NAD and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Namibia

Salary comparison by gender Namibia Insurance monthly
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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? In the field of Insurance in Namibia, the average difference between the salary of male and female employees is 6%.

Male
18,000 NAD
Female-6%
16,900 NAD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Namibia for all Careers

Salary comparison by gender monthly Namibia
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Average Annual Salary Increment Percentage / Insurance / Namibia

How much are annual salary increments in Namibia for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in Namibia are likely to observe a salary increase of approximately 5% every 28 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Namibia 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.

Namibia / All Professions

Annual Salary Increment Rate Namibia
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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 Namibia is 2%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Insurance / Namibia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Namibia Insurance
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63% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 37% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
37%
No Bonus
63%

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.

Hourly Average Wage / Insurance / Namibia


100 NAD per hour

The average hourly wage (pay per hour) in Insurance in Namibia is 100 NAD.This is the rate they get paid for every worked hour.


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

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in Namibia is 37 NAD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Windhoek18,600 NAD

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Namibia is 7% on average across all career fields.

Private Sector
16,800 NAD
Public Sector+7%
18,000 NAD
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Namibia?

A good and competitive compensation would range anywhere between 16,000 NAD and 19,300 NAD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Insurance in Namibia ranges from 6,490 NAD to 12,300 NAD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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