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Insurance Underwriter Average Salary in Namibia 2020

How much money does an Insurance Underwriter make in Namibia?


Average Monthly Salary
13,100 NAD
( 157,000 NAD yearly)

LOW
6,690
NAD
AVERAGE
13,100
NAD
HIGH
20,200
NAD

A person working as an Insurance Underwriter in Namibia typically earns around 13,100 NAD per month. Salaries range from 6,690 NAD (lowest) to 20,200 NAD (highest).

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

Insurance Underwriter Salary Distribution in Namibia

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

  • Salary Range

    Insurance Underwriter salaries in Namibia range from 6,690 NAD per month (minimum salary) to 20,200 NAD per month (maximum salary).

  • Median Salary

    The median salary is 12,800 NAD per month, which means that half (50%) of people working as Insurance Underwriter(s) are earning less than 12,800 NAD while the other half are earning more than 12,800 NAD. 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 Underwriter(s) are earning less than 8,790 NAD while 75% of them are earning more than 8,790 NAD. Also from the diagram, 75% of Insurance Underwriter(s) are earning less than 16,200 NAD while 25% are earning more than 16,200 NAD.


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 Underwriter Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Namibia Insurance Underwriter
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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 Underwriter salaries by experience level and this is what we found.

An Insurance Underwriter with less than two years of experience makes approximately 7,500 NAD per month.

While someone with an experience level between two and five years is expected to earn 9,790 NAD per month, 31% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 13,700 NAD per month, 40% 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 Underwriter(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 16,500 NAD per month, 20% 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 17,900 NAD per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 19,300 NAD per month, 8% more than people with fifteen to twenty years of experience.


Insurance Underwriter average salary change by experience in Namibia

0 - 2 Years
7,500 NAD
2 - 5 Years+31%
9,790 NAD
5 - 10 Years+40%
13,700 NAD
10 - 15 Years+20%
16,500 NAD
15 - 20 Years+9%
17,900 NAD
20+ Years+8%
19,300 NAD
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 Underwriter Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Namibia Insurance Underwriter
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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 Underwriter salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Insurance Underwriter is 8,850 NAD per month.

While someone with a Bachelor's Degree gets a salary of 16,000 NAD per month, 81% more than someone having a Certificate or Diploma degree.


Insurance Underwriter average salary difference by education level in Namibia

Certificate or Diploma
8,850 NAD
Bachelor's Degree+81%
16,000 NAD
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 Underwriter Salary Comparison By Gender

Salary comparison by gender monthly Namibia Insurance Underwriter
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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 Underwriter employees in Namibia earn 10% more than their female counterparts on average.

Male
13,800 NAD
Female-9%
12,500 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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Insurance Underwriter Average Annual Salary Increment Percentage in Namibia

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

Insurance Underwriter

Insurance Underwriter(s) in Namibia are likely to observe a salary increase of approximately 6% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Namibia Insurance Underwriter
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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

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 Namibia is 2%.

Annual Increment Rate By Industry 2019

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

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

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

89% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 11% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.

Received Bonus
11%
No Bonus
89%

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 Underwriter Average Hourly Wage in Namibia


76 NAD per hour

The average hourly wage (pay per hour) in Namibia is 76 NAD. This means that the average Insurance Underwriter in Namibia earns approximately 76 NAD 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 Underwriter VS Other Jobs

Salary Comparison Between Insurance Underwriter and Insurance monthly Namibia
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The average salary for Insurance Underwriter is 25% 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 Analyst24,300 NAD+85%
Actuarial Assistant16,300 NAD+24%
Actuary24,400 NAD+86%
Adjustment Insurance Clerk6,430 NAD-51%
Assistant Broker11,100 NAD-15%
Assistant Claims Manager19,500 NAD+49%
Associate Insurance Representative9,510 NAD-27%
Auditing Insurance Manager27,000 NAD+110%
Broker18,200 NAD+39%
Claim Advocacy Professional17,700 NAD+35%
Claims Adjuster6,420 NAD-51%
Claims Analyst9,430 NAD-28%
Claims Examiner8,970 NAD-32%
Claims Manager25,600 NAD+95%
Claims Processor6,390 NAD-51%
Claims Representative8,030 NAD-39%
Claims Resolution Specialist18,000 NAD+37%
Claims Supervisor17,900 NAD+37%
Complaints Specialist15,900 NAD+21%
Compliance Officer13,900 NAD+6%
Consultant16,900 NAD+29%
Eligibility Specialist17,200 NAD+31%
Insurance Account Manager21,400 NAD+63%
Insurance Accounts Executive19,600 NAD+50%
Insurance Agent10,300 NAD-21%
Insurance Analyst17,600 NAD+34%
Insurance Appraiser16,700 NAD+27%
Insurance Claims Clerk6,500 NAD-50%
Insurance Examiner16,800 NAD+28%
Insurance Investigator16,400 NAD+25%
Insurance Manager29,600 NAD+130%
Insurance Operations Manager29,100 NAD+120%
Insurance Policy Processing Clerk6,800 NAD-48%
Insurance Pricing Assistant14,100 NAD+8%
Insurance Program Manager23,000 NAD+75%
Insurance Project Manager21,500 NAD+64%
Insurance Quality Assurance Agent15,600 NAD+19%
Insurance Sales Agent10,400 NAD-21%
Insurance Sales Director28,200 NAD+120%
Insurance Team Leader18,600 NAD+42%
Insurance Underwriter13,100 NAD-0%
Loss Control Specialist16,100 NAD+23%
Loss Prevention Investigator18,200 NAD+39%
Loss Prevention Manager24,200 NAD+85%
Loss Prevention Specialist18,600 NAD+42%
Marine Underwriter13,400 NAD+2%
Medical Auditor17,500 NAD+33%
Monitoring and Performance Officer12,000 NAD-8%
Payment Services Specialist17,600 NAD+34%
Policy Change Director26,700 NAD+100%
Policy Change Supervisor19,400 NAD+48%
Policy Change Technician8,260 NAD-37%
Risk Analyst19,000 NAD+45%
Risk Management Director34,600 NAD+160%
Risk Management Supervisor21,300 NAD+62%
Risk Manager33,200 NAD+150%
Risk Modeling Manager31,600 NAD+140%
Title Insurance Typist15,300 NAD+17%
Training Manager19,400 NAD+48%

Salary Comparison By City

CityAverage Salary
Windhoek14,300 NAD

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

Private Sector
16,700 NAD
Public Sector+7%
18,000 NAD
Percentage increase and decrease are relative to the previous value

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