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 salaries in Namibia range from 6,690 NAD per month (minimum salary) to 20,200 NAD per month (maximum 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.
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.
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
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.
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.
|0 - 2 Years|
|2 - 5 Years||+31%|
|5 - 10 Years||+40%|
|10 - 15 Years||+20%|
|15 - 20 Years||+9%|
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.
|Certificate or Diploma|
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.
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.
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.
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
Listed above are the average annual increase rates for each industry in Namibia for the year 2020. 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.
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.
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.
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.
The main two types of jobs
|Revenue Generators||Supporting 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.
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.
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.
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.
The average salary for Insurance Underwriter is 25% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.
|Job Title||Average Salary|
|Actuarial Analyst||24,300 NAD||+85%|
|Actuarial Assistant||16,300 NAD||+24%|
|Adjustment Insurance Clerk||6,430 NAD||-51%|
|Assistant Broker||11,100 NAD||-15%|
|Assistant Claims Manager||19,500 NAD||+49%|
|Associate Insurance Representative||9,510 NAD||-27%|
|Auditing Insurance Manager||27,000 NAD||+110%|
|Claim Advocacy Professional||17,700 NAD||+35%|
|Claims Adjuster||6,420 NAD||-51%|
|Claims Analyst||9,430 NAD||-28%|
|Claims Examiner||8,970 NAD||-32%|
|Claims Manager||25,600 NAD||+95%|
|Claims Processor||6,390 NAD||-51%|
|Claims Representative||8,030 NAD||-39%|
|Claims Resolution Specialist||18,000 NAD||+37%|
|Claims Supervisor||17,900 NAD||+37%|
|Complaints Specialist||15,900 NAD||+21%|
|Compliance Officer||13,900 NAD||+6%|
|Eligibility Specialist||17,200 NAD||+31%|
|Insurance Account Manager||21,400 NAD||+63%|
|Insurance Accounts Executive||19,600 NAD||+50%|
|Insurance Agent||10,300 NAD||-21%|
|Insurance Analyst||17,600 NAD||+34%|
|Insurance Appraiser||16,700 NAD||+27%|
|Insurance Claims Clerk||6,500 NAD||-50%|
|Insurance Examiner||16,800 NAD||+28%|
|Insurance Investigator||16,400 NAD||+25%|
|Insurance Manager||29,600 NAD||+130%|
|Insurance Operations Manager||29,100 NAD||+120%|
|Insurance Policy Processing Clerk||6,800 NAD||-48%|
|Insurance Pricing Assistant||14,100 NAD||+8%|
|Insurance Program Manager||23,000 NAD||+75%|
|Insurance Project Manager||21,500 NAD||+64%|
|Insurance Quality Assurance Agent||15,600 NAD||+19%|
|Insurance Sales Agent||10,400 NAD||-21%|
|Insurance Sales Director||28,200 NAD||+120%|
|Insurance Team Leader||18,600 NAD||+42%|
|Insurance Underwriter||13,100 NAD||-0%|
|Loss Control Specialist||16,100 NAD||+23%|
|Loss Prevention Investigator||18,200 NAD||+39%|
|Loss Prevention Manager||24,200 NAD||+85%|
|Loss Prevention Specialist||18,600 NAD||+42%|
|Marine Underwriter||13,400 NAD||+2%|
|Medical Auditor||17,500 NAD||+33%|
|Monitoring and Performance Officer||12,000 NAD||-8%|
|Payment Services Specialist||17,600 NAD||+34%|
|Policy Change Director||26,700 NAD||+100%|
|Policy Change Supervisor||19,400 NAD||+48%|
|Policy Change Technician||8,260 NAD||-37%|
|Risk Analyst||19,000 NAD||+45%|
|Risk Management Director||34,600 NAD||+160%|
|Risk Management Supervisor||21,300 NAD||+62%|
|Risk Manager||33,200 NAD||+150%|
|Risk Modeling Manager||31,600 NAD||+140%|
|Title Insurance Typist||15,300 NAD||+17%|
|Training Manager||19,400 NAD||+48%|
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.