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Insurance Appraiser Average Salary in Nicaragua 2020

How much money does an Insurance Appraiser make in Nicaragua?


Average Monthly Salary
18,800 NIO
( 225,000 NIO yearly)

LOW
9,210
NIO
AVERAGE
18,800
NIO
HIGH
29,300
NIO

A person working as an Insurance Appraiser in Nicaragua typically earns around 18,800 NIO per month. Salaries range from 9,210 NIO (lowest) to 29,300 NIO (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 Nicaragua

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

  • Salary Range

    Insurance Appraiser salaries in Nicaragua range from 9,210 NIO per month (minimum salary) to 29,300 NIO per month (maximum salary).

  • Median Salary

    The median salary is 19,200 NIO per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 19,200 NIO while the other half are earning more than 19,200 NIO. 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 12,800 NIO while 75% of them are earning more than 12,800 NIO. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 24,700 NIO while 25% are earning more than 24,700 NIO.


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 Nicaragua 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 10,900 NIO per month.

While someone with an experience level between two and five years is expected to earn 14,000 NIO per month, 29% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 19,400 NIO per month, 38% 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 24,000 NIO per month, 24% 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 25,700 NIO per month, 7% 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 NIO per month, 7% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Nicaragua

0 - 2 Years
10,900 NIO
2 - 5 Years+29%
14,000 NIO
5 - 10 Years+38%
19,400 NIO
10 - 15 Years+24%
24,000 NIO
15 - 20 Years+7%
25,700 NIO
20+ Years+7%
27,400 NIO
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 Nicaragua 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 15,400 NIO per month.

While someone with a Bachelor's Degree gets a salary of 23,700 NIO per month, 53% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Nicaragua

Certificate or Diploma
15,400 NIO
Bachelor's Degree+53%
23,700 NIO
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 Nicaragua 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 Nicaragua earn 9% more than their female counterparts on average.

Male
19,500 NIO
Female-8%
17,800 NIO
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Nicaragua for all Careers

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

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

Insurance Appraiser

Insurance Appraiser(s) in Nicaragua are likely to observe a salary increase of approximately 8% every 28 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Nicaragua 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.

Nicaragua / 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 Nicaragua is 2%.

Annual Increment Rate By Industry 2019

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Listed above are the average annual increase rates for each industry in Nicaragua 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 Nicaragua

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

87% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 13% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
13%
No Bonus
87%

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 Appraiser Average Hourly Wage in Nicaragua


110 NIO per hour

The average hourly wage (pay per hour) in Nicaragua is 110 NIO. This means that the average Insurance Appraiser in Nicaragua earns approximately 110 NIO 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 Nicaragua
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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 Analyst24,300 NIO+29%
Actuarial Assistant18,100 NIO-4%
Actuary26,000 NIO+38%
Adjustment Insurance Clerk7,070 NIO-62%
Assistant Broker11,500 NIO-39%
Assistant Claims Manager21,200 NIO+13%
Associate Insurance Representative9,550 NIO-49%
Auditing Insurance Manager27,000 NIO+44%
Broker19,100 NIO+2%
Claim Advocacy Professional19,800 NIO+5%
Claims Adjuster7,150 NIO-62%
Claims Analyst9,580 NIO-49%
Claims Examiner10,100 NIO-46%
Claims Manager26,300 NIO+40%
Claims Processor7,320 NIO-61%
Claims Representative8,150 NIO-57%
Claims Resolution Specialist20,300 NIO+8%
Claims Supervisor18,700 NIO-0%
Complaints Specialist18,000 NIO-4%
Compliance Officer14,800 NIO-21%
Consultant18,000 NIO-4%
Eligibility Specialist18,100 NIO-4%
Insurance Account Manager23,500 NIO+25%
Insurance Accounts Executive20,700 NIO+10%
Insurance Agent11,500 NIO-39%
Insurance Analyst18,700 NIO-0%
Insurance Appraiser18,800 NIO+0%
Insurance Claims Clerk6,650 NIO-65%
Insurance Examiner17,400 NIO-7%
Insurance Investigator17,100 NIO-9%
Insurance Manager31,900 NIO+70%
Insurance Operations Manager32,400 NIO+72%
Insurance Policy Processing Clerk7,130 NIO-62%
Insurance Pricing Assistant15,400 NIO-18%
Insurance Program Manager23,600 NIO+26%
Insurance Project Manager22,900 NIO+22%
Insurance Quality Assurance Agent16,100 NIO-14%
Insurance Sales Agent10,900 NIO-42%
Insurance Sales Director31,500 NIO+68%
Insurance Team Leader19,400 NIO+3%
Insurance Underwriter14,600 NIO-22%
Loss Control Specialist18,900 NIO+1%
Loss Prevention Investigator19,500 NIO+4%
Loss Prevention Manager26,100 NIO+39%
Loss Prevention Specialist20,200 NIO+8%
Marine Underwriter14,000 NIO-25%
Medical Auditor18,800 NIO+0%
Monitoring and Performance Officer12,600 NIO-33%
Payment Services Specialist18,800 NIO+0%
Policy Change Director28,500 NIO+52%
Policy Change Supervisor20,800 NIO+11%
Policy Change Technician8,940 NIO-52%
Risk Analyst20,900 NIO+11%
Risk Management Director34,600 NIO+84%
Risk Management Supervisor23,700 NIO+26%
Risk Manager33,700 NIO+79%
Risk Modeling Manager35,600 NIO+89%
Title Insurance Typist15,500 NIO-17%
Training Manager20,100 NIO+7%

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 Nicaragua earn 14% more than their private sector counterparts on average across all sectors.

Private Sector
18,000 NIO
Public Sector+14%
20,400 NIO
Percentage increase and decrease are relative to the previous value

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