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Insurance Appraiser Average Salary in Nigeria 2022

How much money does an Insurance Appraiser make in Nigeria?

Average Monthly Salary
335,000 NGN
( 4,020,000 NGN yearly)


A person working as an Insurance Appraiser in Nigeria typically earns around 335,000 NGN per month. Salaries range from 181,000 NGN (lowest) to 506,000 NGN (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 Nigeria

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

  • Salary Range

    Insurance Appraiser salaries in Nigeria range from 181,000 NGN per month (minimum salary) to 506,000 NGN per month (maximum salary).

  • Median Salary

    The median salary is 308,000 NGN per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 308,000 NGN while the other half are earning more than 308,000 NGN. 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 220,000 NGN while 75% of them are earning more than 220,000 NGN. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 374,000 NGN while 25% are earning more than 374,000 NGN.

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 Nigeria 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 210,000 NGN per month.

While someone with an experience level between two and five years is expected to earn 265,000 NGN per month, 26% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 350,000 NGN per month, 32% 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 411,000 NGN per month, 18% 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 455,000 NGN per month, 11% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 484,000 NGN per month, 6% more than people with fifteen to twenty years of experience.

Insurance Appraiser average salary change by experience in Nigeria

0 - 2 Years
210,000 NGN
2 - 5 Years+26%
265,000 NGN
5 - 10 Years+32%
350,000 NGN
10 - 15 Years+18%
411,000 NGN
15 - 20 Years+11%
455,000 NGN
20+ Years+6%
484,000 NGN
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 Nigeria 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 291,000 NGN per month.

While someone with a Bachelor's Degree gets a salary of 434,000 NGN per month, 49% more than someone having a Certificate or Diploma degree.

Insurance Appraiser average salary difference by education level in Nigeria

Certificate or Diploma
291,000 NGN
Bachelor's Degree+49%
434,000 NGN
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 Nigeria 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 Nigeria earn 10% more than their female counterparts on average.

347,000 NGN
316,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Nigeria for all Careers

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

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

Insurance Appraiser

Insurance Appraiser(s) in Nigeria are likely to observe a salary increase of approximately 11% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Nigeria 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.

Nigeria / 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 Nigeria is 5%.

Annual Increment Rate By Industry 2021

Information Technology

Listed above are the average annual increase rates for each industry in Nigeria for the year 2021. 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 Nigeria

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

78% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 22% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 2% of their annual salary.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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 Nigeria

1,930 NGN per hour

The average hourly wage (pay per hour) in Nigeria is 1,930 NGN. This means that the average Insurance Appraiser in Nigeria earns approximately 1,930 NGN 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 Nigeria
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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 Analyst445,000 NGN+33%
Actuarial Assistant331,000 NGN-1%
Actuary468,000 NGN+40%
Adjustment Insurance Clerk129,000 NGN-61%
Assistant Broker204,000 NGN-39%
Assistant Claims Manager355,000 NGN+6%
Associate Insurance Representative172,000 NGN-49%
Auditing Insurance Manager494,000 NGN+48%
Broker348,000 NGN+4%
Claim Advocacy Professional347,000 NGN+4%
Claims Adjuster131,000 NGN-61%
Claims Analyst176,000 NGN-47%
Claims Examiner168,000 NGN-50%
Claims Manager485,000 NGN+45%
Claims Processor122,000 NGN-64%
Claims Representative152,000 NGN-55%
Claims Resolution Specialist357,000 NGN+7%
Claims Supervisor345,000 NGN+3%
Complaints Specialist295,000 NGN-12%
Compliance Officer272,000 NGN-19%
Consultant339,000 NGN+1%
Eligibility Specialist335,000 NGN+0%
Insurance Account Manager422,000 NGN+26%
Insurance Accounts Executive379,000 NGN+13%
Insurance Agent208,000 NGN-38%
Insurance Analyst313,000 NGN-7%
Insurance Appraiser335,000 NGN+0%
Insurance Claims Clerk119,000 NGN-64%
Insurance Examiner311,000 NGN-7%
Insurance Investigator306,000 NGN-9%
Insurance Manager570,000 NGN+70%
Insurance Operations Manager551,000 NGN+65%
Insurance Policy Processing Clerk128,000 NGN-62%
Insurance Pricing Assistant261,000 NGN-22%
Insurance Program Manager459,000 NGN+37%
Insurance Project Manager432,000 NGN+29%
Insurance Quality Assurance Agent296,000 NGN-12%
Insurance Sales Agent196,000 NGN-41%
Insurance Sales Director575,000 NGN+72%
Insurance Team Leader338,000 NGN+1%
Insurance Underwriter257,000 NGN-23%
Loss Control Specialist336,000 NGN+0%
Loss Prevention Investigator347,000 NGN+4%
Loss Prevention Manager466,000 NGN+39%
Loss Prevention Specialist361,000 NGN+8%
Marine Underwriter259,000 NGN-23%
Medical Auditor336,000 NGN+0%
Monitoring and Performance Officer238,000 NGN-29%
Payment Services Specialist335,000 NGN+0%
Policy Change Director530,000 NGN+58%
Policy Change Supervisor351,000 NGN+5%
Policy Change Technician167,000 NGN-50%
Risk Analyst391,000 NGN+17%
Risk Management Director650,000 NGN+94%
Risk Management Supervisor402,000 NGN+20%
Risk Manager635,000 NGN+90%
Risk Modeling Manager609,000 NGN+82%
Title Insurance Typist292,000 NGN-13%
Training Manager356,000 NGN+6%

Salary Comparison By City

CityAverage Salary
Benin City318,000 NGN
Ibadan357,000 NGN
Kaduna320,000 NGN
Kano354,000 NGN
Lagos353,000 NGN

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 Nigeria earn 6% more than their private sector counterparts on average across all sectors.

Private Sector
328,000 NGN
Public Sector+6%
347,000 NGN
Percentage increase and decrease are relative to the previous value

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