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Insurance Appraiser Average Salary in Bahamas 2020

How much money does an Insurance Appraiser make in Bahamas?


Average Yearly Salary
50,300 BSD
( 4,190 BSD monthly)

LOW
25,100
BSD
AVERAGE
50,300
BSD
HIGH
77,900
BSD

A person working as an Insurance Appraiser in Bahamas typically earns around 50,300 BSD per year. Salaries range from 25,100 BSD (lowest) to 77,900 BSD (highest).

This is the average yearly 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 Bahamas

Median and salary distribution yearly Bahamas Insurance Appraiser
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Appraiser salaries in Bahamas range from 25,100 BSD per year (minimum salary) to 77,900 BSD per year (maximum salary).

  • Median Salary

    The median salary is 50,300 BSD per year, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 50,300 BSD while the other half are earning more than 50,300 BSD. 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 33,900 BSD while 75% of them are earning more than 33,900 BSD. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 64,100 BSD while 25% are earning more than 64,100 BSD.


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 yearly Bahamas 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 30,100 BSD per year.

While someone with an experience level between two and five years is expected to earn 39,900 BSD per year, 32% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 53,400 BSD per year, 34% 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 63,600 BSD per year, 19% 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 68,700 BSD per year, 8% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 73,700 BSD per year, 7% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Bahamas

0 - 2 Years
30,100 BSD
2 - 5 Years+32%
39,900 BSD
5 - 10 Years+34%
53,400 BSD
10 - 15 Years+19%
63,600 BSD
15 - 20 Years+8%
68,700 BSD
20+ Years+7%
73,700 BSD
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 yearly Bahamas 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 44,600 BSD per year.

While someone with a Bachelor's Degree gets a salary of 69,400 BSD per year, 56% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Bahamas

Certificate or Diploma
44,600 BSD
Bachelor's Degree+56%
69,400 BSD
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 yearly Bahamas 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 Bahamas earn 6% more than their female counterparts on average.

Male
51,600 BSD
Female-6%
48,500 BSD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Bahamas for all Careers

Salary comparison by gender yearly Bahamas
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Insurance Appraiser Average Annual Salary Increment Percentage in Bahamas

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

Insurance Appraiser

Insurance Appraiser(s) in Bahamas are likely to observe a salary increase of approximately 8% every 29 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Bahamas 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.

Bahamas / 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 Bahamas is 2%.

Annual Increment Rate By Industry 2019

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

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

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

88% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 12% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 3% of their annual salary.

Received Bonus
12%
No Bonus
88%

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 Bahamas


24 BSD per hour

The average hourly wage (pay per hour) in Bahamas is 24 BSD. This means that the average Insurance Appraiser in Bahamas earns approximately 24 BSD 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 yearly Bahamas
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The average salary for Insurance Appraiser is 7% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst66,500 BSD+32%
Actuarial Assistant47,500 BSD-5%
Actuary66,700 BSD+33%
Adjustment Insurance Clerk18,200 BSD-64%
Assistant Broker29,700 BSD-41%
Assistant Claims Manager52,500 BSD+4%
Associate Insurance Representative25,600 BSD-49%
Auditing Insurance Manager73,900 BSD+47%
Broker49,100 BSD-2%
Claim Advocacy Professional48,900 BSD-3%
Claims Adjuster18,800 BSD-63%
Claims Analyst24,100 BSD-52%
Claims Examiner24,500 BSD-51%
Claims Manager67,700 BSD+35%
Claims Processor18,100 BSD-64%
Claims Representative21,000 BSD-58%
Claims Resolution Specialist53,300 BSD+6%
Claims Supervisor49,100 BSD-2%
Complaints Specialist42,700 BSD-15%
Compliance Officer37,400 BSD-26%
Consultant47,100 BSD-6%
Eligibility Specialist50,400 BSD+0%
Insurance Account Manager59,300 BSD+18%
Insurance Accounts Executive54,400 BSD+8%
Insurance Agent29,700 BSD-41%
Insurance Analyst45,200 BSD-10%
Insurance Appraiser50,300 BSD+0%
Insurance Claims Clerk17,100 BSD-66%
Insurance Examiner42,900 BSD-15%
Insurance Investigator44,800 BSD-11%
Insurance Manager82,100 BSD+63%
Insurance Operations Manager80,000 BSD+59%
Insurance Policy Processing Clerk18,000 BSD-64%
Insurance Pricing Assistant38,800 BSD-23%
Insurance Program Manager65,800 BSD+31%
Insurance Project Manager60,100 BSD+20%
Insurance Quality Assurance Agent41,300 BSD-18%
Insurance Sales Agent29,200 BSD-42%
Insurance Sales Director82,500 BSD+64%
Insurance Team Leader48,900 BSD-3%
Insurance Underwriter36,200 BSD-28%
Loss Control Specialist47,600 BSD-5%
Loss Prevention Investigator52,100 BSD+4%
Loss Prevention Manager67,000 BSD+33%
Loss Prevention Specialist49,800 BSD-1%
Marine Underwriter36,800 BSD-27%
Medical Auditor48,400 BSD-4%
Monitoring and Performance Officer32,500 BSD-35%
Payment Services Specialist50,300 BSD+0%
Policy Change Director73,300 BSD+46%
Policy Change Supervisor51,500 BSD+2%
Policy Change Technician23,400 BSD-53%
Risk Analyst55,800 BSD+11%
Risk Management Director88,900 BSD+77%
Risk Management Supervisor58,400 BSD+16%
Risk Manager88,400 BSD+76%
Risk Modeling Manager89,800 BSD+79%
Title Insurance Typist40,700 BSD-19%
Training Manager51,800 BSD+3%

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 Bahamas earn 10% more than their private sector counterparts on average across all sectors.

Private Sector
45,300 BSD
Public Sector+10%
50,000 BSD
Percentage increase and decrease are relative to the previous value

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