A person working in Insurance in Palestine typically earns around 1,710 USD per month. Salaries range from 640 USD (lowest average) to 3,300 USD (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
|Job Title||Average Salary|
|Actuarial Analyst||2,200 USD|
|Actuarial Assistant||1,650 USD|
|Adjustment Insurance Clerk||630 USD|
|Assistant Broker||1,080 USD|
|Assistant Claims Manager||1,820 USD|
|Associate Insurance Representative||890 USD|
|Auditing Insurance Manager||2,440 USD|
|Claim Advocacy Professional||1,610 USD|
|Claims Adjuster||650 USD|
|Claims Analyst||880 USD|
|Claims Examiner||850 USD|
|Claims Manager||2,470 USD|
|Claims Processor||630 USD|
|Claims Representative||730 USD|
|Claims Resolution Specialist||1,850 USD|
|Claims Supervisor||1,620 USD|
|Complaints Specialist||1,560 USD|
|Compliance Officer||1,370 USD|
|Eligibility Specialist||1,750 USD|
|Insurance Account Manager||2,160 USD|
|Insurance Accounts Executive||1,890 USD|
|Insurance Agent||980 USD|
|Insurance Analyst||1,650 USD|
|Insurance Appraiser||1,660 USD|
|Insurance Claims Clerk||590 USD|
|Insurance Examiner||1,570 USD|
|Insurance Investigator||1,550 USD|
|Insurance Manager||2,850 USD|
|Insurance Operations Manager||2,780 USD|
|Insurance Policy Processing Clerk||660 USD|
|Insurance Pricing Assistant||1,280 USD|
|Insurance Program Manager||2,170 USD|
|Insurance Project Manager||2,190 USD|
|Insurance Quality Assurance Agent||1,510 USD|
|Insurance Sales Agent||1,010 USD|
|Insurance Sales Director||2,870 USD|
|Insurance Team Leader||1,700 USD|
|Insurance Underwriter||1,200 USD|
|Loss Control Specialist||1,650 USD|
|Loss Prevention Investigator||1,720 USD|
|Loss Prevention Manager||2,330 USD|
|Loss Prevention Specialist||1,820 USD|
|Marine Underwriter||1,220 USD|
|Medical Auditor||1,680 USD|
|Monitoring and Performance Officer||1,190 USD|
|Payment Services Specialist||1,660 USD|
|Policy Change Director||2,550 USD|
|Policy Change Supervisor||1,880 USD|
|Policy Change Technician||810 USD|
|Risk Analyst||1,940 USD|
|Risk Management Director||3,250 USD|
|Risk Management Supervisor||2,030 USD|
|Risk Manager||3,230 USD|
|Risk Modeling Manager||3,120 USD|
|Title Insurance Typist||1,480 USD|
|Training Manager||1,890 USD|
Insurance salaries in Palestine range from 640 USD per month (minimum average salary) to 3,300 USD per month (maximum average salary, actual maximum is higher).
The median salary is 1,610 USD per month, which means that half (50%) of people working in Insurance are earning less than 1,610 USD while the other half are earning more than 1,610 USD. 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 people working in Insurance are earning less than 1,010 USD while 75% of them are earning more than 1,010 USD. Also from the diagram, 75% of people working in Insurance are earning less than 2,310 USD while 25% are earning more than 2,310 USD.
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 the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.
Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.
A Master's degree program or any post-graduate program in Palestine costs anywhere from 8,540 US Dollar(s) to 25,600 US Dollar(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Palestine who work in Insurance earn 14% more than their female counterparts on average.
Insurance professionals in Palestine are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 5% granted to employees every 28 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 Palestine 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.
Insurance is considered to be a moderate bonus-based field 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.
68% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 32% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 5% 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 is 0% more than that of All Jobs.
Where can you get paid more, working for a private company or for the government? Public sector employees in Palestine earn 21% more than their private sector counterparts on average across all sectors.