Insurance Average Salaries in Bahrain 2020
How much money does a person working in Insurance make in Bahrain?
LOW
550
BHD AVERAGE
1,480
BHD HIGH
2,860
BHD
A person working in Insurance in Bahrain typically earns around 1,480 BHD per month. Salaries range from 550 BHD (lowest average) to 2,860 BHD (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.
Salaries for specific jobs
| Job Title | Average Salary |
| Actuarial Analyst | 2,020 BHD |
| Actuarial Assistant | 1,450 BHD |
| Actuary | 2,020 BHD |
| Adjustment Insurance Clerk | 550 BHD |
| Assistant Broker | 930 BHD |
| Assistant Claims Manager | 1,680 BHD |
| Associate Insurance Representative | 810 BHD |
| Auditing Insurance Manager | 2,240 BHD |
| Broker | 1,570 BHD |
| Claim Advocacy Professional | 1,530 BHD |
| Claims Adjuster | 570 BHD |
| Claims Analyst | 810 BHD |
| Claims Examiner | 830 BHD |
| Claims Manager | 2,060 BHD |
| Claims Processor | 550 BHD |
| Claims Representative | 680 BHD |
| Claims Resolution Specialist | 1,670 BHD |
| Claims Supervisor | 1,500 BHD |
| Complaints Specialist | 1,360 BHD |
| Compliance Officer | 1,200 BHD |
| Consultant | 1,530 BHD |
| Eligibility Specialist | 1,540 BHD |
| Insurance Account Manager | 1,880 BHD |
| Insurance Accounts Executive | 1,570 BHD |
| Insurance Agent | 940 BHD |
| Insurance Analyst | 1,530 BHD |
| Insurance Appraiser | 1,510 BHD |
| Insurance Claims Clerk | 570 BHD |
| Insurance Examiner | 1,430 BHD |
| Insurance Investigator | 1,490 BHD |
| Insurance Manager | 2,590 BHD |
| Insurance Operations Manager | 2,720 BHD |
| Insurance Policy Processing Clerk | 540 BHD |
| Insurance Pricing Assistant | 1,190 BHD |
| Insurance Program Manager | 2,060 BHD |
| Insurance Project Manager | 1,950 BHD |
| Insurance Quality Assurance Agent | 1,260 BHD |
| Insurance Sales Agent | 880 BHD |
| Insurance Sales Director | 2,510 BHD |
| Insurance Team Leader | 1,600 BHD |
| Insurance Underwriter | 1,130 BHD |
| Loss Control Specialist | 1,500 BHD |
| Loss Prevention Investigator | 1,640 BHD |
| Loss Prevention Manager | 2,120 BHD |
| Loss Prevention Specialist | 1,580 BHD |
| Marine Underwriter | 1,120 BHD |
| Medical Auditor | 1,530 BHD |
| Monitoring and Performance Officer | 1,050 BHD |
| Payment Services Specialist | 1,590 BHD |
| Policy Change Director | 2,480 BHD |
| Policy Change Supervisor | 1,580 BHD |
| Policy Change Technician | 720 BHD |
| Risk Analyst | 1,720 BHD |
| Risk Management Director | 3,030 BHD |
| Risk Management Supervisor | 1,990 BHD |
| Risk Manager | 2,730 BHD |
| Risk Modeling Manager | 2,770 BHD |
| Title Insurance Typist | 1,250 BHD |
| Training Manager | 1,630 BHD |
Insurance Jobs Salary Distribution in Bahrain
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Bahrain range from 550 BHD per month (minimum average salary) to 2,860 BHD per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 1,450 BHD per month, which means that half (50%) of people working in Insurance are earning less than 1,450 BHD while the other half are earning more than 1,450 BHD. 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 people working in Insurance are earning less than 900 BHD while 75% of them are earning more than 900 BHD. Also from the diagram, 75% of people working in Insurance are earning less than 2,110 BHD while 25% are earning more than 2,110 BHD.
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
Salary Comparison by Years of Experience
How does a person's salary progress over time?
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Bahrain costs anywhere from 7,390 Bahraini Dinar(s) to 22,200 Bahraini Dinar(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.
Insurance Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Bahrain who work in Insurance earn 12% more than their female counterparts on average.
| Male | 1,570 BHD | |
| Female | -11% | 1,400 BHD |
Salary Comparison By Gender in Bahrain for all Careers
Insurance Average Annual Salary Increment Percentage in Bahrain
How much are annual salary increments in Bahrain for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in Bahrain are likely to observe a salary increase of approximately 5% every 28 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
Bahrain / 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
Annual Increment Rate By Industry 2019
| Banking | 8% | |
| Energy | 7% | |
| Information Technology | 6% | |
| Healthcare | 5% | |
| Travel | 4% | |
| Construction | 3% | |
| Education | 2% |
Listed above are the average annual increase rates for each industry in Bahrain 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
Insurance Bonus and Incentive Rates in Bahrain
How much and how often are bonuses being awarded?
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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.
66% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 34% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
| Received Bonus | 34% | |
| No Bonus | 66% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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 Hourly Average Wage in Bahrain
9 BHD per hourThe average hourly wage (pay per hour) in Bahrain is 9 BHD. This means that the average person in Bahrain earns approximately 9 BHD for every worked hour.
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 VS Other Jobs
The average salary for Insurance is 0% more than that of All Jobs.
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 Bahrain earn 17% more than their private sector counterparts on average across all sectors.
| Private Sector | 1,370 BHD | |
| Public Sector | +17% | 1,610 BHD |
