Insurance Average Salaries in Peru 2021
How much money does a person working in Insurance make in Peru?
LOW
2,810
PEN AVERAGE
7,560
PEN HIGH
14,600
PEN
A person working in Insurance in Peru typically earns around 7,560 PEN per month. Salaries range from 2,810 PEN (lowest average) to 14,600 PEN (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 | 10,100 PEN |
| Actuarial Assistant | 6,900 PEN |
| Actuary | 9,900 PEN |
| Adjustment Insurance Clerk | 2,610 PEN |
| Assistant Broker | 4,680 PEN |
| Assistant Claims Manager | 7,740 PEN |
| Associate Insurance Representative | 3,970 PEN |
| Auditing Insurance Manager | 11,200 PEN |
| Broker | 7,050 PEN |
| Claim Advocacy Professional | 7,570 PEN |
| Claims Adjuster | 2,720 PEN |
| Claims Analyst | 3,700 PEN |
| Claims Examiner | 3,970 PEN |
| Claims Manager | 10,500 PEN |
| Claims Processor | 2,670 PEN |
| Claims Representative | 3,140 PEN |
| Claims Resolution Specialist | 7,900 PEN |
| Claims Supervisor | 7,630 PEN |
| Complaints Specialist | 7,060 PEN |
| Compliance Officer | 5,720 PEN |
| Consultant | 7,630 PEN |
| Eligibility Specialist | 7,500 PEN |
| Insurance Account Manager | 8,710 PEN |
| Insurance Accounts Executive | 7,900 PEN |
| Insurance Agent | 4,400 PEN |
| Insurance Analyst | 7,100 PEN |
| Insurance Appraiser | 7,280 PEN |
| Insurance Claims Clerk | 2,610 PEN |
| Insurance Examiner | 6,920 PEN |
| Insurance Investigator | 6,900 PEN |
| Insurance Manager | 12,500 PEN |
| Insurance Operations Manager | 12,300 PEN |
| Insurance Policy Processing Clerk | 2,640 PEN |
| Insurance Pricing Assistant | 5,600 PEN |
| Insurance Program Manager | 9,290 PEN |
| Insurance Project Manager | 9,720 PEN |
| Insurance Quality Assurance Agent | 6,380 PEN |
| Insurance Sales Agent | 4,530 PEN |
| Insurance Sales Director | 12,000 PEN |
| Insurance Team Leader | 7,870 PEN |
| Insurance Underwriter | 5,610 PEN |
| Loss Control Specialist | 7,220 PEN |
| Loss Prevention Investigator | 7,550 PEN |
| Loss Prevention Manager | 10,200 PEN |
| Loss Prevention Specialist | 8,040 PEN |
| Marine Underwriter | 5,720 PEN |
| Medical Auditor | 7,400 PEN |
| Monitoring and Performance Officer | 5,230 PEN |
| Payment Services Specialist | 7,280 PEN |
| Policy Change Director | 11,000 PEN |
| Policy Change Supervisor | 8,130 PEN |
| Policy Change Technician | 3,540 PEN |
| Risk Analyst | 8,500 PEN |
| Risk Management Director | 14,300 PEN |
| Risk Management Supervisor | 8,960 PEN |
| Risk Manager | 14,300 PEN |
| Risk Modeling Manager | 13,900 PEN |
| Title Insurance Typist | 6,580 PEN |
| Training Manager | 8,160 PEN |
Insurance Jobs Salary Distribution in Peru
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Peru range from 2,810 PEN per month (minimum average salary) to 14,600 PEN per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 7,410 PEN per month, which means that half (50%) of people working in Insurance are earning less than 7,410 PEN while the other half are earning more than 7,410 PEN. 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 4,600 PEN while 75% of them are earning more than 4,600 PEN. Also from the diagram, 75% of people working in Insurance are earning less than 10,800 PEN while 25% are earning more than 10,800 PEN.
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.
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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 Peru costs anywhere from 37,700 Nuevo Sol(s) to 113,000 Nuevo Sol(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 Peru who work in Insurance earn 11% more than their female counterparts on average.
| Male | 7,960 PEN | |
| Female | -10% | 7,190 PEN |
Salary Comparison By Gender in Peru for all Careers
Insurance Average Annual Salary Increment Percentage in Peru
How much are annual salary increments in Peru for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in Peru are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.
Peru / 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 2020
| 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 Peru 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.
Worldwide Salary Raises: All Countries and All Jobs
Insurance Bonus and Incentive Rates in Peru
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.
50% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 50% 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 | 50% | |
| No Bonus | 50% |
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 Peru
44 PEN per hourThe average hourly wage (pay per hour) in Peru is 44 PEN. This means that the average person in Peru earns approximately 44 PEN 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.
Salary Comparison By City
| City | Average Salary |
| Arequipa | 8,120 PEN |
| Chiclayo | 7,680 PEN |
| Cusco | 7,240 PEN |
| Huancayo | 7,480 PEN |
| Iquitos | 6,930 PEN |
| Lima | 8,340 PEN |
| Trujillo | 7,900 PEN |
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 Peru earn 9% more than their private sector counterparts on average across all sectors.
| Private Sector | 7,250 PEN | |
| Public Sector | +9% | 7,890 PEN |
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