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Insurance Average Salaries in Philippines 2019

How much money does a person working in Insurance make in Philippines?

42,437 PHP per month
Average Monthly Salary
A person working in Insurance in Philippines typically earns around 42,437 PHP per month.
This is the average monthly salary including housing, transport, and other benefits.
Salaries differ drasticly between different Insurance jobs. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Actuary92,111 PHP
Assistant Claims Manager50,000 PHP
Claims Adjuster25,000 PHP
Claims Analyst14,000 PHP
Claims Manager50,000 PHP
Claims Processor15,500 PHP
Claims Supervisor46,300 PHP
Insurance Analyst22,000 PHP
Insurance Underwriter30,000 PHP
Payment Services Specialist18,480 PHP
Pricing Assistant14,000 PHP
Risk Analyst42,000 PHP
Risk Manager48,383 PHP
Training Manager45,000 PHP

Insurance Jobs Salary Distribution in Philippines

25% of people earn
18,000 PHP
or less
50% of people earn
27,500 PHP
or less
75% of people earn
50,000 PHP
or less
Minimum
8,333 PHP
Median
27,500 PHP
Maximum
250,000 PHP

Abount These Figures: Salary Range, Median and Percentiles

The Insurance salaries in Philippines range between 8,333 PHP per month (minimum salary) to 250,000 PHP per month (maximum salary).

The median salary is 27,500 PHP per month, which means that half (50%) of people working in Insurance are earning less than 27,500 PHP while the other half are earning more than 27,500 PHP. 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 18,000 PHP while 75% of them are earning more than 18,000 PHP. Also from the diagram, 75% of people working in Insurance are earning less than 50,000 PHP while 25% are earning more than 50,000 PHP.

What is the difference between the median and the average salary? What should you be looking at?

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 plently of room for improvement. If your wage is in between the average and median, then things can be a bit confusing. We have written a guide to explain all the different senarios. How to compare your salary

Insurance Salary Forecast and Trend in Philippines

How do Insurance salaries change over time? Listed below is a chart that shows the average salary in recent years.

2016201720182019
Average Salary 2016    =  
39,063 PHP
Average Salary 2017    +3%  
40,156 PHP
Average Salary 2018    +3%  
41,281 PHP
Average Salary 2019    +3%  
42,437 PHP
Percentage increase and decrease are relative to the previous value
Insurance salaries in Philippines are rising in the year 2019 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% higher than those of 2018. The trend suggests a slow yet continous increase in pay in 2020 and future years. These numbers differ slightly from industry to another.

Insurance Hourly Average Wage in Philippines

218 PHP per hour
Average Hourly Wage

The average hourly wage (pay per hour) in Philippines for Insurance is 218 PHP. This means that the average person in Philippines earns approximatly 218 PHP for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one working 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 annual vacation allowance. The figures mentioned above are good approximation and they are considered to the be the standard.

Salary Comparison of Insurance Jobs in Philippines

42,437 PHP
45,414 PHP
Average Salary
Insurance
Average Salary
All Jobs
We compared Philippines salaries for Insurance and All Jobs and we found that Insurance salaries are 7% less than those of All Jobs.

Salary Comparison By City

CityAverage Salary
Makati62,971 PHP
Manila33,267 PHP
Quezon City39,383 PHP
Taguig19,480 PHP
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