A person working as an Insurance Underwriter in Philippines typically earns around 32,900 PHP per month. Salaries range from 15,100 PHP (lowest) to 52,200 PHP (highest).
This is the average monthly salary including housing, transport, and other benefits. Insurance Underwriter salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Insurance Underwriter salaries in Philippines range from 15,100 PHP per month (minimum salary) to 52,200 PHP per month (maximum salary).
The median salary is 35,500 PHP per month, which means that half (50%) of people working as Insurance Underwriter(s) are earning less than 35,500 PHP while the other half are earning more than 35,500 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 Insurance Underwriter(s) are earning less than 22,800 PHP while 75% of them are earning more than 22,800 PHP. Also from the diagram, 75% of Insurance Underwriter(s) are earning less than 47,400 PHP while 25% are earning more than 47,400 PHP.
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 your wage. We broke down Insurance Underwriter salaries by experience level and this is what we found.
An Insurance Underwriter with less than two years of experience makes approximately 17,200 PHP per month.
While someone with an experience level between two and five years is expected to earn 22,900 PHP per month, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 33,900 PHP per month, 48% more than someone with two to five years of experience.
Additionally, Insurance Underwriter(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 41,300 PHP per month, 22% 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 45,000 PHP per month, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 48,700 PHP per month, 8% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+48%|
|10 - 15 Years||+22%|
|15 - 20 Years||+9%|
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 Underwriter salaries by education level in order to make a comparison.
When the education level is Certificate or Diploma, the average salary of an Insurance Underwriter is 19,900 PHP per month.
While someone with a Bachelor's Degree gets a salary of 38,500 PHP per month, 93% more than someone having a Certificate or Diploma degree.
|Certificate or Diploma|
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Insurance Underwriter employees in Philippines earn 15% more than their female counterparts on average.
Insurance Underwriter(s) in Philippines are likely to observe a salary increase of approximately 10% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 18 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 Philippines 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.
An Insurance Underwriter 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.
68% of surveyed staff 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 0% to 4% 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 Underwriter is 27% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.
|Job Title||Average Salary|
|Actuarial Analyst||57,400 PHP||+75%|
|Actuarial Assistant||39,200 PHP||+19%|
|Adjustment Insurance Clerk||16,400 PHP||-50%|
|Assistant Broker||27,500 PHP||-16%|
|Assistant Claims Manager||46,500 PHP||+42%|
|Associate Insurance Representative||23,500 PHP||-28%|
|Auditing Insurance Manager||63,800 PHP||+94%|
|Claim Advocacy Professional||44,400 PHP||+35%|
|Claims Adjuster||15,500 PHP||-53%|
|Claims Analyst||23,300 PHP||-29%|
|Claims Examiner||22,600 PHP||-31%|
|Claims Manager||59,600 PHP||+81%|
|Claims Processor||16,800 PHP||-49%|
|Claims Representative||18,900 PHP||-42%|
|Claims Resolution Specialist||46,300 PHP||+41%|
|Claims Supervisor||43,600 PHP||+33%|
|Complaints Specialist||42,000 PHP||+28%|
|Compliance Officer||34,300 PHP||+4%|
|Eligibility Specialist||42,900 PHP||+31%|
|Insurance Account Manager||51,600 PHP||+57%|
|Insurance Accounts Executive||47,200 PHP||+44%|
|Insurance Agent||26,100 PHP||-21%|
|Insurance Analyst||44,900 PHP||+37%|
|Insurance Appraiser||45,100 PHP||+37%|
|Insurance Claims Clerk||16,300 PHP||-50%|
|Insurance Examiner||38,900 PHP||+18%|
|Insurance Investigator||42,900 PHP||+31%|
|Insurance Manager||74,100 PHP||+130%|
|Insurance Operations Manager||78,200 PHP||+140%|
|Insurance Policy Processing Clerk||16,500 PHP||-50%|
|Insurance Pricing Assistant||35,600 PHP||+8%|
|Insurance Program Manager||54,500 PHP||+66%|
|Insurance Project Manager||53,400 PHP||+63%|
|Insurance Quality Assurance Agent||36,400 PHP||+11%|
|Insurance Sales Agent||25,600 PHP||-22%|
|Insurance Sales Director||68,100 PHP||+110%|
|Insurance Team Leader||48,200 PHP||+47%|
|Insurance Underwriter||32,900 PHP||+0%|
|Loss Control Specialist||42,600 PHP||+30%|
|Loss Prevention Investigator||44,500 PHP||+35%|
|Loss Prevention Manager||60,500 PHP||+84%|
|Loss Prevention Specialist||47,600 PHP||+45%|
|Marine Underwriter||32,700 PHP||-0%|
|Medical Auditor||43,700 PHP||+33%|
|Monitoring and Performance Officer||31,600 PHP||-4%|
|Payment Services Specialist||43,000 PHP||+31%|
|Policy Change Director||69,600 PHP||+110%|
|Policy Change Supervisor||46,700 PHP||+42%|
|Policy Change Technician||20,300 PHP||-38%|
|Risk Analyst||48,900 PHP||+49%|
|Risk Management Director||82,400 PHP||+150%|
|Risk Management Supervisor||57,100 PHP||+74%|
|Risk Manager||82,600 PHP||+150%|
|Risk Modeling Manager||80,300 PHP||+140%|
|Title Insurance Typist||38,000 PHP||+16%|
|Training Manager||48,000 PHP||+46%|
|Cagayan de Oro||34,500 PHP|
|Las Pinas||32,000 PHP|
|Quezon City||39,500 PHP|
Where can you get paid more, working for a private company or for the government? Public sector employees in Philippines earn 12% more than their private sector counterparts on average across all sectors.