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Insurance Appraiser Average Salary in Barbados 2020

How much money does an Insurance Appraiser make in Barbados?


Average Monthly Salary
3,310 BBD
( 39,700 BBD yearly)

LOW
1,760
BBD
AVERAGE
3,310
BBD
HIGH
5,030
BBD

A person working as an Insurance Appraiser in Barbados typically earns around 3,310 BBD per month. Salaries range from 1,760 BBD (lowest) to 5,030 BBD (highest).

This is the average monthly salary including housing, transport, and other benefits. Insurance Appraiser salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Insurance Appraiser Salary Distribution in Barbados

Median and salary distribution monthly Barbados Insurance Appraiser
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Appraiser salaries in Barbados range from 1,760 BBD per month (minimum salary) to 5,030 BBD per month (maximum salary).

  • Median Salary

    The median salary is 3,110 BBD per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 3,110 BBD while the other half are earning more than 3,110 BBD. 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 Insurance Appraiser(s) are earning less than 2,190 BBD while 75% of them are earning more than 2,190 BBD. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 3,830 BBD while 25% are earning more than 3,830 BBD.


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

Insurance Appraiser Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Barbados Insurance Appraiser
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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 Appraiser salaries by experience level and this is what we found.

An Insurance Appraiser with less than two years of experience makes approximately 2,020 BBD per month.

While someone with an experience level between two and five years is expected to earn 2,480 BBD per month, 23% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 3,510 BBD per month, 42% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Insurance Appraiser(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 4,100 BBD per month, 17% 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 4,510 BBD per month, 10% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 4,770 BBD per month, 6% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Barbados

0 - 2 Years
2,020 BBD
2 - 5 Years+23%
2,480 BBD
5 - 10 Years+42%
3,510 BBD
10 - 15 Years+17%
4,100 BBD
15 - 20 Years+10%
4,510 BBD
20+ Years+6%
4,770 BBD
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Insurance Appraiser Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Insurance Appraiser(s) who have the same experience but different education levels.

Salary comparison by education level monthly Barbados Insurance Appraiser
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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 Appraiser salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Insurance Appraiser is 2,670 BBD per month.

While someone with a Bachelor's Degree gets a salary of 3,920 BBD per month, 47% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Barbados

Certificate or Diploma
2,670 BBD
Bachelor's Degree+47%
3,920 BBD
Percentage increase and decrease are relative to the previous value

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Insurance Appraiser Salary Comparison By Gender

Salary comparison by gender monthly Barbados Insurance Appraiser
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Insurance Appraiser employees in Barbados earn 11% more than their female counterparts on average.

Male
3,450 BBD
Female-10%
3,110 BBD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Barbados for all Careers

Salary comparison by gender monthly Barbados
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Insurance Appraiser Average Annual Salary Increment Percentage in Barbados

How much are annual salary increments in Barbados for Insurance Appraiser(s)? How often do employees get salary raises?

Insurance Appraiser

Insurance Appraiser(s) in Barbados are likely to observe a salary increase of approximately 7% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Barbados Insurance Appraiser
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Barbados / 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

The average salary increase in one year (12 months) in Barbados is 2%.

Annual Increment Rate By Industry 2019

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Barbados 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

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Insurance Appraiser Bonus and Incentive Rates in Barbados

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Barbados Insurance Appraiser
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An Insurance Appraiser 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.

91% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 9% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.

Received Bonus
9%
No Bonus
91%

Types of Bonuses Considered

Individual Performance-Based Bonuses

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.

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 GeneratorsSupporting 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:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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 Appraiser Average Hourly Wage in Barbados


19 BBD per hour

The average hourly wage (pay per hour) in Barbados is 19 BBD. This means that the average Insurance Appraiser in Barbados earns approximately 19 BBD for every worked hour.


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

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 Appraiser VS Other Jobs

Salary Comparison Between Insurance Appraiser and Insurance monthly Barbados
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The average salary for Insurance Appraiser is 1% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst4,540 BBD+37%
Actuarial Assistant3,260 BBD-2%
Actuary4,480 BBD+35%
Adjustment Insurance Clerk1,240 BBD-63%
Assistant Broker2,030 BBD-39%
Assistant Claims Manager3,460 BBD+5%
Associate Insurance Representative1,800 BBD-46%
Auditing Insurance Manager5,050 BBD+53%
Broker3,510 BBD+6%
Claim Advocacy Professional3,300 BBD-0%
Claims Adjuster1,290 BBD-61%
Claims Analyst1,830 BBD-45%
Claims Examiner1,690 BBD-49%
Claims Manager4,680 BBD+41%
Claims Processor1,260 BBD-62%
Claims Representative1,550 BBD-53%
Claims Resolution Specialist3,620 BBD+9%
Claims Supervisor3,410 BBD+3%
Complaints Specialist3,030 BBD-8%
Compliance Officer2,700 BBD-18%
Consultant3,210 BBD-3%
Eligibility Specialist3,520 BBD+6%
Insurance Account Manager4,150 BBD+25%
Insurance Accounts Executive3,550 BBD+7%
Insurance Agent2,090 BBD-37%
Insurance Analyst3,160 BBD-5%
Insurance Appraiser3,310 BBD-0%
Insurance Claims Clerk1,250 BBD-62%
Insurance Examiner3,140 BBD-5%
Insurance Investigator3,290 BBD-1%
Insurance Manager5,700 BBD+72%
Insurance Operations Manager5,720 BBD+73%
Insurance Policy Processing Clerk1,200 BBD-64%
Insurance Pricing Assistant2,750 BBD-17%
Insurance Program Manager4,470 BBD+35%
Insurance Project Manager4,090 BBD+24%
Insurance Quality Assurance Agent2,860 BBD-14%
Insurance Sales Agent1,950 BBD-41%
Insurance Sales Director5,650 BBD+71%
Insurance Team Leader3,440 BBD+4%
Insurance Underwriter2,450 BBD-26%
Loss Control Specialist3,290 BBD-1%
Loss Prevention Investigator3,610 BBD+9%
Loss Prevention Manager4,660 BBD+41%
Loss Prevention Specialist3,470 BBD+5%
Marine Underwriter2,560 BBD-23%
Medical Auditor3,360 BBD+1%
Monitoring and Performance Officer2,430 BBD-27%
Payment Services Specialist3,480 BBD+5%
Policy Change Director5,150 BBD+56%
Policy Change Supervisor3,620 BBD+9%
Policy Change Technician1,650 BBD-50%
Risk Analyst3,590 BBD+8%
Risk Management Director6,340 BBD+91%
Risk Management Supervisor4,170 BBD+26%
Risk Manager6,330 BBD+91%
Risk Modeling Manager6,450 BBD+95%
Title Insurance Typist2,910 BBD-12%
Training Manager3,540 BBD+7%

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 Barbados earn 11% more than their private sector counterparts on average across all sectors.

Private Sector
3,060 BBD
Public Sector+11%
3,390 BBD
Percentage increase and decrease are relative to the previous value

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