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Insurance Average Salaries in Lagos 2024

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


Average Monthly Salary
348,000 NGN
( 4,180,000 NGN yearly)

LOW
131,000
NGN
AVERAGE
348,000
NGN
HIGH
679,000
NGN
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Insurance in Lagos typically earns around 348,000 NGN. Salaries range from 131,000 NGN (lowest average) to 679,000 NGN (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Lagos exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst470,000 NGN
Actuarial Assistant331,000 NGN
Actuarial Specialist335,000 NGN
Actuary470,000 NGN
Adjustment Insurance Clerk131,000 NGN
Assistant Broker222,000 NGN
Assistant Claims Manager379,000 NGN
Associate Insurance Representative183,000 NGN
Auditing Insurance Manager523,000 NGN
Blockchain Insurance Auditor324,000 NGN
Broker353,000 NGN
Claim Advocacy Professional353,000 NGN
Claims Adjuster131,000 NGN
Claims Analyst183,000 NGN
Claims Examiner183,000 NGN
Claims Manager496,000 NGN
Claims Processor131,000 NGN
Claims Representative157,000 NGN
Claims Resolution Specialist379,000 NGN
Claims Supervisor348,000 NGN
Complaints Specialist322,000 NGN
Compliance Examiner331,000 NGN
Compliance Officer283,000 NGN
Compliance Reviewer327,000 NGN
Consultant348,000 NGN
Drone Claims Adjuster157,000 NGN
Eligibility Interviewer374,000 NGN
Eligibility Specialist353,000 NGN
Insurance Account Manager431,000 NGN
Insurance Accounts Executive379,000 NGN
Insurance Adjuster327,000 NGN
Insurance Agent209,000 NGN
Insurance Analyst344,000 NGN
Insurance Appraiser353,000 NGN
Insurance Claims Clerk131,000 NGN
Insurance Compliance Officer397,000 NGN
Insurance Data Scientist324,000 NGN
Insurance Examiner322,000 NGN
Insurance Fraud Investigator293,000 NGN
Insurance Investigator331,000 NGN
Insurance Manager627,000 NGN
Insurance Operations Manager601,000 NGN
Insurance Policy Processing Clerk131,000 NGN
Insurance Pricing Assistant277,000 NGN
Insurance Product Manager413,000 NGN
Insurance Program Manager460,000 NGN
Insurance Project Manager444,000 NGN
Insurance Quality Assurance Agent303,000 NGN
Insurance Sales Agent209,000 NGN
Insurance Sales Director575,000 NGN
Insurance Sales Manager457,000 NGN
Insurance Sales Representative183,000 NGN
Insurance Team Leader370,000 NGN
Insurance Underwriter261,000 NGN
Insurtech Analyst324,000 NGN
Loss Control Specialist340,000 NGN
Loss Prevention Investigator366,000 NGN
Loss Prevention Manager512,000 NGN
Loss Prevention Specialist374,000 NGN
Marine Underwriter261,000 NGN
Medical Auditor370,000 NGN
Monitoring and Performance Officer248,000 NGN
Parametric Insurance Specialist350,000 NGN
Payment Services Specialist353,000 NGN
Peer-to-Peer Insurance Manager423,000 NGN
Policy Change Director549,000 NGN
Policy Change Supervisor379,000 NGN
Policy Change Technician170,000 NGN
Risk Analyst392,000 NGN
Risk Management Director679,000 NGN
Risk Management Supervisor439,000 NGN
Risk Manager653,000 NGN
Risk Modeling Manager653,000 NGN
Social Media Risk Analyst366,000 NGN
Title Insurance Typist300,000 NGN
Training Manager388,000 NGN
Underwriting Assistant178,000 NGN


Insurance Jobs Pay Scale and Salaries in Lagos

Median and salary distribution Lagos Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
350,000 NGN or more
10% of people earn
295,000 to 350,000 NGN
20% of people earn
175,000 NGN or less
65% of people earn
175,000 to 295,000 NGN
Minimum Salary
131,000 NGN
Median
315,000 NGN
Maximum
679,000 NGN




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Lagos range from 131,000 NGN (starting average salary) to 679,000 NGN (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 315,000 NGN, implying that half of the workforce in Lagos earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Lagos earn less than 244,000 NGN, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 381,000 NGN, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Lagos. The analysis revealed that roughly 65% of all reported salaries fell within the range of 175,000 NGN to 295,000 NGN. Approximately 20% of salaries were below the 175,000 NGN mark, while 10% ranged from 295,000 NGN to 350,000 NGN. Only 5% of individuals earned a gross salary of 350,000 NGN or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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 in Insurance in Lagos 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.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
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.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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 degree levels across many jobs in Insurance in Lagos, 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 certificate 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 Nigeria costs anywhere from 1,700,000 NGN to 5,100,000 NGN and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Lagos

Salary comparison by gender Nigeria Insurance monthly
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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? In the field of Insurance in Nigeria, the average difference between the salary of male and female employees is 9%.

Male
357,000 NGN
Female-9%
326,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Nigeria for all Careers

Salary comparison by gender monthly Nigeria
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Average Annual Salary Increment Percentage / Insurance / Lagos

How much are annual salary increments in Lagos for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in Nigeria are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Nigeria Insurance
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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.

Nigeria / All Professions

Annual Salary Increment Rate Nigeria
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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 Nigeria is 5%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Insurance / Nigeria

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Nigeria Insurance
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100% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.

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

Received Bonus
%
No Bonus
100%

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.

Hourly Average Wage / Insurance / Lagos


2,010 NGN per hour

The average hourly wage (pay per hour) in Insurance in Lagos is 2,010 NGN.This is the rate they get paid for every worked hour.


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

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in Lagos is 750 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Benin City286,000 NGN
Ibadan320,000 NGN
Kaduna301,000 NGN
Kano332,000 NGN
Lagos348,000 NGN

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Nigeria is 6% on average across all career fields.

Private Sector
329,000 NGN
Public Sector+6%
349,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Lagos?

A good and competitive compensation would range anywhere between 315,000 NGN and 381,000 NGN. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Insurance in Lagos ranges from 131,000 NGN to 244,000 NGN. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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