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Associate Insurance Representative Average Salary in Saudi Arabia 2020

How much money does an Associate Insurance Representative make in Saudi Arabia?


Average Monthly Salary
8,470 SAR
( 102,000 SAR yearly)

LOW
4,070
SAR
AVERAGE
8,470
SAR
HIGH
13,300
SAR

A person working as an Associate Insurance Representative in Saudi Arabia typically earns around 8,470 SAR per month. Salaries range from 4,070 SAR (lowest) to 13,300 SAR (highest).

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

Associate Insurance Representative Salary Distribution in Saudi Arabia

Median and salary distribution monthly Saudi Arabia Associate Insurance Representative
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The median, the maximum, the minimum, and the range

  • Salary Range

    Associate Insurance Representative salaries in Saudi Arabia range from 4,070 SAR per month (minimum salary) to 13,300 SAR per month (maximum salary).

  • Median Salary

    The median salary is 8,810 SAR per month, which means that half (50%) of people working as Associate Insurance Representative(s) are earning less than 8,810 SAR while the other half are earning more than 8,810 SAR. 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 Associate Insurance Representative(s) are earning less than 5,800 SAR while 75% of them are earning more than 5,800 SAR. Also from the diagram, 75% of Associate Insurance Representative(s) are earning less than 11,500 SAR while 25% are earning more than 11,500 SAR.


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

Associate Insurance Representative Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Saudi Arabia Associate Insurance Representative
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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 Associate Insurance Representative salaries by experience level and this is what we found.

An Associate Insurance Representative with less than two years of experience makes approximately 4,760 SAR per month.

While someone with an experience level between two and five years is expected to earn 6,750 SAR per month, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 8,870 SAR per month, 32% 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, Associate Insurance Representative(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 10,900 SAR per month, 23% 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 11,600 SAR per month, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 12,700 SAR per month, 10% more than people with fifteen to twenty years of experience.


Associate Insurance Representative average salary change by experience in Saudi Arabia

0 - 2 Years
4,760 SAR
2 - 5 Years+42%
6,750 SAR
5 - 10 Years+32%
8,870 SAR
10 - 15 Years+23%
10,900 SAR
15 - 20 Years+6%
11,600 SAR
20+ Years+10%
12,700 SAR
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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Associate Insurance Representative Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Saudi Arabia Associate Insurance Representative
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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 Associate Insurance Representative salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Associate Insurance Representative is 5,910 SAR per month.

While someone with a Bachelor's Degree gets a salary of 9,420 SAR per month, 59% more than someone having a Certificate or Diploma degree.

A Master's Degree gets its holder an average salary of 12,600 SAR per month, 33% more than someone with a Bachelor's Degree.


Associate Insurance Representative average salary difference by education level in Saudi Arabia

Certificate or Diploma
5,910 SAR
Bachelor's Degree+59%
9,420 SAR
Master's Degree+33%
12,600 SAR
Percentage increase and decrease are relative to the previous value

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 Saudi Arabia costs anywhere from 83,500 Saudi Riyal(s) to 251,000 Saudi Riyal(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 the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Associate Insurance Representative Salary Comparison By Gender

Salary comparison by gender monthly Saudi Arabia Associate Insurance Representative
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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 Associate Insurance Representative employees in Saudi Arabia earn 9% more than their female counterparts on average.

Male
8,950 SAR
Female-8%
8,240 SAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Saudi Arabia for all Careers

Salary comparison by gender monthly Saudi Arabia
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Associate Insurance Representative Average Annual Salary Increment Percentage in Saudi Arabia

How much are annual salary increments in Saudi Arabia for Associate Insurance Representative(s)? How often do employees get salary raises?

Associate Insurance Representative

Associate Insurance Representative(s) in Saudi Arabia are likely to observe a salary increase of approximately 10% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.

Annual Salary Increment Rate Saudi Arabia Associate Insurance Representative
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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.

Saudi Arabia / 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 Saudi Arabia is 6%.

Annual Increment Rate By Industry 2019

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Saudi Arabia 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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Associate Insurance Representative Bonus and Incentive Rates in Saudi Arabia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Saudi Arabia Associate Insurance Representative
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An Associate Insurance Representative is considered to be a moderate 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.

45% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 55% 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
55%
No Bonus
45%

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.

Associate Insurance Representative Average Hourly Wage in Saudi Arabia


49 SAR per hour

The average hourly wage (pay per hour) in Saudi Arabia is 49 SAR. This means that the average Associate Insurance Representative in Saudi Arabia earns approximately 49 SAR 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.

Associate Insurance Representative VS Other Jobs

Salary Comparison Between Associate Insurance Representative and Insurance monthly Saudi Arabia
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The average salary for Associate Insurance Representative is 49% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst21,500 SAR+150%
Actuarial Assistant15,000 SAR+77%
Actuary20,500 SAR+140%
Adjustment Insurance Clerk6,030 SAR-29%
Assistant Broker10,100 SAR+19%
Assistant Claims Manager17,400 SAR+110%
Associate Insurance Representative8,470 SAR-0%
Auditing Insurance Manager23,900 SAR+180%
Broker15,500 SAR+83%
Claim Advocacy Professional16,600 SAR+96%
Claims Adjuster5,920 SAR-30%
Claims Analyst8,210 SAR-3%
Claims Examiner8,140 SAR-4%
Claims Manager21,900 SAR+160%
Claims Processor5,710 SAR-33%
Claims Representative6,950 SAR-18%
Claims Resolution Specialist17,700 SAR+110%
Claims Supervisor16,700 SAR+97%
Complaints Specialist14,500 SAR+71%
Compliance Officer13,400 SAR+58%
Consultant16,000 SAR+89%
Eligibility Specialist16,700 SAR+97%
Insurance Account Manager20,200 SAR+140%
Insurance Accounts Executive18,000 SAR+110%
Insurance Agent9,600 SAR+13%
Insurance Analyst16,200 SAR+91%
Insurance Appraiser16,300 SAR+92%
Insurance Claims Clerk5,970 SAR-30%
Insurance Examiner14,600 SAR+72%
Insurance Investigator14,800 SAR+75%
Insurance Manager27,200 SAR+220%
Insurance Operations Manager26,500 SAR+210%
Insurance Policy Processing Clerk5,810 SAR-31%
Insurance Pricing Assistant12,600 SAR+49%
Insurance Program Manager21,300 SAR+150%
Insurance Project Manager20,400 SAR+140%
Insurance Quality Assurance Agent13,400 SAR+58%
Insurance Sales Agent9,210 SAR+9%
Insurance Sales Director26,100 SAR+210%
Insurance Team Leader17,000 SAR+100%
Insurance Underwriter12,300 SAR+45%
Loss Control Specialist15,000 SAR+77%
Loss Prevention Investigator16,000 SAR+89%
Loss Prevention Manager22,200 SAR+160%
Loss Prevention Specialist17,800 SAR+110%
Marine Underwriter12,500 SAR+48%
Medical Auditor16,100 SAR+90%
Monitoring and Performance Officer11,600 SAR+37%
Payment Services Specialist15,500 SAR+83%
Policy Change Director25,600 SAR+200%
Policy Change Supervisor17,500 SAR+110%
Policy Change Technician7,770 SAR-8%
Risk Analyst17,600 SAR+110%
Risk Management Director30,300 SAR+260%
Risk Management Supervisor19,400 SAR+130%
Risk Manager28,600 SAR+240%
Risk Modeling Manager31,300 SAR+270%
Title Insurance Typist13,100 SAR+55%
Training Manager17,600 SAR+110%

Salary Comparison By City

CityAverage Salary
Abha8,040 SAR
Dammam8,230 SAR
Jeddah8,610 SAR
Khubar8,270 SAR
Mecca8,490 SAR
Medina8,360 SAR
Riyadh8,730 SAR
Tabuk7,680 SAR
Taif7,780 SAR

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 Saudi Arabia earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
16,000 SAR
Public Sector+7%
17,200 SAR
Percentage increase and decrease are relative to the previous value

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