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Insurance Appraiser Average Salary in Singapore 2020

How much money does an Insurance Appraiser make in Singapore?


Average Monthly Salary
7,740 SGD
( 92,900 SGD yearly)

LOW
3,870
SGD
AVERAGE
7,740
SGD
HIGH
12,000
SGD

A person working as an Insurance Appraiser in Singapore typically earns around 7,740 SGD per month. Salaries range from 3,870 SGD (lowest) to 12,000 SGD (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 Singapore

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

  • Salary Range

    Insurance Appraiser salaries in Singapore range from 3,870 SGD per month (minimum salary) to 12,000 SGD per month (maximum salary).

  • Median Salary

    The median salary is 7,740 SGD per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 7,740 SGD while the other half are earning more than 7,740 SGD. 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 5,230 SGD while 75% of them are earning more than 5,230 SGD. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 9,870 SGD while 25% are earning more than 9,870 SGD.


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 Singapore 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 4,640 SGD per month.

While someone with an experience level between two and five years is expected to earn 6,150 SGD per month, 32% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 8,220 SGD per month, 34% 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 9,800 SGD per month, 19% 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 10,600 SGD per month, 8% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 11,300 SGD per month, 7% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Singapore

0 - 2 Years
4,640 SGD
2 - 5 Years+32%
6,150 SGD
5 - 10 Years+34%
8,220 SGD
10 - 15 Years+19%
9,800 SGD
15 - 20 Years+8%
10,600 SGD
20+ Years+7%
11,300 SGD
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 Singapore 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 6,880 SGD per month.

While someone with a Bachelor's Degree gets a salary of 10,700 SGD per month, 56% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Singapore

Certificate or Diploma
6,880 SGD
Bachelor's Degree+56%
10,700 SGD
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 Singapore 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 Singapore earn 5% more than their female counterparts on average.

Male
7,910 SGD
Female-4%
7,560 SGD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Singapore for all Careers

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

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

Insurance Appraiser

Insurance Appraiser(s) in Singapore are likely to observe a salary increase of approximately 12% every 15 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Singapore 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.

Singapore / 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 Singapore is 7%.

Annual Increment Rate By Industry 2019

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

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

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Singapore 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.

69% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 31% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 3% of their annual salary.

Received Bonus
31%
No Bonus
69%

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 Singapore


45 SGD per hour

The average hourly wage (pay per hour) in Singapore is 45 SGD. This means that the average Insurance Appraiser in Singapore earns approximately 45 SGD 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 Singapore
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The average salary for Insurance Appraiser is 9% 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 Analyst10,900 SGD+41%
Actuarial Assistant7,630 SGD-1%
Actuary11,100 SGD+43%
Adjustment Insurance Clerk3,030 SGD-61%
Assistant Broker4,950 SGD-36%
Assistant Claims Manager8,590 SGD+11%
Associate Insurance Representative4,350 SGD-44%
Auditing Insurance Manager12,100 SGD+56%
Broker8,190 SGD+6%
Claim Advocacy Professional8,000 SGD+3%
Claims Adjuster3,010 SGD-61%
Claims Analyst4,200 SGD-46%
Claims Examiner4,180 SGD-46%
Claims Manager11,300 SGD+46%
Claims Processor2,960 SGD-62%
Claims Representative3,500 SGD-55%
Claims Resolution Specialist8,560 SGD+11%
Claims Supervisor7,870 SGD+2%
Complaints Specialist7,580 SGD-2%
Compliance Officer6,500 SGD-16%
Consultant8,350 SGD+8%
Eligibility Specialist7,930 SGD+2%
Insurance Account Manager10,300 SGD+33%
Insurance Accounts Executive8,730 SGD+13%
Insurance Agent4,950 SGD-36%
Insurance Analyst7,710 SGD-0%
Insurance Appraiser7,740 SGD=
Insurance Claims Clerk2,850 SGD-63%
Insurance Examiner7,750 SGD+0%
Insurance Investigator7,930 SGD+2%
Insurance Manager13,700 SGD+77%
Insurance Operations Manager14,500 SGD+87%
Insurance Policy Processing Clerk3,120 SGD-60%
Insurance Pricing Assistant6,100 SGD-21%
Insurance Program Manager10,300 SGD+33%
Insurance Project Manager10,600 SGD+37%
Insurance Quality Assurance Agent6,900 SGD-11%
Insurance Sales Agent4,970 SGD-36%
Insurance Sales Director13,200 SGD+71%
Insurance Team Leader8,500 SGD+10%
Insurance Underwriter5,930 SGD-23%
Loss Control Specialist7,480 SGD-3%
Loss Prevention Investigator8,030 SGD+4%
Loss Prevention Manager11,200 SGD+45%
Loss Prevention Specialist9,010 SGD+16%
Marine Underwriter5,900 SGD-24%
Medical Auditor8,090 SGD+5%
Monitoring and Performance Officer5,420 SGD-30%
Payment Services Specialist7,740 SGD=
Policy Change Director12,200 SGD+58%
Policy Change Supervisor8,420 SGD+9%
Policy Change Technician3,760 SGD-51%
Risk Analyst8,600 SGD+11%
Risk Management Director14,800 SGD+91%
Risk Management Supervisor10,600 SGD+37%
Risk Manager15,700 SGD+100%
Risk Modeling Manager15,600 SGD+100%
Title Insurance Typist7,200 SGD-7%
Training Manager8,650 SGD+12%

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 Singapore earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
8,270 SGD
Public Sector+5%
8,670 SGD
Percentage increase and decrease are relative to the previous value

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