Insurance Appraiser Average Salary in Singapore 2024
How much money does a person working as Insurance Appraiser make in Singapore?
LOW
3,870
SGD AVERAGE
7,740
SGD HIGH
12,000
SGD
A person working as Insurance Appraiser in Singapore typically earns around 7,740 SGD. Salaries range from 3,870 SGD (lowest) to 12,000 SGD (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Insurance Appraiser salaries in Singapore vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Insurance Appraiser Pay Scale and Salaries in Singapore
Salary Structure and Pay Scale Comparison
7,120 SGD or more
6,310 to 7,120 SGD
4,520 SGD or less
4,520 to 6,310 SGD
 3,870 SGD |
7,160 SGD |
12,000 SGD |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Insurance Appraiser in Singapore range from 3,870 SGD (starting salary) to 12,000 SGD (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 7,160 SGD, half of the professionals who work as Insurance Appraiser in Singapore earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Insurance Appraiser in Singapore earn less than 5,880 SGD, while 75% earn more. Similarly, the chart shows that 75% earn less than 8,170 SGD while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Insurance Appraiser in Singapore compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 4,520 SGD to 6,310 SGD. About 20% of salaries are below the 4,520 SGD mark, while 10% fall within the range of 6,310 SGD to 7,120 SGD. Only 5% of individuals have salaries exceeding 7,120 SGD.
Salary Comparison by Years of Experience / Insurance Appraiser / Singapore
How do experience and age affect pay?
| 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 |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Insurance Appraiser and this is what we found.
Employees with less than two years of experience earn approximately 4,640 SGD.
While someone with an experience level between two and five years is expected to earn 6,150 SGD, 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, 34% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 9,800 SGD, 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, 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, 7% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Insurance Appraiser / Singapore
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Insurance Appraiser.
| Certificate or Diploma | 6,880 SGD | |
| Bachelor's Degree | +56% | 10,700 SGD |
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 salaries by education level for the position Insurance Appraiser in order to make a comparison.
Level 1: Certificate or Diploma
Employees at this education level have an average salary of 6,880 SGD.
Level 2: Bachelor's Degree
At this level, the average salary becomes 10,700 SGD, 56% more than the previous level.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Insurance Appraiser / Singapore
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Insurance Appraiser in Singapore, the average difference between the salary of male and female employees is 5%.
| Male | 7,910 SGD | |
| Female | -4% | 7,560 SGD |
Salary Comparison By Gender in Singapore for all Careers
Average Annual Salary Increment Percentage / Insurance Appraiser / Singapore
How much are annual salary increments in Singapore for individuals working as Insurance Appraiser? How often do employees get salary raises?
Individuals working as Insurance Appraiser 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.
Singapore / All Professions
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
Worldwide Salary Raises: All Countries and All Jobs
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 Appraiser / Singapore
How much and how often are bonuses being awarded?
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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 BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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.
Average Hourly Wage / Insurance Appraiser / Singapore
45 SGD per hourThe average hourly wage (pay per hour) for individuals working as Insurance Appraiser in Singapore is 45 SGD.This is the rate they get paid for every worked hour.
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 as Insurance Appraiser in Singapore is 22 SGD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Insurance |  -100% | |
| Actuarial Analyst | 10,900 SGD |  +41% |
| Actuarial Assistant | 7,630 SGD | -1% |
| Actuarial Specialist | 7,700 SGD | -1% |
| Actuary | 11,100 SGD | +43% |
| Adjustment Insurance Clerk | 3,040 SGD | -61% |
| Assistant Broker | 4,960 SGD | -36% |
| Assistant Claims Manager | 8,590 SGD | +11% |
| Associate Insurance Representative | 4,350 SGD | -44% |
| Auditing Insurance Manager | 12,100 SGD | +56% |
| Blockchain Insurance Auditor | 7,410 SGD | -4% |
| Broker | 8,190 SGD | +6% |
| Claim Advocacy Professional | 8,000 SGD | +3% |
| Claims Adjuster | 3,010 SGD | -61% |
| Claims Analyst | 4,200 SGD | -46% |
| Claims Examiner | 4,180 SGD | -46% |
| Claims Manager | 11,300 SGD | +46% |
| Claims Processor | 2,960 SGD | -62% |
| Claims Representative | 3,500 SGD | -55% |
| Claims Resolution Specialist | 8,560 SGD | +11% |
| Claims Supervisor | 7,870 SGD | +2% |
| Complaints Specialist | 7,580 SGD | -2% |
| Compliance Examiner | 7,930 SGD | +2% |
| Compliance Officer | 6,500 SGD | -16% |
| Compliance Reviewer | 7,800 SGD | +1% |
| Consultant | 8,350 SGD | +8% |
| Drone Claims Adjuster | 3,480 SGD | -55% |
| Eligibility Interviewer | 8,560 SGD | +11% |
| Eligibility Specialist | 7,930 SGD | +2% |
| Insurance Account Manager | 10,300 SGD | +33% |
| Insurance Accounts Executive | 8,730 SGD | +13% |
| Insurance Adjuster | 7,770 SGD | +0% |
| Insurance Agent | 4,950 SGD | -36% |
| Insurance Analyst | 7,710 SGD | -0% |
| Insurance Appraiser | 7,740 SGD | = |
| Insurance Claims Clerk | 2,850 SGD | -63% |
| Insurance Compliance Officer | 9,480 SGD | +22% |
| Insurance Data Scientist | 7,710 SGD | -0% |
| Insurance Examiner | 7,750 SGD | +0% |
| Insurance Fraud Investigator | 6,930 SGD | -10% |
| Insurance Investigator | 7,930 SGD | +2% |
| Insurance Manager | 13,700 SGD | +77% |
| Insurance Operations Manager | 14,500 SGD | +87% |
| Insurance Policy Processing Clerk | 3,120 SGD | -60% |
| Insurance Pricing Assistant | 6,100 SGD | -21% |
| Insurance Product Manager | 9,740 SGD | +26% |
| Insurance Program Manager | 10,300 SGD | +33% |
| Insurance Project Manager | 10,600 SGD | +37% |
| Insurance Quality Assurance Agent | 6,900 SGD | -11% |
| Insurance Sales Agent | 4,970 SGD | -36% |
| Insurance Sales Director | 13,200 SGD | +71% |
| Insurance Sales Manager | 10,900 SGD | +41% |
| Insurance Sales Representative | 4,330 SGD | -44% |
| Insurance Team Leader | 8,500 SGD | +10% |
| Insurance Underwriter | 5,930 SGD | -23% |
| Insurtech Analyst | 7,620 SGD | -2% |
| Loss Control Specialist | 7,480 SGD | -3% |
| Loss Prevention Investigator | 8,030 SGD | +4% |
| Loss Prevention Manager | 11,200 SGD | +45% |
| Loss Prevention Specialist | 9,010 SGD | +16% |
| Marine Underwriter | 5,900 SGD | -24% |
| Medical Auditor | 8,090 SGD | +5% |
| Monitoring and Performance Officer | 5,420 SGD | -30% |
| Parametric Insurance Specialist | 8,420 SGD | +9% |
| Payment Services Specialist | 7,740 SGD | = |
| Peer-to-Peer Insurance Manager | 9,910 SGD | +28% |
| Policy Change Director | 12,200 SGD | +58% |
| Policy Change Supervisor | 8,420 SGD | +9% |
| Policy Change Technician | 3,760 SGD | -51% |
| Risk Analyst | 8,600 SGD | +11% |
| Risk Management Director | 14,800 SGD | +91% |
| Risk Management Supervisor | 10,600 SGD | +37% |
| Risk Manager | 15,700 SGD | +100% |
| Risk Modeling Manager | 15,600 SGD | +100% |
| Social Media Risk Analyst | 8,730 SGD | +13% |
| Title Insurance Typist | 7,200 SGD | -7% |
| Training Manager | 8,650 SGD | +12% |
| Underwriting Assistant | 4,010 SGD | -48% |
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 Singapore is 5% on average across all career fields.
| Private Sector | 8,300 SGD | |
| Public Sector | +5% | 8,700 SGD |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Insurance Appraiser in Singapore?
A good and competitive compensation would range anywhere between 7,160 SGD and 8,170 SGD. 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 a careers like Insurance Appraiser in Singapore ranges from 3,870 SGD to 5,880 SGD. 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
