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Insurance Average Salaries in Singapore 2019

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

8,480 SGD per month
Average Monthly Salary
A person working in Insurance in Singapore typically earns around 8,480 SGD per month.
This is the average monthly salary including housing, transport, and other benefits.
Salaries differ drasticly between different Insurance jobs. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Actuarial Analyst9,773 SGD
Actuarial Assistant7,627 SGD
Actuary9,801 SGD
Adjustment Insurance Clerk5,463 SGD
Assistant Broker6,995 SGD
Assistant Claims Manager8,592 SGD
Associate Insurance Representative6,524 SGD
Auditing Insurance Manager12,091 SGD
Broker8,194 SGD
Claim Advocacy Professional7,999 SGD
Claims Adjuster5,620 SGD
Claims Analyst6,097 SGD
Claims Examiner6,173 SGD
Claims Manager9,519 SGD
Claims Processor5,827 SGD
Claims Representative5,829 SGD
Claims Resolution Specialist8,557 SGD
Claims Supervisor7,869 SGD
Complaints Specialist7,575 SGD
Compliance Officer6,498 SGD
Consultant8,350 SGD
Eligibility Specialist7,934 SGD
Insurance Account Manager9,148 SGD
Insurance Accounts Executive8,731 SGD
Insurance Agent7,015 SGD
Insurance Analyst7,706 SGD
Insurance Appraiser7,740 SGD
Insurance Claims Clerk5,424 SGD
Insurance Examiner7,753 SGD
Insurance Investigator7,931 SGD
Insurance Manager10,467 SGD
Insurance Operations Manager10,790 SGD
Insurance Policy Processing Clerk6,029 SGD
Insurance Pricing Assistant6,813 SGD
Insurance Program Manager9,306 SGD
Insurance Project Manager9,602 SGD
Insurance Quality Assurance Agent7,238 SGD
Insurance Sales Agent6,524 SGD
Insurance Sales Director9,835 SGD
Insurance Team Leader8,496 SGD
Insurance Underwriter6,616 SGD
Loss Control Specialist7,484 SGD
Loss Prevention Investigator8,026 SGD
Loss Prevention Manager9,134 SGD
Loss Prevention Specialist9,010 SGD
Marine Underwriter7,672 SGD
Medical Auditor8,087 SGD
Monitoring and Performance Officer6,375 SGD
Payment Services Specialist7,740 SGD
Policy Change Director9,813 SGD
Policy Change Supervisor8,417 SGD
Policy Change Technician6,263 SGD
Risk Analyst8,408 SGD
Risk Management Director11,038 SGD
Risk Management Supervisor9,533 SGD
Risk Manager11,271 SGD
Risk Modeling Manager11,124 SGD
Title Insurance Typist7,201 SGD
Training Manager8,647 SGD

Insurance Jobs Salary Distribution in Singapore

Median and salary distribution monthly Singapore Insurance

Abount These Figures: Salary Range, Median and Percentiles

The Insurance salaries in Singapore range between 5,657 SGD per month (minimum salary) to 12,572 SGD per month (maximum salary).

The median salary is 8,734 SGD per month, which means that half (50%) of people working in Insurance are earning less than 8,734 SGD while the other half are earning more than 8,734 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.

Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Insurance are earning less than 6,476 SGD while 75% of them are earning more than 6,476 SGD. Also from the diagram, 75% of people working in Insurance are earning less than 11,292 SGD while 25% are earning more than 11,292 SGD.

What is the difference between the median and the average salary? What should you be looking at?

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 plently of room for improvement. If your wage is in between the average and median, then things can be a bit confusing. We have written a guide to explain all the different senarios. How to compare your salary

Insurance Salary Forecast and Trend in Singapore

How do Insurance salaries change over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Singapore Insurance
Average Salary 2016    =  
7,671 SGD
Average Salary 2017    +4%  
7,955 SGD
Average Salary 2018    +3%  
8,225 SGD
Average Salary 2019    +3%  
8,480 SGD
Percentage increase and decrease are relative to the previous value
Insurance salaries in Singapore are rising in the year 2019 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% higher than those of 2018. The trend suggests a slow yet continous increase in pay in 2020 and future years. These numbers differ slightly from industry to another.

Insurance Hourly Average Wage in Singapore

49 SGD per hour
Average Hourly Wage

The average hourly wage (pay per hour) in Singapore for Insurance is 49 SGD. This means that the average person in Singapore earns approximatly 49 SGD for every worked hour.

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

The hourly wage is the salary paid in one working 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 annual vacation allowance. The figures mentioned above are good approximation and they are considered to the be the standard.

Insurance VS Other Jobs

Salary Comparison Between Insurance and Insurance monthly SingaporeWe compared Singapore salaries for Insurance and All Jobs and we found that Insurance salaries are 0% less than those of All Jobs.
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