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 Title | Average Salary |
| Actuarial Analyst | 9,773 SGD |
| Actuarial Assistant | 7,627 SGD |
| Actuary | 9,801 SGD |
| Adjustment Insurance Clerk | 5,463 SGD |
| Assistant Broker | 6,995 SGD |
| Assistant Claims Manager | 8,592 SGD |
| Associate Insurance Representative | 6,524 SGD |
| Auditing Insurance Manager | 12,091 SGD |
| Broker | 8,194 SGD |
| Claim Advocacy Professional | 7,999 SGD |
| Claims Adjuster | 5,620 SGD |
| Claims Analyst | 6,097 SGD |
| Claims Examiner | 6,173 SGD |
| Claims Manager | 9,519 SGD |
| Claims Processor | 5,827 SGD |
| Claims Representative | 5,829 SGD |
| Claims Resolution Specialist | 8,557 SGD |
| Claims Supervisor | 7,869 SGD |
| Complaints Specialist | 7,575 SGD |
| Compliance Officer | 6,498 SGD |
| Consultant | 8,350 SGD |
| Eligibility Specialist | 7,934 SGD |
| Insurance Account Manager | 9,148 SGD |
| Insurance Accounts Executive | 8,731 SGD |
| Insurance Agent | 7,015 SGD |
| Insurance Analyst | 7,706 SGD |
| Insurance Appraiser | 7,740 SGD |
| Insurance Claims Clerk | 5,424 SGD |
| Insurance Examiner | 7,753 SGD |
| Insurance Investigator | 7,931 SGD |
| Insurance Manager | 10,467 SGD |
| Insurance Operations Manager | 10,790 SGD |
| Insurance Policy Processing Clerk | 6,029 SGD |
| Insurance Pricing Assistant | 6,813 SGD |
| Insurance Program Manager | 9,306 SGD |
| Insurance Project Manager | 9,602 SGD |
| Insurance Quality Assurance Agent | 7,238 SGD |
| Insurance Sales Agent | 6,524 SGD |
| Insurance Sales Director | 9,835 SGD |
| Insurance Team Leader | 8,496 SGD |
| Insurance Underwriter | 6,616 SGD |
| Loss Control Specialist | 7,484 SGD |
| Loss Prevention Investigator | 8,026 SGD |
| Loss Prevention Manager | 9,134 SGD |
| Loss Prevention Specialist | 9,010 SGD |
| Marine Underwriter | 7,672 SGD |
| Medical Auditor | 8,087 SGD |
| Monitoring and Performance Officer | 6,375 SGD |
| Payment Services Specialist | 7,740 SGD |
| Policy Change Director | 9,813 SGD |
| Policy Change Supervisor | 8,417 SGD |
| Policy Change Technician | 6,263 SGD |
| Risk Analyst | 8,408 SGD |
| Risk Management Director | 11,038 SGD |
| Risk Management Supervisor | 9,533 SGD |
| Risk Manager | 11,271 SGD |
| Risk Modeling Manager | 11,124 SGD |
| Title Insurance Typist | 7,201 SGD |
| Training Manager | 8,647 SGD |
Insurance Jobs Salary Distribution in Singapore
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 salaryInsurance 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.
| 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
We compared Singapore salaries for Insurance and All Jobs and we found that Insurance salaries are 0% less than those of All Jobs.9356 - 26