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Insurance Average Salaries in Singapore 2024

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


Average Monthly Salary
8,370 SGD
( 100,000 SGD yearly)

LOW
3,140
SGD
AVERAGE
8,370
SGD
HIGH
16,300
SGD
All salary figures displayed here are per month except when noted otherwise.
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.

A person working in Insurance in Singapore typically earns around 8,370 SGD. Salaries range from 3,140 SGD (lowest average) to 16,300 SGD (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Singapore exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst10,900 SGD
Actuarial Assistant7,630 SGD
Actuarial Specialist7,700 SGD
Actuary11,100 SGD
Adjustment Insurance Clerk3,040 SGD
Assistant Broker4,960 SGD
Assistant Claims Manager8,590 SGD
Associate Insurance Representative4,350 SGD
Auditing Insurance Manager12,100 SGD
Blockchain Insurance Auditor7,410 SGD
Broker8,190 SGD
Claim Advocacy Professional8,000 SGD
Claims Adjuster3,010 SGD
Claims Analyst4,200 SGD
Claims Examiner4,180 SGD
Claims Manager11,300 SGD
Claims Processor2,960 SGD
Claims Representative3,500 SGD
Claims Resolution Specialist8,560 SGD
Claims Supervisor7,870 SGD
Complaints Specialist7,580 SGD
Compliance Examiner7,930 SGD
Compliance Officer6,500 SGD
Compliance Reviewer7,800 SGD
Consultant8,350 SGD
Drone Claims Adjuster3,480 SGD
Eligibility Interviewer8,560 SGD
Eligibility Specialist7,930 SGD
Insurance Account Manager10,300 SGD
Insurance Accounts Executive8,730 SGD
Insurance Adjuster7,770 SGD
Insurance Agent4,950 SGD
Insurance Analyst7,710 SGD
Insurance Appraiser7,740 SGD
Insurance Claims Clerk2,850 SGD
Insurance Compliance Officer9,480 SGD
Insurance Data Scientist7,710 SGD
Insurance Examiner7,750 SGD
Insurance Fraud Investigator6,930 SGD
Insurance Investigator7,930 SGD
Insurance Manager13,700 SGD
Insurance Operations Manager14,500 SGD
Insurance Policy Processing Clerk3,120 SGD
Insurance Pricing Assistant6,100 SGD
Insurance Product Manager9,740 SGD
Insurance Program Manager10,300 SGD
Insurance Project Manager10,600 SGD
Insurance Quality Assurance Agent6,900 SGD
Insurance Sales Agent4,970 SGD
Insurance Sales Director13,200 SGD
Insurance Sales Manager10,900 SGD
Insurance Sales Representative4,330 SGD
Insurance Team Leader8,500 SGD
Insurance Underwriter5,930 SGD
Insurtech Analyst7,620 SGD
Loss Control Specialist7,480 SGD
Loss Prevention Investigator8,030 SGD
Loss Prevention Manager11,200 SGD
Loss Prevention Specialist9,010 SGD
Marine Underwriter5,900 SGD
Medical Auditor8,090 SGD
Monitoring and Performance Officer5,420 SGD
Parametric Insurance Specialist8,420 SGD
Payment Services Specialist7,740 SGD
Peer-to-Peer Insurance Manager9,910 SGD
Policy Change Director12,200 SGD
Policy Change Supervisor8,420 SGD
Policy Change Technician3,760 SGD
Risk Analyst8,600 SGD
Risk Management Director14,800 SGD
Risk Management Supervisor10,600 SGD
Risk Manager15,700 SGD
Risk Modeling Manager15,600 SGD
Social Media Risk Analyst8,730 SGD
Title Insurance Typist7,200 SGD
Training Manager8,650 SGD
Underwriting Assistant4,010 SGD


Insurance Jobs Pay Scale and Salaries in Singapore

Median and salary distribution Singapore Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
8,680 SGD or more
10% of people earn
7,320 to 8,680 SGD
20% of people earn
4,330 SGD or less
65% of people earn
4,330 to 7,320 SGD
Minimum Salary
3,140 SGD
Median
7,820 SGD
Maximum
16,300 SGD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Singapore range from 3,140 SGD (starting average salary) to 16,300 SGD (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 7,820 SGD, implying that half of the workforce in Singapore earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Singapore earn less than 6,040 SGD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 9,440 SGD, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Singapore. The analysis revealed that roughly 65% of all reported salaries fell within the range of 4,330 SGD to 7,320 SGD. Approximately 20% of salaries were below the 4,330 SGD mark, while 10% ranged from 7,320 SGD to 8,680 SGD. Only 5% of individuals earned a gross salary of 8,680 SGD or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Insurance in Singapore having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
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.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Insurance in Singapore, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


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 Singapore costs anywhere from 42,400 SGD to 127,000 SGD and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Singapore

Salary comparison by gender Singapore Insurance monthly
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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? In the field of Insurance in Singapore, the average difference between the salary of male and female employees is 6%.

Male
8,620 SGD
Female-5%
8,150 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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Average Annual Salary Increment Percentage / Insurance / Singapore

How much are annual salary increments in Singapore for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in Singapore are likely to observe a salary increase of approximately 10% every 14 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Singapore Insurance
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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

Annual Salary Increment Rate Singapore
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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

The average salary increase in one year (12 months) in Singapore is 7%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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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 / Singapore

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Singapore Insurance
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43% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 57% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.

Received Bonus
57%
No Bonus
43%

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.

Hourly Average Wage / Insurance / Singapore


48 SGD per hour

The average hourly wage (pay per hour) in Insurance in Singapore is 48 SGD.This is the rate they get paid for every worked hour.


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

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 in Insurance in Singapore is 18 SGD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

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
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Singapore?

A good and competitive compensation would range anywhere between 7,820 SGD and 9,440 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 jobs in Insurance in Singapore ranges from 3,140 SGD to 6,040 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


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