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Insurance Average Salaries in Solomon Islands 2020

How much money does a person working in Insurance make in Solomon Islands?


Average Monthly Salary
6,360 SBD
( 76,400 SBD yearly)

LOW
2,360
SBD
AVERAGE
6,360
SBD
HIGH
12,300
SBD

A person working in Insurance in Solomon Islands typically earns around 6,360 SBD per month. Salaries range from 2,360 SBD (lowest average) to 12,300 SBD (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. 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 Analyst8,010 SBD
Actuarial Assistant5,630 SBD
Actuary8,060 SBD
Adjustment Insurance Clerk2,230 SBD
Assistant Broker3,650 SBD
Assistant Claims Manager6,750 SBD
Associate Insurance Representative3,290 SBD
Auditing Insurance Manager8,900 SBD
Broker6,320 SBD
Claim Advocacy Professional5,830 SBD
Claims Adjuster2,220 SBD
Claims Analyst3,110 SBD
Claims Examiner3,110 SBD
Claims Manager8,420 SBD
Claims Processor2,210 SBD
Claims Representative2,780 SBD
Claims Resolution Specialist6,250 SBD
Claims Supervisor5,900 SBD
Complaints Specialist5,790 SBD
Compliance Officer5,060 SBD
Consultant6,140 SBD
Eligibility Specialist5,970 SBD
Insurance Account Manager7,770 SBD
Insurance Accounts Executive6,770 SBD
Insurance Agent3,760 SBD
Insurance Analyst5,810 SBD
Insurance Appraiser6,080 SBD
Insurance Claims Clerk2,250 SBD
Insurance Examiner5,540 SBD
Insurance Investigator5,690 SBD
Insurance Manager10,300 SBD
Insurance Operations Manager10,100 SBD
Insurance Policy Processing Clerk2,240 SBD
Insurance Pricing Assistant4,660 SBD
Insurance Program Manager7,580 SBD
Insurance Project Manager7,830 SBD
Insurance Quality Assurance Agent5,140 SBD
Insurance Sales Agent3,590 SBD
Insurance Sales Director9,780 SBD
Insurance Team Leader6,450 SBD
Insurance Underwriter4,320 SBD
Loss Control Specialist5,570 SBD
Loss Prevention Investigator5,990 SBD
Loss Prevention Manager8,380 SBD
Loss Prevention Specialist6,770 SBD
Marine Underwriter4,420 SBD
Medical Auditor6,060 SBD
Monitoring and Performance Officer4,380 SBD
Payment Services Specialist5,780 SBD
Policy Change Director9,260 SBD
Policy Change Supervisor6,390 SBD
Policy Change Technician2,860 SBD
Risk Analyst6,590 SBD
Risk Management Director11,400 SBD
Risk Management Supervisor7,360 SBD
Risk Manager10,900 SBD
Risk Modeling Manager10,900 SBD
Title Insurance Typist5,040 SBD
Training Manager6,370 SBD

Insurance Jobs Salary Distribution in Solomon Islands

Median and salary distribution monthly Solomon Islands Insurance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance salaries in Solomon Islands range from 2,360 SBD per month (minimum average salary) to 12,300 SBD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 6,360 SBD per month, which means that half (50%) of people working in Insurance are earning less than 6,360 SBD while the other half are earning more than 6,360 SBD. 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 people working in Insurance are earning less than 3,930 SBD while 75% of them are earning more than 3,930 SBD. Also from the diagram, 75% of people working in Insurance are earning less than 9,320 SBD while 25% are earning more than 9,320 SBD.


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

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 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.


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.

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.

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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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 degrees levels across many jobs, below are our findings.


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.

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 cerificate 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 Solomon Islands costs anywhere from 31,700 Solomon Islands Dollar(s) to 95,200 Solomon Islands Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you 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 into 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 your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Insurance Salary Comparison By Gender

Salary comparison by gender monthly Solomon Islands Insurance
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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 employees in Solomon Islands who work in Insurance earn 6% more than their female counterparts on average.

Male
6,530 SBD
Female-6%
6,160 SBD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Solomon Islands for all Careers

Salary comparison by gender monthly Solomon Islands
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Insurance Average Annual Salary Increment Percentage in Solomon Islands

How much are annual salary increments in Solomon Islands for Insurance professionals? How often do employees get salary raises?

Insurance

Insurance professionals in Solomon Islands are likely to observe a salary increase of approximately 5% every 28 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Solomon Islands 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.

Solomon Islands / 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 Solomon Islands is 2%.

Annual Increment Rate By Industry 2019

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Solomon Islands 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 Bonus and Incentive Rates in Solomon Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Solomon Islands Insurance
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Insurance is considered to be a moderate bonus-based field 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.

65% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 35% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
35%
No Bonus
65%

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 Hourly Average Wage in Solomon Islands


37 SBD per hour

The average hourly wage (pay per hour) in Solomon Islands is 37 SBD. This means that the average person in Solomon Islands earns approximately 37 SBD 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 VS Other Jobs

Salary Comparison Between Insurance and Insurance monthly Solomon Islands
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The average salary for Insurance is 0% more than that of All Jobs.

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 Solomon Islands earn 11% more than their private sector counterparts on average across all sectors.

Private Sector
5,960 SBD
Public Sector+11%
6,600 SBD
Percentage increase and decrease are relative to the previous value

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