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Insurance Average Salaries in Taiwan 2021

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


Average Monthly Salary
130,000 TWD
( 1,560,000 TWD yearly)

LOW
48,100
TWD
AVERAGE
130,000
TWD
HIGH
250,000
TWD

A person working in Insurance in Taiwan typically earns around 130,000 TWD per month. Salaries range from 48,100 TWD (lowest average) to 250,000 TWD (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 Analyst177,000 TWD
Actuarial Assistant126,000 TWD
Actuary182,000 TWD
Adjustment Insurance Clerk48,500 TWD
Assistant Broker84,200 TWD
Assistant Claims Manager151,000 TWD
Associate Insurance Representative69,900 TWD
Auditing Insurance Manager196,000 TWD
Broker131,000 TWD
Claim Advocacy Professional141,000 TWD
Claims Adjuster49,700 TWD
Claims Analyst70,400 TWD
Claims Examiner71,300 TWD
Claims Manager196,000 TWD
Claims Processor52,100 TWD
Claims Representative59,400 TWD
Claims Resolution Specialist138,000 TWD
Claims Supervisor127,000 TWD
Complaints Specialist128,000 TWD
Compliance Officer109,000 TWD
Consultant130,000 TWD
Eligibility Specialist130,000 TWD
Insurance Account Manager163,000 TWD
Insurance Accounts Executive144,000 TWD
Insurance Agent80,800 TWD
Insurance Analyst129,000 TWD
Insurance Appraiser140,000 TWD
Insurance Claims Clerk47,500 TWD
Insurance Examiner119,000 TWD
Insurance Investigator123,000 TWD
Insurance Manager228,000 TWD
Insurance Operations Manager221,000 TWD
Insurance Policy Processing Clerk49,300 TWD
Insurance Pricing Assistant109,000 TWD
Insurance Program Manager170,000 TWD
Insurance Project Manager166,000 TWD
Insurance Quality Assurance Agent119,000 TWD
Insurance Sales Agent79,800 TWD
Insurance Sales Director219,000 TWD
Insurance Team Leader143,000 TWD
Insurance Underwriter104,000 TWD
Loss Control Specialist133,000 TWD
Loss Prevention Investigator145,000 TWD
Loss Prevention Manager186,000 TWD
Loss Prevention Specialist138,000 TWD
Marine Underwriter95,400 TWD
Medical Auditor135,000 TWD
Monitoring and Performance Officer90,300 TWD
Payment Services Specialist140,000 TWD
Policy Change Director208,000 TWD
Policy Change Supervisor145,000 TWD
Policy Change Technician65,900 TWD
Risk Analyst156,000 TWD
Risk Management Director247,000 TWD
Risk Management Supervisor162,000 TWD
Risk Manager244,000 TWD
Risk Modeling Manager247,000 TWD
Title Insurance Typist112,000 TWD
Training Manager147,000 TWD

Insurance Jobs Salary Distribution in Taiwan

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

  • Salary Range

    Insurance salaries in Taiwan range from 48,100 TWD per month (minimum average salary) to 250,000 TWD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 135,000 TWD per month, which means that half (50%) of people working in Insurance are earning less than 135,000 TWD while the other half are earning more than 135,000 TWD. 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 82,300 TWD while 75% of them are earning more than 82,300 TWD. Also from the diagram, 75% of people working in Insurance are earning less than 200,000 TWD while 25% are earning more than 200,000 TWD.


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 Taiwan costs anywhere from 647,000 New Taiwan Dollar(s) to 1,940,000 New Taiwan 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 Taiwan 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 Taiwan who work in Insurance earn 9% more than their female counterparts on average.

Male
137,000 TWD
Female-8%
126,000 TWD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Taiwan for all Careers

Salary comparison by gender monthly Taiwan
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Insurance Average Annual Salary Increment Percentage in Taiwan

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

Insurance

Insurance professionals in Taiwan are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Taiwan 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.

Taiwan / 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 Taiwan is 2%.

Annual Increment Rate By Industry 2020

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Listed above are the average annual increase rates for each industry in Taiwan for the year 2020. 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 Taiwan

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Taiwan 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.

63% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 37% 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
37%
No Bonus
63%

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 Taiwan


750 TWD per hour

The average hourly wage (pay per hour) in Taiwan is 750 TWD. This means that the average person in Taiwan earns approximately 750 TWD 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 Taiwan
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The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Kaohsiung146,000 TWD
Taichung136,000 TWD
Tainan121,000 TWD
Taipei130,000 TWD

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 Taiwan earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
124,000 TWD
Public Sector+7%
133,000 TWD
Percentage increase and decrease are relative to the previous value

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