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Insurance Underwriter Average Salary in Thailand 2020

How much money does an Insurance Underwriter make in Thailand?


Average Monthly Salary
75,800 THB
( 910,000 THB yearly)

LOW
40,900
THB
AVERAGE
75,800
THB
HIGH
115,000
THB

A person working as an Insurance Underwriter in Thailand typically earns around 75,800 THB per month. Salaries range from 40,900 THB (lowest) to 115,000 THB (highest).

This is the average monthly salary including housing, transport, and other benefits. Insurance Underwriter salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Insurance Underwriter Salary Distribution in Thailand

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

  • Salary Range

    Insurance Underwriter salaries in Thailand range from 40,900 THB per month (minimum salary) to 115,000 THB per month (maximum salary).

  • Median Salary

    The median salary is 69,800 THB per month, which means that half (50%) of people working as Insurance Underwriter(s) are earning less than 69,800 THB while the other half are earning more than 69,800 THB. 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 Insurance Underwriter(s) are earning less than 49,800 THB while 75% of them are earning more than 49,800 THB. Also from the diagram, 75% of Insurance Underwriter(s) are earning less than 84,800 THB while 25% are earning more than 84,800 THB.


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

Insurance Underwriter Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Thailand Insurance Underwriter
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Insurance Underwriter salaries by experience level and this is what we found.

An Insurance Underwriter with less than two years of experience makes approximately 47,600 THB per month.

While someone with an experience level between two and five years is expected to earn 60,100 THB per month, 26% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 79,200 THB per month, 32% more than someone with two to five years of experience.

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.

Additionally, Insurance Underwriter(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 93,200 THB per month, 18% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 103,000 THB per month, 11% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 110,000 THB per month, 6% more than people with fifteen to twenty years of experience.


Insurance Underwriter average salary change by experience in Thailand

0 - 2 Years
47,600 THB
2 - 5 Years+26%
60,100 THB
5 - 10 Years+32%
79,200 THB
10 - 15 Years+18%
93,200 THB
15 - 20 Years+11%
103,000 THB
20+ Years+6%
110,000 THB
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Insurance Underwriter Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Insurance Underwriter(s) who have the same experience but different education levels.

Salary comparison by education level monthly Thailand Insurance Underwriter
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Insurance Underwriter salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Insurance Underwriter is 66,000 THB per month.

While someone with a Bachelor's Degree gets a salary of 98,300 THB per month, 49% more than someone having a Certificate or Diploma degree.


Insurance Underwriter average salary difference by education level in Thailand

Certificate or Diploma
66,000 THB
Bachelor's Degree+49%
98,300 THB
Percentage increase and decrease are relative to the previous value

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Insurance Underwriter Salary Comparison By Gender

Salary comparison by gender monthly Thailand Insurance Underwriter
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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 Insurance Underwriter employees in Thailand earn 8% more than their female counterparts on average.

Male
78,200 THB
Female-7%
72,600 THB
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Thailand for all Careers

Salary comparison by gender monthly Thailand
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Insurance Underwriter Average Annual Salary Increment Percentage in Thailand

How much are annual salary increments in Thailand for Insurance Underwriter(s)? How often do employees get salary raises?

Insurance Underwriter

Insurance Underwriter(s) in Thailand are likely to observe a salary increase of approximately 10% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.

Annual Salary Increment Rate Thailand Insurance Underwriter
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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.

Thailand / 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 Thailand is 6%.

Annual Increment Rate By Industry 2019

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

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

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Thailand Insurance Underwriter
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An Insurance Underwriter is considered to be a low bonus-based job 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.

74% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 26% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 2% of their annual salary.

Received Bonus
26%
No Bonus
74%

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 Underwriter Average Hourly Wage in Thailand


440 THB per hour

The average hourly wage (pay per hour) in Thailand is 440 THB. This means that the average Insurance Underwriter in Thailand earns approximately 440 THB 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 Underwriter VS Other Jobs

Salary Comparison Between Insurance Underwriter and Insurance monthly Thailand
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The average salary for Insurance Underwriter is 22% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst130,000 THB+71%
Actuarial Assistant92,700 THB+22%
Actuary131,000 THB+73%
Adjustment Insurance Clerk35,500 THB-53%
Assistant Broker61,900 THB-18%
Assistant Claims Manager107,000 THB+41%
Associate Insurance Representative52,800 THB-30%
Auditing Insurance Manager144,000 THB+90%
Broker101,000 THB+33%
Claim Advocacy Professional102,000 THB+35%
Claims Adjuster36,600 THB-52%
Claims Analyst52,000 THB-31%
Claims Examiner52,800 THB-30%
Claims Manager146,000 THB+93%
Claims Processor38,900 THB-49%
Claims Representative42,600 THB-44%
Claims Resolution Specialist112,000 THB+48%
Claims Supervisor95,100 THB+25%
Complaints Specialist88,000 THB+16%
Compliance Officer84,600 THB+12%
Consultant95,100 THB+25%
Eligibility Specialist97,800 THB+29%
Insurance Account Manager123,000 THB+62%
Insurance Accounts Executive112,000 THB+48%
Insurance Agent61,300 THB-19%
Insurance Analyst96,900 THB+28%
Insurance Appraiser99,300 THB+31%
Insurance Claims Clerk37,400 THB-51%
Insurance Examiner93,500 THB+23%
Insurance Investigator97,500 THB+29%
Insurance Manager170,000 THB+120%
Insurance Operations Manager170,000 THB+120%
Insurance Policy Processing Clerk39,000 THB-49%
Insurance Pricing Assistant82,800 THB+9%
Insurance Program Manager137,000 THB+81%
Insurance Project Manager121,000 THB+60%
Insurance Quality Assurance Agent88,800 THB+17%
Insurance Sales Agent57,400 THB-24%
Insurance Sales Director161,000 THB+110%
Insurance Team Leader108,000 THB+42%
Insurance Underwriter75,800 THB-0%
Loss Control Specialist99,100 THB+31%
Loss Prevention Investigator108,000 THB+42%
Loss Prevention Manager139,000 THB+83%
Loss Prevention Specialist103,000 THB+36%
Marine Underwriter71,300 THB-6%
Medical Auditor101,000 THB+33%
Monitoring and Performance Officer72,800 THB-4%
Payment Services Specialist104,000 THB+37%
Policy Change Director157,000 THB+110%
Policy Change Supervisor110,000 THB+45%
Policy Change Technician50,000 THB-34%
Risk Analyst108,000 THB+42%
Risk Management Director189,000 THB+150%
Risk Management Supervisor124,000 THB+64%
Risk Manager188,000 THB+150%
Risk Modeling Manager191,000 THB+150%
Title Insurance Typist86,300 THB+14%
Training Manager108,000 THB+42%

Salary Comparison By City

CityAverage Salary
Bangkok (Krung Thep)81,500 THB
Chiang Mai80,700 THB

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

Private Sector
94,000 THB
Public Sector+7%
100,000 THB
Percentage increase and decrease are relative to the previous value

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