Insurance Average Salaries in Riyadh 2021
How much money does a person working in Insurance make in Riyadh?
LOW
6,570
SAR AVERAGE
17,700
SAR HIGH
34,100
SAR
A person working in Insurance in Riyadh typically earns around 17,700 SAR per month. Salaries range from 6,570 SAR (lowest average) to 34,100 SAR (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 Title | Average Salary |
| Actuarial Analyst | 23,600 SAR |
| Actuarial Assistant | 15,800 SAR |
| Actuary | 23,600 SAR |
| Adjustment Insurance Clerk | 6,240 SAR |
| Assistant Broker | 11,200 SAR |
| Assistant Claims Manager | 18,100 SAR |
| Associate Insurance Representative | 8,730 SAR |
| Auditing Insurance Manager | 26,300 SAR |
| Broker | 16,800 SAR |
| Claim Advocacy Professional | 17,700 SAR |
| Claims Adjuster | 6,240 SAR |
| Claims Analyst | 9,190 SAR |
| Claims Examiner | 8,730 SAR |
| Claims Manager | 24,900 SAR |
| Claims Processor | 6,240 SAR |
| Claims Representative | 7,480 SAR |
| Claims Resolution Specialist | 18,100 SAR |
| Claims Supervisor | 17,500 SAR |
| Complaints Specialist | 16,200 SAR |
| Compliance Officer | 14,200 SAR |
| Consultant | 17,500 SAR |
| Eligibility Specialist | 16,800 SAR |
| Insurance Account Manager | 21,700 SAR |
| Insurance Accounts Executive | 18,100 SAR |
| Insurance Agent | 10,500 SAR |
| Insurance Analyst | 17,300 SAR |
| Insurance Appraiser | 17,700 SAR |
| Insurance Claims Clerk | 6,240 SAR |
| Insurance Examiner | 16,200 SAR |
| Insurance Investigator | 15,800 SAR |
| Insurance Manager | 29,900 SAR |
| Insurance Operations Manager | 28,700 SAR |
| Insurance Policy Processing Clerk | 6,570 SAR |
| Insurance Pricing Assistant | 13,900 SAR |
| Insurance Program Manager | 23,100 SAR |
| Insurance Project Manager | 22,300 SAR |
| Insurance Quality Assurance Agent | 15,200 SAR |
| Insurance Sales Agent | 9,980 SAR |
| Insurance Sales Director | 27,400 SAR |
| Insurance Team Leader | 17,700 SAR |
| Insurance Underwriter | 13,100 SAR |
| Loss Control Specialist | 16,200 SAR |
| Loss Prevention Investigator | 18,400 SAR |
| Loss Prevention Manager | 24,500 SAR |
| Loss Prevention Specialist | 18,800 SAR |
| Marine Underwriter | 13,100 SAR |
| Medical Auditor | 17,700 SAR |
| Monitoring and Performance Officer | 12,500 SAR |
| Payment Services Specialist | 17,700 SAR |
| Policy Change Director | 26,200 SAR |
| Policy Change Supervisor | 19,000 SAR |
| Policy Change Technician | 8,110 SAR |
| Risk Analyst | 18,700 SAR |
| Risk Management Director | 34,100 SAR |
| Risk Management Supervisor | 21,000 SAR |
| Risk Manager | 32,800 SAR |
| Risk Modeling Manager | 31,200 SAR |
| Title Insurance Typist | 15,100 SAR |
| Training Manager | 19,500 SAR |
Insurance Jobs Salary Distribution in Riyadh
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Riyadh range from 6,570 SAR per month (minimum average salary) to 34,100 SAR per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 17,300 SAR per month, which means that half (50%) of people working in Insurance are earning less than 17,300 SAR while the other half are earning more than 17,300 SAR. 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 10,800 SAR while 75% of them are earning more than 10,800 SAR. Also from the diagram, 75% of people working in Insurance are earning less than 25,200 SAR while 25% are earning more than 25,200 SAR.
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?
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.
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.
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Salary Comparison By Education
How does the education level affect your salary?
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.
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 Saudi Arabia costs anywhere from 83,500 Saudi Riyal(s) to 251,000 Saudi Riyal(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
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Saudi Arabia who work in Insurance earn 9% more than their female counterparts on average.
| Male | 17,300 SAR | |
| Female | -8% | 15,900 SAR |
Salary Comparison By Gender in Saudi Arabia for all Careers
Insurance Average Annual Salary Increment Percentage in Saudi Arabia
How much are annual salary increments in Saudi Arabia for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in Saudi Arabia are likely to observe a salary increase of approximately 9% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.
Saudi Arabia / 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
Annual Increment Rate By Industry 2020
| Banking | 2% | |
| Energy | 4% | |
| Information Technology | 6% | |
| Healthcare | 8% | |
| Travel | 1% | |
| Construction | 3% | |
| Education | 5% |
Listed above are the average annual increase rates for each industry in Saudi Arabia 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
Insurance Bonus and Incentive Rates in Saudi Arabia
How much and how often are bonuses being awarded?
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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.
52% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 48% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 4% to 5% of their annual salary.
| Received Bonus | 48% | |
| No Bonus | 52% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 Generators | Supporting 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: | Example: |
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.
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 Riyadh
100 SAR per hourThe average hourly wage (pay per hour) in Riyadh is 100 SAR. This means that the average person in Riyadh earns approximately 100 SAR for every worked hour.
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
The average salary for Insurance is 0% more than that of All Jobs.
Riyadh VS Saudi Arabia
Salary Comparison By City
| City | Average Salary |
| Abha | 15,900 SAR |
| Dammam | 16,500 SAR |
| Jeddah | 17,400 SAR |
| Khubar | 16,300 SAR |
| Mecca | 17,100 SAR |
| Medina | 16,800 SAR |
| Riyadh | 17,700 SAR |
| Tabuk | 15,200 SAR |
| Taif | 15,500 SAR |
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 Saudi Arabia earn 7% more than their private sector counterparts on average across all sectors.
| Private Sector | 16,000 SAR | |
| Public Sector | +7% | 17,200 SAR |
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