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Insurance Appraiser Average Salary in Belize 2020

How much money does an Insurance Appraiser make in Belize?


Average Monthly Salary
4,160 BZD
( 50,000 BZD yearly)

LOW
1,960
BZD
AVERAGE
4,160
BZD
HIGH
6,580
BZD

A person working as an Insurance Appraiser in Belize typically earns around 4,160 BZD per month. Salaries range from 1,960 BZD (lowest) to 6,580 BZD (highest).

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

Insurance Appraiser Salary Distribution in Belize

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

  • Salary Range

    Insurance Appraiser salaries in Belize range from 1,960 BZD per month (minimum salary) to 6,580 BZD per month (maximum salary).

  • Median Salary

    The median salary is 4,410 BZD per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 4,410 BZD while the other half are earning more than 4,410 BZD. 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 Appraiser(s) are earning less than 2,870 BZD while 75% of them are earning more than 2,870 BZD. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 5,830 BZD while 25% are earning more than 5,830 BZD.


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 Appraiser Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Belize Insurance Appraiser
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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 Appraiser salaries by experience level and this is what we found.

An Insurance Appraiser with less than two years of experience makes approximately 2,260 BZD per month.

While someone with an experience level between two and five years is expected to earn 3,110 BZD per month, 38% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 4,430 BZD per month, 42% 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 Appraiser(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 5,400 BZD per month, 22% 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 5,700 BZD per month, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 6,210 BZD per month, 9% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Belize

0 - 2 Years
2,260 BZD
2 - 5 Years+38%
3,110 BZD
5 - 10 Years+42%
4,430 BZD
10 - 15 Years+22%
5,400 BZD
15 - 20 Years+6%
5,700 BZD
20+ Years+9%
6,210 BZD
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 Appraiser Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Belize Insurance Appraiser
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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 Appraiser salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Insurance Appraiser is 2,840 BZD per month.

While someone with a Bachelor's Degree gets a salary of 5,420 BZD per month, 91% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Belize

Certificate or Diploma
2,840 BZD
Bachelor's Degree+91%
5,420 BZD
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 Appraiser Salary Comparison By Gender

Salary comparison by gender monthly Belize Insurance Appraiser
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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 Appraiser employees in Belize earn 11% more than their female counterparts on average.

Male
4,400 BZD
Female-10%
3,970 BZD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Belize for all Careers

Salary comparison by gender monthly Belize
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Insurance Appraiser Average Annual Salary Increment Percentage in Belize

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

Insurance Appraiser

Insurance Appraiser(s) in Belize are likely to observe a salary increase of approximately 8% every 29 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Belize Insurance Appraiser
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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.

Belize / 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 Belize is 2%.

Annual Increment Rate By Industry 2019

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

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

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Belize Insurance Appraiser
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An Insurance Appraiser 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.

85% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 15% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
15%
No Bonus
85%

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 Appraiser Average Hourly Wage in Belize


24 BZD per hour

The average hourly wage (pay per hour) in Belize is 24 BZD. This means that the average Insurance Appraiser in Belize earns approximately 24 BZD 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 Appraiser VS Other Jobs

Salary Comparison Between Insurance Appraiser and Insurance monthly Belize
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The average salary for Insurance Appraiser is 6% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst5,360 BZD+29%
Actuarial Assistant3,850 BZD-8%
Actuary5,180 BZD+24%
Adjustment Insurance Clerk1,460 BZD-65%
Assistant Broker2,650 BZD-36%
Assistant Claims Manager4,360 BZD+5%
Associate Insurance Representative2,180 BZD-48%
Auditing Insurance Manager5,950 BZD+43%
Broker3,930 BZD-6%
Claim Advocacy Professional3,860 BZD-7%
Claims Adjuster1,520 BZD-63%
Claims Analyst2,180 BZD-48%
Claims Examiner2,010 BZD-52%
Claims Manager5,590 BZD+34%
Claims Processor1,500 BZD-64%
Claims Representative1,780 BZD-57%
Claims Resolution Specialist4,240 BZD+2%
Claims Supervisor4,100 BZD-2%
Complaints Specialist3,720 BZD-11%
Compliance Officer3,370 BZD-19%
Consultant4,180 BZD+0%
Eligibility Specialist4,240 BZD+2%
Insurance Account Manager5,030 BZD+21%
Insurance Accounts Executive4,410 BZD+6%
Insurance Agent2,300 BZD-45%
Insurance Analyst3,820 BZD-8%
Insurance Appraiser4,160 BZD-0%
Insurance Claims Clerk1,430 BZD-66%
Insurance Examiner3,600 BZD-14%
Insurance Investigator3,780 BZD-9%
Insurance Manager6,840 BZD+64%
Insurance Operations Manager7,050 BZD+69%
Insurance Policy Processing Clerk1,520 BZD-63%
Insurance Pricing Assistant3,040 BZD-27%
Insurance Program Manager5,260 BZD+26%
Insurance Project Manager5,320 BZD+28%
Insurance Quality Assurance Agent3,410 BZD-18%
Insurance Sales Agent2,490 BZD-40%
Insurance Sales Director6,690 BZD+61%
Insurance Team Leader4,190 BZD+1%
Insurance Underwriter2,860 BZD-31%
Loss Control Specialist3,920 BZD-6%
Loss Prevention Investigator4,320 BZD+4%
Loss Prevention Manager5,590 BZD+34%
Loss Prevention Specialist4,180 BZD+0%
Marine Underwriter3,070 BZD-26%
Medical Auditor4,040 BZD-3%
Monitoring and Performance Officer2,850 BZD-32%
Payment Services Specialist4,160 BZD-0%
Policy Change Director6,240 BZD+50%
Policy Change Supervisor4,400 BZD+6%
Policy Change Technician2,020 BZD-51%
Risk Analyst4,400 BZD+6%
Risk Management Director7,800 BZD+87%
Risk Management Supervisor5,150 BZD+24%
Risk Manager7,830 BZD+88%
Risk Modeling Manager7,250 BZD+74%
Title Insurance Typist3,600 BZD-14%
Training Manager4,630 BZD+11%

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 Belize earn 21% more than their private sector counterparts on average across all sectors.

Private Sector
3,570 BZD
Public Sector+21%
4,310 BZD
Percentage increase and decrease are relative to the previous value

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