A person working as an Insurance Appraiser in Bermuda typically earns around 1,690 BMD per month. Salaries range from 880 BMD (lowest) to 2,580 BMD (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 salaries in Bermuda range from 880 BMD per month (minimum salary) to 2,580 BMD per month (maximum salary).
The median salary is 1,620 BMD per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 1,620 BMD while the other half are earning more than 1,620 BMD. 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.
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 1,120 BMD while 75% of them are earning more than 1,120 BMD. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 2,020 BMD while 25% are earning more than 2,020 BMD.
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
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 1,000 BMD per month.
While someone with an experience level between two and five years is expected to earn 1,340 BMD per month, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 1,740 BMD per month, 30% more than someone with two to five years of experience.
Additionally, Insurance Appraiser(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 2,100 BMD per month, 21% 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 2,300 BMD per month, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 2,420 BMD per month, 5% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+30%|
|10 - 15 Years||+21%|
|15 - 20 Years||+9%|
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 1,250 BMD per month.
While someone with a Bachelor's Degree gets a salary of 2,260 BMD per month, 80% more than someone having a Certificate or Diploma degree.
|Certificate or Diploma|
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 Bermuda earn 11% more than their female counterparts on average.
Insurance Appraiser(s) in Bermuda 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.
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.
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
Listed above are the average annual increase rates for each industry in Bermuda 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.
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.
90% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 10% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.
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.
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.
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.
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.
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.
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.
The average salary for Insurance Appraiser is 5% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.
|Job Title||Average Salary|
|Actuarial Analyst||2,220 BMD||+32%|
|Actuarial Assistant||1,600 BMD||-5%|
|Adjustment Insurance Clerk||600 BMD||-64%|
|Assistant Broker||1,070 BMD||-37%|
|Assistant Claims Manager||1,830 BMD||+8%|
|Associate Insurance Representative||890 BMD||-47%|
|Auditing Insurance Manager||2,470 BMD||+46%|
|Claim Advocacy Professional||1,700 BMD||+1%|
|Claims Adjuster||630 BMD||-63%|
|Claims Analyst||820 BMD||-51%|
|Claims Examiner||840 BMD||-50%|
|Claims Manager||2,340 BMD||+39%|
|Claims Processor||630 BMD||-63%|
|Claims Representative||750 BMD||-56%|
|Claims Resolution Specialist||1,690 BMD||+0%|
|Claims Supervisor||1,560 BMD||-8%|
|Complaints Specialist||1,530 BMD||-9%|
|Compliance Officer||1,270 BMD||-25%|
|Eligibility Specialist||1,610 BMD||-5%|
|Insurance Account Manager||2,050 BMD||+22%|
|Insurance Accounts Executive||1,830 BMD||+8%|
|Insurance Agent||950 BMD||-44%|
|Insurance Analyst||1,610 BMD||-5%|
|Insurance Appraiser||1,690 BMD||+0%|
|Insurance Claims Clerk||580 BMD||-66%|
|Insurance Examiner||1,460 BMD||-13%|
|Insurance Investigator||1,540 BMD||-9%|
|Insurance Manager||2,780 BMD||+65%|
|Insurance Operations Manager||2,730 BMD||+62%|
|Insurance Policy Processing Clerk||620 BMD||-63%|
|Insurance Pricing Assistant||1,290 BMD||-24%|
|Insurance Program Manager||2,110 BMD||+25%|
|Insurance Project Manager||2,070 BMD||+23%|
|Insurance Quality Assurance Agent||1,430 BMD||-15%|
|Insurance Sales Agent||1,020 BMD||-40%|
|Insurance Sales Director||2,780 BMD||+65%|
|Insurance Team Leader||1,660 BMD||-2%|
|Insurance Underwriter||1,260 BMD||-25%|
|Loss Control Specialist||1,590 BMD||-6%|
|Loss Prevention Investigator||1,750 BMD||+4%|
|Loss Prevention Manager||2,270 BMD||+35%|
|Loss Prevention Specialist||1,700 BMD||+1%|
|Marine Underwriter||1,170 BMD||-31%|
|Medical Auditor||1,640 BMD||-3%|
|Monitoring and Performance Officer||1,100 BMD||-35%|
|Payment Services Specialist||1,690 BMD||+0%|
|Policy Change Director||2,630 BMD||+56%|
|Policy Change Supervisor||1,690 BMD||+0%|
|Policy Change Technician||770 BMD||-54%|
|Risk Analyst||1,870 BMD||+11%|
|Risk Management Director||3,010 BMD||+78%|
|Risk Management Supervisor||1,990 BMD||+18%|
|Risk Manager||3,040 BMD||+80%|
|Risk Modeling Manager||3,110 BMD||+84%|
|Title Insurance Typist||1,400 BMD||-17%|
|Training Manager||1,860 BMD||+10%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Bermuda earn 14% more than their private sector counterparts on average across all sectors.