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Insurance Average Salaries in Bermuda 2020

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


Average Monthly Salary
1,600 BMD
( 19,200 BMD yearly)

LOW
590
BMD
AVERAGE
1,600
BMD
HIGH
3,080
BMD

A person working in Insurance in Bermuda typically earns around 1,600 BMD per month. Salaries range from 590 BMD (lowest average) to 3,080 BMD (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 Analyst2,220 BMD
Actuarial Assistant1,600 BMD
Actuary2,130 BMD
Adjustment Insurance Clerk600 BMD
Assistant Broker1,070 BMD
Assistant Claims Manager1,830 BMD
Associate Insurance Representative890 BMD
Auditing Insurance Manager2,470 BMD
Broker1,630 BMD
Claim Advocacy Professional1,700 BMD
Claims Adjuster630 BMD
Claims Analyst820 BMD
Claims Examiner840 BMD
Claims Manager2,340 BMD
Claims Processor630 BMD
Claims Representative750 BMD
Claims Resolution Specialist1,690 BMD
Claims Supervisor1,560 BMD
Complaints Specialist1,530 BMD
Compliance Officer1,270 BMD
Consultant1,620 BMD
Eligibility Specialist1,610 BMD
Insurance Account Manager2,050 BMD
Insurance Accounts Executive1,830 BMD
Insurance Agent950 BMD
Insurance Analyst1,610 BMD
Insurance Appraiser1,690 BMD
Insurance Claims Clerk580 BMD
Insurance Examiner1,460 BMD
Insurance Investigator1,540 BMD
Insurance Manager2,780 BMD
Insurance Operations Manager2,730 BMD
Insurance Policy Processing Clerk620 BMD
Insurance Pricing Assistant1,290 BMD
Insurance Program Manager2,110 BMD
Insurance Project Manager2,070 BMD
Insurance Quality Assurance Agent1,430 BMD
Insurance Sales Agent1,020 BMD
Insurance Sales Director2,780 BMD
Insurance Team Leader1,660 BMD
Insurance Underwriter1,260 BMD
Loss Control Specialist1,590 BMD
Loss Prevention Investigator1,750 BMD
Loss Prevention Manager2,270 BMD
Loss Prevention Specialist1,700 BMD
Marine Underwriter1,170 BMD
Medical Auditor1,640 BMD
Monitoring and Performance Officer1,100 BMD
Payment Services Specialist1,690 BMD
Policy Change Director2,630 BMD
Policy Change Supervisor1,690 BMD
Policy Change Technician770 BMD
Risk Analyst1,870 BMD
Risk Management Director3,010 BMD
Risk Management Supervisor1,990 BMD
Risk Manager3,040 BMD
Risk Modeling Manager3,110 BMD
Title Insurance Typist1,400 BMD
Training Manager1,860 BMD

Insurance Jobs Salary Distribution in Bermuda

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

  • Salary Range

    Insurance salaries in Bermuda range from 590 BMD per month (minimum average salary) to 3,080 BMD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 1,540 BMD per month, which means that half (50%) of people working in Insurance are earning less than 1,540 BMD while the other half are earning more than 1,540 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.

  • 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 960 BMD while 75% of them are earning more than 960 BMD. Also from the diagram, 75% of people working in Insurance are earning less than 2,220 BMD while 25% are earning more than 2,220 BMD.


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 Bermuda costs anywhere from 7,970 Bermudian Dollar(s) to 23,900 Bermudian 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 Bermuda 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 Bermuda who work in Insurance earn 11% more than their female counterparts on average.

Male
1,700 BMD
Female-10%
1,530 BMD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Bermuda for all Careers

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

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

Insurance

Insurance professionals in Bermuda 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 Bermuda 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.

Bermuda / 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 Bermuda is 2%.

Annual Increment Rate By Industry 2019

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

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.


Worldwide Salary Raises: All Countries and All Jobs

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Insurance Bonus and Incentive Rates in Bermuda

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

67% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 33% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus
33%
No Bonus
67%

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 Bermuda


9 BMD per hour

The average hourly wage (pay per hour) in Bermuda is 9 BMD. This means that the average person in Bermuda earns approximately 9 BMD 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 Bermuda
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The average salary for Insurance is 0% more than that of All Jobs.

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 Bermuda earn 14% more than their private sector counterparts on average across all sectors.

Private Sector
1,470 BMD
Public Sector+14%
1,670 BMD
Percentage increase and decrease are relative to the previous value

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