Insurance Average Salaries in Bermuda 2020
How much money does a person working in Insurance make in Bermuda?
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 Title | Average Salary |
| Actuarial Analyst | 2,220 BMD |
| Actuarial Assistant | 1,600 BMD |
| Actuary | 2,130 BMD |
| Adjustment Insurance Clerk | 600 BMD |
| Assistant Broker | 1,070 BMD |
| Assistant Claims Manager | 1,830 BMD |
| Associate Insurance Representative | 890 BMD |
| Auditing Insurance Manager | 2,470 BMD |
| Broker | 1,630 BMD |
| Claim Advocacy Professional | 1,700 BMD |
| Claims Adjuster | 630 BMD |
| Claims Analyst | 820 BMD |
| Claims Examiner | 840 BMD |
| Claims Manager | 2,340 BMD |
| Claims Processor | 630 BMD |
| Claims Representative | 750 BMD |
| Claims Resolution Specialist | 1,690 BMD |
| Claims Supervisor | 1,560 BMD |
| Complaints Specialist | 1,530 BMD |
| Compliance Officer | 1,270 BMD |
| Consultant | 1,620 BMD |
| Eligibility Specialist | 1,610 BMD |
| Insurance Account Manager | 2,050 BMD |
| Insurance Accounts Executive | 1,830 BMD |
| Insurance Agent | 950 BMD |
| Insurance Analyst | 1,610 BMD |
| Insurance Appraiser | 1,690 BMD |
| Insurance Claims Clerk | 580 BMD |
| Insurance Examiner | 1,460 BMD |
| Insurance Investigator | 1,540 BMD |
| Insurance Manager | 2,780 BMD |
| Insurance Operations Manager | 2,730 BMD |
| Insurance Policy Processing Clerk | 620 BMD |
| Insurance Pricing Assistant | 1,290 BMD |
| Insurance Program Manager | 2,110 BMD |
| Insurance Project Manager | 2,070 BMD |
| Insurance Quality Assurance Agent | 1,430 BMD |
| Insurance Sales Agent | 1,020 BMD |
| Insurance Sales Director | 2,780 BMD |
| Insurance Team Leader | 1,660 BMD |
| Insurance Underwriter | 1,260 BMD |
| Loss Control Specialist | 1,590 BMD |
| Loss Prevention Investigator | 1,750 BMD |
| Loss Prevention Manager | 2,270 BMD |
| Loss Prevention Specialist | 1,700 BMD |
| Marine Underwriter | 1,170 BMD |
| Medical Auditor | 1,640 BMD |
| Monitoring and Performance Officer | 1,100 BMD |
| Payment Services Specialist | 1,690 BMD |
| Policy Change Director | 2,630 BMD |
| Policy Change Supervisor | 1,690 BMD |
| Policy Change Technician | 770 BMD |
| Risk Analyst | 1,870 BMD |
| Risk Management Director | 3,010 BMD |
| Risk Management Supervisor | 1,990 BMD |
| Risk Manager | 3,040 BMD |
| Risk Modeling Manager | 3,110 BMD |
| Title Insurance Typist | 1,400 BMD |
| Training Manager | 1,860 BMD |
Insurance Jobs Salary Distribution in Bermuda
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?
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.
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 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
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 |
Salary Comparison By Gender in Bermuda for all Careers
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.
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
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
Insurance Bonus and Incentive Rates in Bermuda
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.
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 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 Bermuda
9 BMD per hourThe 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.
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.
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 |
