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Insurance Average Salaries in Zambia 2024

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


Average Monthly Salary
5,950 ZMK
( 71,300 ZMK yearly)

LOW
2,230
ZMK
AVERAGE
5,950
ZMK
HIGH
11,600
ZMK
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Insurance in Zambia typically earns around 5,950 ZMK. Salaries range from 2,230 ZMK (lowest average) to 11,600 ZMK (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Zambia exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst8,200 ZMK
Actuarial Assistant5,440 ZMK
Actuarial Specialist5,750 ZMK
Actuary7,780 ZMK
Adjustment Insurance Clerk2,180 ZMK
Assistant Broker3,980 ZMK
Assistant Claims Manager6,670 ZMK
Associate Insurance Representative3,210 ZMK
Auditing Insurance Manager9,110 ZMK
Blockchain Insurance Auditor5,510 ZMK
Broker5,890 ZMK
Claim Advocacy Professional5,910 ZMK
Claims Adjuster2,150 ZMK
Claims Analyst3,140 ZMK
Claims Examiner3,270 ZMK
Claims Manager8,380 ZMK
Claims Processor2,300 ZMK
Claims Representative2,670 ZMK
Claims Resolution Specialist6,620 ZMK
Claims Supervisor5,780 ZMK
Complaints Specialist5,800 ZMK
Compliance Examiner5,610 ZMK
Compliance Officer4,860 ZMK
Compliance Reviewer5,770 ZMK
Consultant5,900 ZMK
Drone Claims Adjuster2,650 ZMK
Eligibility Interviewer6,700 ZMK
Eligibility Specialist6,110 ZMK
Insurance Account Manager7,250 ZMK
Insurance Accounts Executive6,230 ZMK
Insurance Adjuster5,450 ZMK
Insurance Agent3,460 ZMK
Insurance Analyst6,210 ZMK
Insurance Appraiser6,120 ZMK
Insurance Claims Clerk2,140 ZMK
Insurance Compliance Officer7,020 ZMK
Insurance Data Scientist5,400 ZMK
Insurance Examiner5,510 ZMK
Insurance Fraud Investigator5,090 ZMK
Insurance Investigator5,890 ZMK
Insurance Manager10,300 ZMK
Insurance Operations Manager10,800 ZMK
Insurance Policy Processing Clerk2,200 ZMK
Insurance Pricing Assistant4,850 ZMK
Insurance Product Manager6,770 ZMK
Insurance Program Manager7,570 ZMK
Insurance Project Manager7,530 ZMK
Insurance Quality Assurance Agent5,120 ZMK
Insurance Sales Agent3,670 ZMK
Insurance Sales Director9,450 ZMK
Insurance Sales Manager7,620 ZMK
Insurance Sales Representative3,020 ZMK
Insurance Team Leader6,670 ZMK
Insurance Underwriter4,370 ZMK
Insurtech Analyst5,550 ZMK
Loss Control Specialist5,650 ZMK
Loss Prevention Investigator6,350 ZMK
Loss Prevention Manager8,380 ZMK
Loss Prevention Specialist6,400 ZMK
Marine Underwriter4,340 ZMK
Medical Auditor6,060 ZMK
Monitoring and Performance Officer4,280 ZMK
Parametric Insurance Specialist6,280 ZMK
Payment Services Specialist6,120 ZMK
Peer-to-Peer Insurance Manager7,550 ZMK
Policy Change Director9,360 ZMK
Policy Change Supervisor6,730 ZMK
Policy Change Technician2,850 ZMK
Risk Analyst6,470 ZMK
Risk Management Director11,700 ZMK
Risk Management Supervisor7,880 ZMK
Risk Manager11,100 ZMK
Risk Modeling Manager11,500 ZMK
Social Media Risk Analyst6,460 ZMK
Title Insurance Typist5,090 ZMK
Training Manager6,940 ZMK
Underwriting Assistant2,950 ZMK


Insurance Jobs Pay Scale and Salaries in Zambia

Median and salary distribution Zambia Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
5,920 ZMK or more
10% of people earn
4,990 to 5,920 ZMK
20% of people earn
2,950 ZMK or less
65% of people earn
2,950 to 4,990 ZMK
Minimum Salary
2,230 ZMK
Median
5,330 ZMK
Maximum
11,600 ZMK




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Zambia range from 2,230 ZMK (starting average salary) to 11,600 ZMK (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 5,330 ZMK, implying that half of the workforce in Zambia earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Zambia earn less than 4,120 ZMK, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 6,450 ZMK, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Zambia. The analysis revealed that roughly 65% of all reported salaries fell within the range of 2,950 ZMK to 4,990 ZMK. Approximately 20% of salaries were below the 2,950 ZMK mark, while 10% ranged from 4,990 ZMK to 5,920 ZMK. Only 5% of individuals earned a gross salary of 5,920 ZMK or higher.

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 in Insurance in Zambia 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.


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.
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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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.

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 degree levels across many jobs in Insurance in Zambia, 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 certificate 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 Zambia costs anywhere from 30,100 ZMK to 90,300 ZMK and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Zambia

Salary comparison by gender Zambia Insurance monthly
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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? In the field of Insurance in Zambia, the average difference between the salary of male and female employees is 15%.

Male
6,370 ZMK
Female-13%
5,560 ZMK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Zambia for all Careers

Salary comparison by gender monthly Zambia
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Average Annual Salary Increment Percentage / Insurance / Zambia

How much are annual salary increments in Zambia for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in Zambia 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 Zambia 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.

Zambia / All Professions

Annual Salary Increment Rate Zambia
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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 Zambia is 2%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Insurance / Zambia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Zambia Insurance
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66% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 34% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
34%
No Bonus
66%

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.

Hourly Average Wage / Insurance / Zambia


34 ZMK per hour

The average hourly wage (pay per hour) in Insurance in Zambia is 34 ZMK.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in Zambia is 13 ZMK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Lusaka6,860 ZMK

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Zambia is 17% on average across all career fields.

Private Sector
5,600 ZMK
Public Sector+17%
6,560 ZMK
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Zambia?

A good and competitive compensation would range anywhere between 5,330 ZMK and 6,450 ZMK. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Insurance in Zambia ranges from 2,230 ZMK to 4,120 ZMK. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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