Insurance Average Salaries in Zambia 2021
How much money does a person working in Insurance make in Zambia?
LOW
2,230
ZMK AVERAGE
6,020
ZMK HIGH
11,600
ZMK
A person working in Insurance in Zambia typically earns around 6,020 ZMK per month. Salaries range from 2,230 ZMK (lowest average) to 11,600 ZMK (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 | 8,200 ZMK |
| Actuarial Assistant | 5,440 ZMK |
| Actuary | 7,780 ZMK |
| Adjustment Insurance Clerk | 2,180 ZMK |
| Assistant Broker | 3,980 ZMK |
| Assistant Claims Manager | 6,670 ZMK |
| Associate Insurance Representative | 3,210 ZMK |
| Auditing Insurance Manager | 9,110 ZMK |
| Broker | 5,890 ZMK |
| Claim Advocacy Professional | 5,900 ZMK |
| Claims Adjuster | 2,150 ZMK |
| Claims Analyst | 3,140 ZMK |
| Claims Examiner | 3,270 ZMK |
| Claims Manager | 8,380 ZMK |
| Claims Processor | 2,300 ZMK |
| Claims Representative | 2,670 ZMK |
| Claims Resolution Specialist | 6,620 ZMK |
| Claims Supervisor | 5,780 ZMK |
| Complaints Specialist | 5,790 ZMK |
| Compliance Officer | 4,860 ZMK |
| Consultant | 5,900 ZMK |
| Eligibility Specialist | 6,110 ZMK |
| Insurance Account Manager | 7,250 ZMK |
| Insurance Accounts Executive | 6,220 ZMK |
| Insurance Agent | 3,460 ZMK |
| Insurance Analyst | 6,210 ZMK |
| Insurance Appraiser | 6,120 ZMK |
| Insurance Claims Clerk | 2,140 ZMK |
| Insurance Examiner | 5,510 ZMK |
| Insurance Investigator | 5,890 ZMK |
| Insurance Manager | 10,300 ZMK |
| Insurance Operations Manager | 10,800 ZMK |
| Insurance Policy Processing Clerk | 2,200 ZMK |
| Insurance Pricing Assistant | 4,850 ZMK |
| Insurance Program Manager | 7,570 ZMK |
| Insurance Project Manager | 7,530 ZMK |
| Insurance Quality Assurance Agent | 5,120 ZMK |
| Insurance Sales Agent | 3,660 ZMK |
| Insurance Sales Director | 9,440 ZMK |
| Insurance Team Leader | 6,670 ZMK |
| Insurance Underwriter | 4,370 ZMK |
| Loss Control Specialist | 5,650 ZMK |
| Loss Prevention Investigator | 6,350 ZMK |
| Loss Prevention Manager | 8,380 ZMK |
| Loss Prevention Specialist | 6,400 ZMK |
| Marine Underwriter | 4,340 ZMK |
| Medical Auditor | 6,060 ZMK |
| Monitoring and Performance Officer | 4,280 ZMK |
| Payment Services Specialist | 6,120 ZMK |
| Policy Change Director | 9,360 ZMK |
| Policy Change Supervisor | 6,730 ZMK |
| Policy Change Technician | 2,850 ZMK |
| Risk Analyst | 6,470 ZMK |
| Risk Management Director | 11,700 ZMK |
| Risk Management Supervisor | 7,880 ZMK |
| Risk Manager | 11,100 ZMK |
| Risk Modeling Manager | 11,500 ZMK |
| Title Insurance Typist | 5,090 ZMK |
| Training Manager | 6,940 ZMK |
Insurance Jobs Salary Distribution in Zambia
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Zambia range from 2,230 ZMK per month (minimum average salary) to 11,600 ZMK per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 5,900 ZMK per month, which means that half (50%) of people working in Insurance are earning less than 5,900 ZMK while the other half are earning more than 5,900 ZMK. 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 3,660 ZMK while 75% of them are earning more than 3,660 ZMK. Also from the diagram, 75% of people working in Insurance are earning less than 8,580 ZMK while 25% are earning more than 8,580 ZMK.
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.
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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 Zambia costs anywhere from 30,000 Zambian Kwacha(s) to 90,000 Zambian Kwacha(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 Zambia who work in Insurance earn 15% more than their female counterparts on average.
| Male | 6,450 ZMK | |
| Female | -13% | 5,630 ZMK |
Salary Comparison By Gender in Zambia for all Careers
Insurance Average Annual Salary Increment Percentage in Zambia
How much are annual salary increments in Zambia for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals 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.
Zambia / 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 2020
| Banking | 8% | |
| Energy | 7% | |
| Information Technology | 6% | |
| Healthcare | 5% | |
| Travel | 4% | |
| Construction | 3% | |
| Education | 2% |
Listed above are the average annual increase rates for each industry in Zambia for the year 2020. 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 Zambia
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.
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 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 Zambia
35 ZMK per hourThe average hourly wage (pay per hour) in Zambia is 35 ZMK. This means that the average person in Zambia earns approximately 35 ZMK 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.
Salary Comparison By City
| City | Average Salary |
| Lusaka | 6,950 ZMK |
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 Zambia earn 17% more than their private sector counterparts on average across all sectors.
| Private Sector | 5,580 ZMK | |
| Public Sector | +17% | 6,540 ZMK |
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