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Insurance Appraiser Average Salary in Cayman Islands 2020

How much money does an Insurance Appraiser make in Cayman Islands?


Average Yearly Salary
39,900 KYD
( 3,320 KYD monthly)

LOW
18,700
KYD
AVERAGE
39,900
KYD
HIGH
63,000
KYD

A person working as an Insurance Appraiser in Cayman Islands typically earns around 39,900 KYD per year. Salaries range from 18,700 KYD (lowest) to 63,000 KYD (highest).

This is the average yearly 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 Salary Distribution in Cayman Islands

Median and salary distribution yearly Cayman Islands Insurance Appraiser
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Appraiser salaries in Cayman Islands range from 18,700 KYD per year (minimum salary) to 63,000 KYD per year (maximum salary).

  • Median Salary

    The median salary is 42,300 KYD per year, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 42,300 KYD while the other half are earning more than 42,300 KYD. 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 Insurance Appraiser(s) are earning less than 27,400 KYD while 75% of them are earning more than 27,400 KYD. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 55,800 KYD while 25% are earning more than 55,800 KYD.


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

Insurance Appraiser Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience yearly Cayman Islands Insurance Appraiser
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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 21,600 KYD per year.

While someone with an experience level between two and five years is expected to earn 29,800 KYD per year, 38% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 42,400 KYD per year, 42% more than someone with two to five years of experience.

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.

Additionally, Insurance Appraiser(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 51,700 KYD per year, 22% 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 54,600 KYD per year, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 59,400 KYD per year, 9% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Cayman Islands

0 - 2 Years
21,600 KYD
2 - 5 Years+38%
29,800 KYD
5 - 10 Years+42%
42,400 KYD
10 - 15 Years+22%
51,700 KYD
15 - 20 Years+6%
54,600 KYD
20+ Years+9%
59,400 KYD
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Insurance Appraiser Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Insurance Appraiser(s) who have the same experience but different education levels.

Salary comparison by education level yearly Cayman Islands Insurance Appraiser
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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 27,100 KYD per year.

While someone with a Bachelor's Degree gets a salary of 51,900 KYD per year, 91% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Cayman Islands

Certificate or Diploma
27,100 KYD
Bachelor's Degree+91%
51,900 KYD
Percentage increase and decrease are relative to the previous value

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Insurance Appraiser Salary Comparison By Gender

Salary comparison by gender yearly Cayman Islands Insurance Appraiser
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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 Insurance Appraiser employees in Cayman Islands earn 14% more than their female counterparts on average.

Male
42,800 KYD
Female-12%
37,600 KYD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Cayman Islands for all Careers

Salary comparison by gender yearly Cayman Islands
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Insurance Appraiser Average Annual Salary Increment Percentage in Cayman Islands

How much are annual salary increments in Cayman Islands for Insurance Appraiser(s)? How often do employees get salary raises?

Insurance Appraiser

Insurance Appraiser(s) in Cayman Islands are likely to observe a salary increase of approximately 8% every 28 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Cayman Islands Insurance Appraiser
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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.

Cayman Islands / 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 Cayman Islands is 2%.

Annual Increment Rate By Industry 2019

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Listed above are the average annual increase rates for each industry in Cayman Islands 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 Appraiser Bonus and Incentive Rates in Cayman Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Cayman Islands Insurance Appraiser
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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.

85% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 15% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
15%
No Bonus
85%

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 Appraiser Average Hourly Wage in Cayman Islands


19 KYD per hour

The average hourly wage (pay per hour) in Cayman Islands is 19 KYD. This means that the average Insurance Appraiser in Cayman Islands earns approximately 19 KYD 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 Appraiser VS Other Jobs

Salary Comparison Between Insurance Appraiser and Insurance yearly Cayman Islands
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The average salary for Insurance Appraiser is 2% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst52,100 KYD+31%
Actuarial Assistant38,100 KYD-4%
Actuary50,000 KYD+25%
Adjustment Insurance Clerk13,900 KYD-65%
Assistant Broker23,600 KYD-41%
Assistant Claims Manager42,000 KYD+5%
Associate Insurance Representative20,700 KYD-48%
Auditing Insurance Manager57,900 KYD+45%
Broker37,500 KYD-6%
Claim Advocacy Professional39,100 KYD-2%
Claims Adjuster15,100 KYD-62%
Claims Analyst19,900 KYD-50%
Claims Examiner20,700 KYD-48%
Claims Manager52,800 KYD+32%
Claims Processor14,500 KYD-64%
Claims Representative16,700 KYD-58%
Claims Resolution Specialist43,700 KYD+10%
Claims Supervisor40,200 KYD+1%
Complaints Specialist37,100 KYD-7%
Compliance Officer30,700 KYD-23%
Consultant40,200 KYD+1%
Eligibility Specialist38,300 KYD-4%
Insurance Account Manager46,800 KYD+17%
Insurance Accounts Executive43,700 KYD+10%
Insurance Agent22,200 KYD-44%
Insurance Analyst38,900 KYD-2%
Insurance Appraiser39,900 KYD+0%
Insurance Claims Clerk13,900 KYD-65%
Insurance Examiner35,700 KYD-10%
Insurance Investigator38,100 KYD-4%
Insurance Manager66,700 KYD+67%
Insurance Operations Manager66,600 KYD+67%
Insurance Policy Processing Clerk14,200 KYD-64%
Insurance Pricing Assistant30,100 KYD-24%
Insurance Program Manager49,900 KYD+25%
Insurance Project Manager51,200 KYD+28%
Insurance Quality Assurance Agent32,200 KYD-19%
Insurance Sales Agent23,600 KYD-41%
Insurance Sales Director66,200 KYD+66%
Insurance Team Leader40,200 KYD+1%
Insurance Underwriter28,900 KYD-27%
Loss Control Specialist36,900 KYD-7%
Loss Prevention Investigator41,300 KYD+4%
Loss Prevention Manager54,400 KYD+36%
Loss Prevention Specialist41,500 KYD+4%
Marine Underwriter30,100 KYD-24%
Medical Auditor39,300 KYD-1%
Monitoring and Performance Officer26,400 KYD-34%
Payment Services Specialist39,900 KYD+0%
Policy Change Director58,300 KYD+46%
Policy Change Supervisor42,000 KYD+5%
Policy Change Technician19,600 KYD-51%
Risk Analyst44,300 KYD+11%
Risk Management Director72,200 KYD+81%
Risk Management Supervisor48,600 KYD+22%
Risk Manager75,300 KYD+89%
Risk Modeling Manager70,900 KYD+78%
Title Insurance Typist34,600 KYD-13%
Training Manager41,200 KYD+3%

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 Cayman Islands earn 21% more than their private sector counterparts on average across all sectors.

Private Sector
35,400 KYD
Public Sector+21%
42,800 KYD
Percentage increase and decrease are relative to the previous value

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