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Insurance Appraiser Average Salary in Cuba 2020

How much money does an Insurance Appraiser make in Cuba?


Average Monthly Salary
22,900 CUP
( 275,000 CUP yearly)

LOW
12,100
CUP
AVERAGE
22,900
CUP
HIGH
34,800
CUP

A person working as an Insurance Appraiser in Cuba typically earns around 22,900 CUP per month. Salaries range from 12,100 CUP (lowest) to 34,800 CUP (highest).

This is the average monthly 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 Cuba

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

  • Salary Range

    Insurance Appraiser salaries in Cuba range from 12,100 CUP per month (minimum salary) to 34,800 CUP per month (maximum salary).

  • Median Salary

    The median salary is 21,500 CUP per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 21,500 CUP while the other half are earning more than 21,500 CUP. 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 15,200 CUP while 75% of them are earning more than 15,200 CUP. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 26,500 CUP while 25% are earning more than 26,500 CUP.


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 monthly Cuba 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 14,000 CUP per month.

While someone with an experience level between two and five years is expected to earn 17,100 CUP per month, 23% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 24,300 CUP per month, 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 28,400 CUP per month, 17% 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 31,200 CUP per month, 10% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 33,000 CUP per month, 6% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Cuba

0 - 2 Years
14,000 CUP
2 - 5 Years+23%
17,100 CUP
5 - 10 Years+42%
24,300 CUP
10 - 15 Years+17%
28,400 CUP
15 - 20 Years+10%
31,200 CUP
20+ Years+6%
33,000 CUP
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 monthly Cuba 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 18,500 CUP per month.

While someone with a Bachelor's Degree gets a salary of 27,100 CUP per month, 47% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Cuba

Certificate or Diploma
18,500 CUP
Bachelor's Degree+47%
27,100 CUP
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 monthly Cuba 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 Cuba earn 14% more than their female counterparts on average.

Male
24,100 CUP
Female-12%
21,100 CUP
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Cuba for all Careers

Salary comparison by gender monthly Cuba
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Insurance Appraiser Average Annual Salary Increment Percentage in Cuba

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

Insurance Appraiser

Insurance Appraiser(s) in Cuba are likely to observe a salary increase of approximately 7% every 30 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Cuba 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.

Cuba / 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 Cuba is 2%.

Annual Increment Rate By Industry 2019

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Cuba 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 Cuba

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

91% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 9% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.

Received Bonus
9%
No Bonus
91%

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 Cuba


130 CUP per hour

The average hourly wage (pay per hour) in Cuba is 130 CUP. This means that the average Insurance Appraiser in Cuba earns approximately 130 CUP 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 monthly Cuba
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The average salary for Insurance Appraiser is 4% 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 Analyst29,400 CUP+28%
Actuarial Assistant19,700 CUP-14%
Actuary28,500 CUP+24%
Adjustment Insurance Clerk7,710 CUP-66%
Assistant Broker13,500 CUP-41%
Assistant Claims Manager24,300 CUP+6%
Associate Insurance Representative11,000 CUP-52%
Auditing Insurance Manager32,600 CUP+42%
Broker21,900 CUP-4%
Claim Advocacy Professional20,900 CUP-9%
Claims Adjuster7,800 CUP-66%
Claims Analyst11,500 CUP-50%
Claims Examiner11,000 CUP-52%
Claims Manager31,600 CUP+38%
Claims Processor7,960 CUP-65%
Claims Representative9,260 CUP-60%
Claims Resolution Specialist23,800 CUP+4%
Claims Supervisor22,400 CUP-2%
Complaints Specialist20,700 CUP-10%
Compliance Officer17,000 CUP-26%
Consultant22,400 CUP-2%
Eligibility Specialist21,700 CUP-5%
Insurance Account Manager27,200 CUP+19%
Insurance Accounts Executive23,800 CUP+4%
Insurance Agent13,300 CUP-42%
Insurance Analyst22,300 CUP-3%
Insurance Appraiser22,900 CUP-0%
Insurance Claims Clerk8,120 CUP-65%
Insurance Examiner19,100 CUP-17%
Insurance Investigator20,800 CUP-9%
Insurance Manager37,000 CUP+61%
Insurance Operations Manager38,500 CUP+68%
Insurance Policy Processing Clerk7,840 CUP-66%
Insurance Pricing Assistant16,600 CUP-28%
Insurance Program Manager27,600 CUP+20%
Insurance Project Manager28,600 CUP+25%
Insurance Quality Assurance Agent19,300 CUP-16%
Insurance Sales Agent13,300 CUP-42%
Insurance Sales Director34,300 CUP+50%
Insurance Team Leader23,900 CUP+4%
Insurance Underwriter15,500 CUP-32%
Loss Control Specialist22,000 CUP-4%
Loss Prevention Investigator22,600 CUP-1%
Loss Prevention Manager30,200 CUP+32%
Loss Prevention Specialist23,400 CUP+2%
Marine Underwriter16,800 CUP-27%
Medical Auditor21,900 CUP-4%
Monitoring and Performance Officer15,800 CUP-31%
Payment Services Specialist21,800 CUP-5%
Policy Change Director34,100 CUP+49%
Policy Change Supervisor22,500 CUP-2%
Policy Change Technician10,700 CUP-53%
Risk Analyst24,800 CUP+8%
Risk Management Director41,200 CUP+80%
Risk Management Supervisor28,100 CUP+23%
Risk Manager40,000 CUP+75%
Risk Modeling Manager42,200 CUP+84%
Title Insurance Typist18,400 CUP-20%
Training Manager23,500 CUP+3%

Salary Comparison By City

CityAverage Salary
Camaguey20,100 CUP
Havana23,300 CUP
Holguin20,000 CUP
Santiago de Cuba23,400 CUP

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 Cuba earn 11% more than their private sector counterparts on average across all sectors.

Private Sector
20,600 CUP
Public Sector+11%
22,800 CUP
Percentage increase and decrease are relative to the previous value

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