Insurance Average Salaries in Dominica 2021
How much money does a person working in Insurance make in Dominica?
LOW
560
XCD AVERAGE
1,500
XCD HIGH
2,890
XCD
A person working in Insurance in Dominica typically earns around 1,500 XCD per month. Salaries range from 560 XCD (lowest average) to 2,890 XCD (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 | 2,000 XCD |
| Actuarial Assistant | 1,350 XCD |
| Actuary | 1,880 XCD |
| Adjustment Insurance Clerk | 520 XCD |
| Assistant Broker | 890 XCD |
| Assistant Claims Manager | 1,610 XCD |
| Associate Insurance Representative | 760 XCD |
| Auditing Insurance Manager | 2,220 XCD |
| Broker | 1,410 XCD |
| Claim Advocacy Professional | 1,500 XCD |
| Claims Adjuster | 530 XCD |
| Claims Analyst | 790 XCD |
| Claims Examiner | 760 XCD |
| Claims Manager | 1,990 XCD |
| Claims Processor | 560 XCD |
| Claims Representative | 630 XCD |
| Claims Resolution Specialist | 1,550 XCD |
| Claims Supervisor | 1,420 XCD |
| Complaints Specialist | 1,320 XCD |
| Compliance Officer | 1,230 XCD |
| Consultant | 1,420 XCD |
| Eligibility Specialist | 1,530 XCD |
| Insurance Account Manager | 1,870 XCD |
| Insurance Accounts Executive | 1,550 XCD |
| Insurance Agent | 840 XCD |
| Insurance Analyst | 1,430 XCD |
| Insurance Appraiser | 1,470 XCD |
| Insurance Claims Clerk | 520 XCD |
| Insurance Examiner | 1,370 XCD |
| Insurance Investigator | 1,350 XCD |
| Insurance Manager | 2,510 XCD |
| Insurance Operations Manager | 2,560 XCD |
| Insurance Policy Processing Clerk | 570 XCD |
| Insurance Pricing Assistant | 1,200 XCD |
| Insurance Program Manager | 1,990 XCD |
| Insurance Project Manager | 1,810 XCD |
| Insurance Quality Assurance Agent | 1,210 XCD |
| Insurance Sales Agent | 870 XCD |
| Insurance Sales Director | 2,350 XCD |
| Insurance Team Leader | 1,610 XCD |
| Insurance Underwriter | 1,110 XCD |
| Loss Control Specialist | 1,470 XCD |
| Loss Prevention Investigator | 1,520 XCD |
| Loss Prevention Manager | 2,050 XCD |
| Loss Prevention Specialist | 1,590 XCD |
| Marine Underwriter | 1,070 XCD |
| Medical Auditor | 1,480 XCD |
| Monitoring and Performance Officer | 990 XCD |
| Payment Services Specialist | 1,470 XCD |
| Policy Change Director | 2,190 XCD |
| Policy Change Supervisor | 1,610 XCD |
| Policy Change Technician | 690 XCD |
| Risk Analyst | 1,630 XCD |
| Risk Management Director | 2,720 XCD |
| Risk Management Supervisor | 1,870 XCD |
| Risk Manager | 2,670 XCD |
| Risk Modeling Manager | 2,830 XCD |
| Title Insurance Typist | 1,230 XCD |
| Training Manager | 1,550 XCD |
Insurance Jobs Salary Distribution in Dominica
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Dominica range from 560 XCD per month (minimum average salary) to 2,890 XCD per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 1,440 XCD per month, which means that half (50%) of people working in Insurance are earning less than 1,440 XCD while the other half are earning more than 1,440 XCD. 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 900 XCD while 75% of them are earning more than 900 XCD. Also from the diagram, 75% of people working in Insurance are earning less than 2,080 XCD while 25% are earning more than 2,080 XCD.
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.
Get $25 on sign up.
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 Dominica costs anywhere from 7,470 East Caribbean Dollar(s) to 22,400 East Caribbean 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 Dominica who work in Insurance earn 11% more than their female counterparts on average.
| Male | 1,600 XCD | |
| Female | -10% | 1,430 XCD |
Salary Comparison By Gender in Dominica for all Careers
Insurance Average Annual Salary Increment Percentage in Dominica
How much are annual salary increments in Dominica for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in Dominica 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.
Dominica / 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 | 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 Dominica 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 Dominica
How much and how often are bonuses being awarded?
Share This Chart Tweet Get Chart Linkhttp://www.salaryexplorer.com/charts/dominica/insurance/annual-salary-bonus-rate-dominica-insurance.jpg
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 Dominica
9 XCD per hourThe average hourly wage (pay per hour) in Dominica is 9 XCD. This means that the average person in Dominica earns approximately 9 XCD 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 Dominica earn 14% more than their private sector counterparts on average across all sectors.
| Private Sector | 1,370 XCD | |
| Public Sector | +14% | 1,570 XCD |
Get $25 on sign up.
