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Insurance Appraiser Average Salary in Equatorial Guinea 2020

How much money does an Insurance Appraiser make in Equatorial Guinea?


Average Monthly Salary
465,000 XAF
( 5,580,000 XAF yearly)

LOW
228,000
XAF
AVERAGE
465,000
XAF
HIGH
725,000
XAF

A person working as an Insurance Appraiser in Equatorial Guinea typically earns around 465,000 XAF per month. Salaries range from 228,000 XAF (lowest) to 725,000 XAF (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 Equatorial Guinea

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

  • Salary Range

    Insurance Appraiser salaries in Equatorial Guinea range from 228,000 XAF per month (minimum salary) to 725,000 XAF per month (maximum salary).

  • Median Salary

    The median salary is 474,000 XAF per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 474,000 XAF while the other half are earning more than 474,000 XAF. 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 316,000 XAF while 75% of them are earning more than 316,000 XAF. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 612,000 XAF while 25% are earning more than 612,000 XAF.


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 Equatorial Guinea 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 270,000 XAF per month.

While someone with an experience level between two and five years is expected to earn 347,000 XAF per month, 29% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 479,000 XAF per month, 38% 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 593,000 XAF per month, 24% 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 636,000 XAF per month, 7% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 678,000 XAF per month, 7% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Equatorial Guinea

0 - 2 Years
270,000 XAF
2 - 5 Years+29%
347,000 XAF
5 - 10 Years+38%
479,000 XAF
10 - 15 Years+24%
593,000 XAF
15 - 20 Years+7%
636,000 XAF
20+ Years+7%
678,000 XAF
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 Equatorial Guinea 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 382,000 XAF per month.

While someone with a Bachelor's Degree gets a salary of 586,000 XAF per month, 53% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Equatorial Guinea

Certificate or Diploma
382,000 XAF
Bachelor's Degree+53%
586,000 XAF
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 Equatorial Guinea 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 Equatorial Guinea earn 12% more than their female counterparts on average.

Male
485,000 XAF
Female-11%
434,000 XAF
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Equatorial Guinea for all Careers

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

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

Insurance Appraiser

Insurance Appraiser(s) in Equatorial Guinea 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 Equatorial Guinea 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.

Equatorial Guinea / 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 Equatorial Guinea is 2%.

Annual Increment Rate By Industry 2019

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

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

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

87% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 13% 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
13%
No Bonus
87%

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 Equatorial Guinea


2,680 XAF per hour

The average hourly wage (pay per hour) in Equatorial Guinea is 2,680 XAF. This means that the average Insurance Appraiser in Equatorial Guinea earns approximately 2,680 XAF 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 Equatorial Guinea
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The average salary for Insurance Appraiser is 3% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst615,000 XAF+32%
Actuarial Assistant462,000 XAF-1%
Actuary617,000 XAF+33%
Adjustment Insurance Clerk177,000 XAF-62%
Assistant Broker303,000 XAF-35%
Assistant Claims Manager511,000 XAF+10%
Associate Insurance Representative248,000 XAF-47%
Auditing Insurance Manager683,000 XAF+47%
Broker477,000 XAF+3%
Claim Advocacy Professional452,000 XAF-3%
Claims Adjuster182,000 XAF-61%
Claims Analyst247,000 XAF-47%
Claims Examiner239,000 XAF-49%
Claims Manager692,000 XAF+49%
Claims Processor176,000 XAF-62%
Claims Representative204,000 XAF-56%
Claims Resolution Specialist519,000 XAF+12%
Claims Supervisor454,000 XAF-2%
Complaints Specialist437,000 XAF-6%
Compliance Officer382,000 XAF-18%
Consultant482,000 XAF+4%
Eligibility Specialist490,000 XAF+5%
Insurance Account Manager605,000 XAF+30%
Insurance Accounts Executive529,000 XAF+14%
Insurance Agent274,000 XAF-41%
Insurance Analyst463,000 XAF-0%
Insurance Appraiser465,000 XAF+0%
Insurance Claims Clerk166,000 XAF-64%
Insurance Examiner439,000 XAF-6%
Insurance Investigator435,000 XAF-6%
Insurance Manager798,000 XAF+72%
Insurance Operations Manager778,000 XAF+67%
Insurance Policy Processing Clerk183,000 XAF-61%
Insurance Pricing Assistant359,000 XAF-23%
Insurance Program Manager609,000 XAF+31%
Insurance Project Manager614,000 XAF+32%
Insurance Quality Assurance Agent422,000 XAF-9%
Insurance Sales Agent284,000 XAF-39%
Insurance Sales Director802,000 XAF+72%
Insurance Team Leader475,000 XAF+2%
Insurance Underwriter335,000 XAF-28%
Loss Control Specialist463,000 XAF-0%
Loss Prevention Investigator482,000 XAF+4%
Loss Prevention Manager652,000 XAF+40%
Loss Prevention Specialist510,000 XAF+10%
Marine Underwriter340,000 XAF-27%
Medical Auditor471,000 XAF+1%
Monitoring and Performance Officer333,000 XAF-28%
Payment Services Specialist465,000 XAF+0%
Policy Change Director713,000 XAF+53%
Policy Change Supervisor526,000 XAF+13%
Policy Change Technician228,000 XAF-51%
Risk Analyst543,000 XAF+17%
Risk Management Director910,000 XAF+96%
Risk Management Supervisor568,000 XAF+22%
Risk Manager903,000 XAF+94%
Risk Modeling Manager873,000 XAF+88%
Title Insurance Typist415,000 XAF-11%
Training Manager530,000 XAF+14%

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 Equatorial Guinea earn 14% more than their private sector counterparts on average across all sectors.

Private Sector
454,000 XAF
Public Sector+14%
516,000 XAF
Percentage increase and decrease are relative to the previous value

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