A person working in Insurance in Eritrea typically earns around 6,850 ERN per month. Salaries range from 2,540 ERN (lowest average) to 13,200 ERN (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.
|Job Title||Average Salary|
|Actuarial Analyst||9,330 ERN|
|Actuarial Assistant||6,360 ERN|
|Adjustment Insurance Clerk||2,430 ERN|
|Assistant Broker||4,310 ERN|
|Assistant Claims Manager||7,410 ERN|
|Associate Insurance Representative||3,560 ERN|
|Auditing Insurance Manager||10,400 ERN|
|Claim Advocacy Professional||7,070 ERN|
|Claims Adjuster||2,510 ERN|
|Claims Analyst||3,400 ERN|
|Claims Examiner||3,630 ERN|
|Claims Manager||9,550 ERN|
|Claims Processor||2,430 ERN|
|Claims Representative||2,970 ERN|
|Claims Resolution Specialist||7,350 ERN|
|Claims Supervisor||6,930 ERN|
|Complaints Specialist||6,280 ERN|
|Compliance Officer||5,530 ERN|
|Eligibility Specialist||6,790 ERN|
|Insurance Account Manager||7,850 ERN|
|Insurance Accounts Executive||6,920 ERN|
|Insurance Agent||3,940 ERN|
|Insurance Analyst||6,410 ERN|
|Insurance Appraiser||6,970 ERN|
|Insurance Claims Clerk||2,500 ERN|
|Insurance Examiner||5,960 ERN|
|Insurance Investigator||6,550 ERN|
|Insurance Manager||11,400 ERN|
|Insurance Operations Manager||12,000 ERN|
|Insurance Policy Processing Clerk||2,500 ERN|
|Insurance Pricing Assistant||5,520 ERN|
|Insurance Program Manager||8,630 ERN|
|Insurance Project Manager||8,150 ERN|
|Insurance Quality Assurance Agent||5,830 ERN|
|Insurance Sales Agent||3,870 ERN|
|Insurance Sales Director||11,000 ERN|
|Insurance Team Leader||7,050 ERN|
|Insurance Underwriter||5,240 ERN|
|Loss Control Specialist||6,600 ERN|
|Loss Prevention Investigator||6,880 ERN|
|Loss Prevention Manager||9,310 ERN|
|Loss Prevention Specialist||7,290 ERN|
|Marine Underwriter||5,200 ERN|
|Medical Auditor||6,730 ERN|
|Monitoring and Performance Officer||4,870 ERN|
|Payment Services Specialist||6,640 ERN|
|Policy Change Director||10,900 ERN|
|Policy Change Supervisor||7,300 ERN|
|Policy Change Technician||3,170 ERN|
|Risk Analyst||7,560 ERN|
|Risk Management Director||12,700 ERN|
|Risk Management Supervisor||8,750 ERN|
|Risk Manager||12,600 ERN|
|Risk Modeling Manager||12,200 ERN|
|Title Insurance Typist||5,800 ERN|
|Training Manager||7,530 ERN|
Insurance salaries in Eritrea range from 2,540 ERN per month (minimum average salary) to 13,200 ERN per month (maximum average salary, actual maximum is higher).
The median salary is 6,440 ERN per month, which means that half (50%) of people working in Insurance are earning less than 6,440 ERN while the other half are earning more than 6,440 ERN. 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.
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 4,040 ERN while 75% of them are earning more than 4,040 ERN. Also from the diagram, 75% of people working in Insurance are earning less than 9,240 ERN while 25% are earning more than 9,240 ERN.
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
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.
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.
A Master's degree program or any post-graduate program in Eritrea costs anywhere from 34,200 Nakfa(s) to 103,000 Nakfa(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Eritrea who work in Insurance earn 14% more than their female counterparts on average.
Insurance professionals in Eritrea are likely to observe a salary increase of approximately 5% every 28 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
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.
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
Listed above are the average annual increase rates for each industry in Eritrea for the year 2022. 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.
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.
68% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 32% 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.
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.
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.
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.
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.
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.
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.
The average salary for Insurance is 0% more than that of All Jobs.
Where can you get paid more, working for a private company or for the government? Public sector employees in Eritrea earn 21% more than their private sector counterparts on average across all sectors.