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Insurance Appraiser Average Salary in Faroe Islands 2020

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


Average Monthly Salary
27,100 DKK
( 325,000 DKK yearly)

LOW
13,000
DKK
AVERAGE
27,100
DKK
HIGH
42,500
DKK

A person working as an Insurance Appraiser in Faroe Islands typically earns around 27,100 DKK per month. Salaries range from 13,000 DKK (lowest) to 42,500 DKK (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 Faroe Islands

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

  • Salary Range

    Insurance Appraiser salaries in Faroe Islands range from 13,000 DKK per month (minimum salary) to 42,500 DKK per month (maximum salary).

  • Median Salary

    The median salary is 28,200 DKK per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 28,200 DKK while the other half are earning more than 28,200 DKK. 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 18,500 DKK while 75% of them are earning more than 18,500 DKK. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 36,800 DKK while 25% are earning more than 36,800 DKK.


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 Faroe 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 15,200 DKK per month.

While someone with an experience level between two and five years is expected to earn 21,600 DKK per month, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 28,400 DKK per month, 31% 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 34,900 DKK per month, 23% 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 37,100 DKK per month, 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 40,600 DKK per month, 10% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Faroe Islands

0 - 2 Years
15,200 DKK
2 - 5 Years+42%
21,600 DKK
5 - 10 Years+31%
28,400 DKK
10 - 15 Years+23%
34,900 DKK
15 - 20 Years+6%
37,100 DKK
20+ Years+10%
40,600 DKK
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 Faroe 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 20,400 DKK per month.

While someone with a Bachelor's Degree gets a salary of 38,700 DKK per month, 90% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Faroe Islands

Certificate or Diploma
20,400 DKK
Bachelor's Degree+90%
38,700 DKK
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 Faroe 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 Faroe Islands earn 9% more than their female counterparts on average.

Male
28,600 DKK
Female-8%
26,300 DKK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Faroe Islands for all Careers

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

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

Insurance Appraiser

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

Annual Salary Increment Rate Faroe 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.

Faroe 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 Faroe Islands is 2%.

Annual Increment Rate By Industry 2019

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

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

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

86% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 14% 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
14%
No Bonus
86%

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 Faroe Islands


160 DKK per hour

The average hourly wage (pay per hour) in Faroe Islands is 160 DKK. This means that the average Insurance Appraiser in Faroe Islands earns approximately 160 DKK 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 Faroe Islands
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The average salary for Insurance Appraiser is 1% 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 Analyst34,400 DKK+27%
Actuarial Assistant23,500 DKK-13%
Actuary33,500 DKK+24%
Adjustment Insurance Clerk9,850 DKK-64%
Assistant Broker16,500 DKK-39%
Assistant Claims Manager27,900 DKK+3%
Associate Insurance Representative14,100 DKK-48%
Auditing Insurance Manager38,300 DKK+41%
Broker25,300 DKK-7%
Claim Advocacy Professional26,600 DKK-2%
Claims Adjuster9,280 DKK-66%
Claims Analyst14,000 DKK-48%
Claims Examiner13,600 DKK-50%
Claims Manager35,800 DKK+32%
Claims Processor10,100 DKK-63%
Claims Representative11,300 DKK-58%
Claims Resolution Specialist27,800 DKK+3%
Claims Supervisor26,200 DKK-3%
Complaints Specialist25,200 DKK-7%
Compliance Officer20,600 DKK-24%
Consultant25,100 DKK-7%
Eligibility Specialist25,700 DKK-5%
Insurance Account Manager31,000 DKK+14%
Insurance Accounts Executive28,300 DKK+4%
Insurance Agent15,700 DKK-42%
Insurance Analyst26,900 DKK-1%
Insurance Appraiser27,100 DKK+0%
Insurance Claims Clerk9,750 DKK-64%
Insurance Examiner23,400 DKK-14%
Insurance Investigator25,700 DKK-5%
Insurance Manager44,500 DKK+64%
Insurance Operations Manager46,900 DKK+73%
Insurance Policy Processing Clerk9,880 DKK-64%
Insurance Pricing Assistant21,400 DKK-21%
Insurance Program Manager32,700 DKK+21%
Insurance Project Manager32,100 DKK+19%
Insurance Quality Assurance Agent21,800 DKK-20%
Insurance Sales Agent15,400 DKK-43%
Insurance Sales Director40,800 DKK+51%
Insurance Team Leader28,900 DKK+7%
Insurance Underwriter19,700 DKK-27%
Loss Control Specialist25,600 DKK-5%
Loss Prevention Investigator26,700 DKK-1%
Loss Prevention Manager36,300 DKK+34%
Loss Prevention Specialist28,500 DKK+5%
Marine Underwriter19,600 DKK-28%
Medical Auditor26,200 DKK-3%
Monitoring and Performance Officer19,000 DKK-30%
Payment Services Specialist25,800 DKK-5%
Policy Change Director41,800 DKK+54%
Policy Change Supervisor28,000 DKK+3%
Policy Change Technician12,200 DKK-55%
Risk Analyst29,400 DKK+9%
Risk Management Director49,400 DKK+82%
Risk Management Supervisor34,300 DKK+27%
Risk Manager49,600 DKK+83%
Risk Modeling Manager48,200 DKK+78%
Title Insurance Typist22,800 DKK-16%
Training Manager28,800 DKK+6%

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 Faroe Islands earn 17% more than their private sector counterparts on average across all sectors.

Private Sector
24,900 DKK
Public Sector+17%
29,200 DKK
Percentage increase and decrease are relative to the previous value

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