Insurance Appraiser Average Salary in Faroe Islands 2021
How much money does an Insurance Appraiser make in Faroe Islands?
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
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?
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.
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 |
Typical Salary Progress for Most Careers
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.
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 |
Typical Salary Difference by Education for Most Careers
Insurance Appraiser 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 Insurance Appraiser employees in Faroe Islands earn 9% more than their female counterparts on average.
| Male | 28,600 DKK | |
| Female | -8% | 26,300 DKK |
Salary Comparison By Gender in Faroe Islands for all Careers
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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.
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
Annual Increment Rate By Industry 2020
| 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 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 Appraiser Bonus and Incentive Rates in Faroe Islands
How much and how often are bonuses being awarded?
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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 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 Appraiser Average Hourly Wage in Faroe Islands
160 DKK per hourThe 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.
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
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 Title | Average Salary |
| Actuarial Analyst | 34,400 DKK |  +27% |
| Actuarial Assistant | 23,500 DKK |  -13% |
| Actuary | 33,500 DKK | +24% |
| Adjustment Insurance Clerk | 9,850 DKK | -64% |
| Assistant Broker | 16,500 DKK | -39% |
| Assistant Claims Manager | 27,900 DKK | +3% |
| Associate Insurance Representative | 14,100 DKK | -48% |
| Auditing Insurance Manager | 38,300 DKK | +41% |
| Broker | 25,300 DKK | -7% |
| Claim Advocacy Professional | 26,600 DKK | -2% |
| Claims Adjuster | 9,280 DKK | -66% |
| Claims Analyst | 14,000 DKK | -48% |
| Claims Examiner | 13,600 DKK | -50% |
| Claims Manager | 35,800 DKK | +32% |
| Claims Processor | 10,100 DKK | -63% |
| Claims Representative | 11,300 DKK | -58% |
| Claims Resolution Specialist | 27,800 DKK | +3% |
| Claims Supervisor | 26,200 DKK | -3% |
| Complaints Specialist | 25,200 DKK | -7% |
| Compliance Officer | 20,600 DKK | -24% |
| Consultant | 25,100 DKK | -7% |
| Eligibility Specialist | 25,700 DKK | -5% |
| Insurance Account Manager | 31,000 DKK | +14% |
| Insurance Accounts Executive | 28,300 DKK | +4% |
| Insurance Agent | 15,700 DKK | -42% |
| Insurance Analyst | 26,900 DKK | -1% |
| Insurance Appraiser | 27,100 DKK | +0% |
| Insurance Claims Clerk | 9,750 DKK | -64% |
| Insurance Examiner | 23,400 DKK | -14% |
| Insurance Investigator | 25,700 DKK | -5% |
| Insurance Manager | 44,500 DKK | +64% |
| Insurance Operations Manager | 46,900 DKK | +73% |
| Insurance Policy Processing Clerk | 9,880 DKK | -64% |
| Insurance Pricing Assistant | 21,400 DKK | -21% |
| Insurance Program Manager | 32,700 DKK | +21% |
| Insurance Project Manager | 32,100 DKK | +19% |
| Insurance Quality Assurance Agent | 21,800 DKK | -20% |
| Insurance Sales Agent | 15,400 DKK | -43% |
| Insurance Sales Director | 40,800 DKK | +51% |
| Insurance Team Leader | 28,900 DKK | +7% |
| Insurance Underwriter | 19,700 DKK | -27% |
| Loss Control Specialist | 25,600 DKK | -5% |
| Loss Prevention Investigator | 26,700 DKK | -1% |
| Loss Prevention Manager | 36,300 DKK | +34% |
| Loss Prevention Specialist | 28,500 DKK | +5% |
| Marine Underwriter | 19,600 DKK | -28% |
| Medical Auditor | 26,200 DKK | -3% |
| Monitoring and Performance Officer | 19,000 DKK | -30% |
| Payment Services Specialist | 25,800 DKK | -5% |
| Policy Change Director | 41,800 DKK | +54% |
| Policy Change Supervisor | 28,000 DKK | +3% |
| Policy Change Technician | 12,200 DKK | -55% |
| Risk Analyst | 29,400 DKK | +9% |
| Risk Management Director | 49,400 DKK | +82% |
| Risk Management Supervisor | 34,300 DKK | +27% |
| Risk Manager | 49,600 DKK | +83% |
| Risk Modeling Manager | 48,200 DKK | +78% |
| Title Insurance Typist | 22,800 DKK | -16% |
| Training Manager | 28,800 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 |
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