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Insurance Average Salaries in Ghana 2020

How much money does a person working in Insurance make in Ghana?


Average Monthly Salary
5,090 GHS
( 61,100 GHS yearly)

LOW
3,390
GHS
AVERAGE
5,090
GHS
HIGH
7,540
GHS

A person working in Insurance in Ghana typically earns around 5,090 GHS per month. Salaries range from 3,390 GHS (lowest average) to 7,540 GHS (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 TitleAverage Salary
Actuarial Analyst5,620 GHS
Actuarial Assistant4,790 GHS
Actuary5,550 GHS
Adjustment Insurance Clerk3,190 GHS
Assistant Broker4,560 GHS
Assistant Claims Manager5,100 GHS
Associate Insurance Representative3,750 GHS
Auditing Insurance Manager6,960 GHS
Broker4,790 GHS
Claim Advocacy Professional4,990 GHS
Claims Adjuster3,530 GHS
Claims Analyst3,770 GHS
Claims Examiner3,770 GHS
Claims Manager5,730 GHS
Claims Processor3,460 GHS
Claims Representative3,620 GHS
Claims Resolution Specialist5,270 GHS
Claims Supervisor5,090 GHS
Complaints Specialist4,620 GHS
Compliance Officer4,020 GHS
Consultant4,700 GHS
Eligibility Specialist5,060 GHS
Insurance Account Manager5,340 GHS
Insurance Accounts Executive5,480 GHS
Insurance Agent3,980 GHS
Insurance Analyst4,850 GHS
Insurance Appraiser4,780 GHS
Insurance Claims Clerk3,300 GHS
Insurance Examiner4,650 GHS
Insurance Investigator4,690 GHS
Insurance Manager6,360 GHS
Insurance Operations Manager6,160 GHS
Insurance Policy Processing Clerk3,520 GHS
Insurance Pricing Assistant4,480 GHS
Insurance Program Manager5,650 GHS
Insurance Project Manager5,400 GHS
Insurance Quality Assurance Agent4,360 GHS
Insurance Sales Agent3,750 GHS
Insurance Sales Director6,170 GHS
Insurance Team Leader5,000 GHS
Insurance Underwriter4,130 GHS
Loss Control Specialist4,680 GHS
Loss Prevention Investigator4,950 GHS
Loss Prevention Manager5,550 GHS
Loss Prevention Specialist5,410 GHS
Marine Underwriter4,960 GHS
Medical Auditor4,920 GHS
Monitoring and Performance Officer4,080 GHS
Payment Services Specialist4,780 GHS
Policy Change Director6,090 GHS
Policy Change Supervisor5,150 GHS
Policy Change Technician3,780 GHS
Risk Analyst5,460 GHS
Risk Management Director7,070 GHS
Risk Management Supervisor5,440 GHS
Risk Manager6,340 GHS
Risk Modeling Manager6,820 GHS
Title Insurance Typist4,050 GHS
Training Manager5,640 GHS

Insurance Jobs Salary Distribution in Ghana

Median and salary distribution monthly Ghana Insurance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance salaries in Ghana range from 3,390 GHS per month (minimum average salary) to 7,540 GHS per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 5,090 GHS per month, which means that half (50%) of people working in Insurance are earning less than 5,090 GHS while the other half are earning more than 5,090 GHS. 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 3,820 GHS while 75% of them are earning more than 3,820 GHS. Also from the diagram, 75% of people working in Insurance are earning less than 6,320 GHS while 25% are earning more than 6,320 GHS.


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?

Salary Comparison By Experience Level
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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.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

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.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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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.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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 Ghana costs anywhere from 25,600 Cedi(s) to 76,700 Cedi(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

Salary comparison by gender monthly Ghana Insurance
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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 employees earn 7% more than their female counterparts.

Female
4,910 GHS
Male+7%
5,230 GHS
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Ghana for all Careers

Salary comparison by gender monthly Ghana
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Insurance Average Annual Salary Increment Percentage in Ghana

How much are annual salary increments in Ghana for Insurance professionals? How often do employees get salary raises?

Insurance

Insurance professionals in Ghana are likely to observe a salary increase of approximately 9% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Ghana Insurance
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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.

Ghana / All Professions

Annual Salary Increment Rate Ghana
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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 Ghana is 5%.

Annual Increment Rate By Industry 2019

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Ghana 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 Bonus and Incentive Rates in Ghana

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

51% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 49% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
49%
No Bonus
51%

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.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Ghana
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Where can you get paid more, working for a private company or for the government? Public sector employees in Ghana earn 8% more than their private sector counterparts.

Private Sector
4,900 GHS
Public Sector+8%
5,270 GHS
Percentage increase and decrease are relative to the previous value

Insurance Salary Forecast and Trend in Ghana

How do Insurance salaries change over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Ghana Insurance
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Average Salary 2016
4,600 GHS
Average Salary 2017+4%
4,770 GHS
Average Salary 2018+2%
4,890 GHS
Average Salary 2019+1%
4,950 GHS
Percentage increase and decrease are relative to the previous value

Insurance salaries in Ghana are rising in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 1% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Insurance Hourly Average Wage in Ghana


29 GHS per hour

The average hourly wage (pay per hour) in Ghana is 29 GHS. This means that the average person in Ghana earns approximately 29 GHS 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 VS Other Jobs

Salary Comparison Between Insurance and Insurance monthly Ghana
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The average salary for Insurance is 0% less than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Accra5,400 GHS
Kumasi5,670 GHS
8000 - 1

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