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Insurance Average Salaries in Guatemala 2020

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


Average Monthly Salary
8,410 GTQ
( 101,000 GTQ yearly)

LOW
5,610
GTQ
AVERAGE
8,410
GTQ
HIGH
12,500
GTQ

A person working in Insurance in Guatemala typically earns around 8,410 GTQ per month. Salaries range from 5,610 GTQ (lowest average) to 12,500 GTQ (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 Analyst9,500 GTQ
Actuarial Assistant7,360 GTQ
Actuary9,930 GTQ
Adjustment Insurance Clerk5,350 GTQ
Assistant Broker7,240 GTQ
Assistant Claims Manager8,470 GTQ
Associate Insurance Representative6,340 GTQ
Auditing Insurance Manager11,700 GTQ
Broker8,420 GTQ
Claim Advocacy Professional8,500 GTQ
Claims Adjuster5,420 GTQ
Claims Analyst5,840 GTQ
Claims Examiner6,490 GTQ
Claims Manager9,940 GTQ
Claims Processor6,040 GTQ
Claims Representative6,180 GTQ
Claims Resolution Specialist9,030 GTQ
Claims Supervisor8,100 GTQ
Complaints Specialist7,200 GTQ
Compliance Officer6,550 GTQ
Consultant7,620 GTQ
Eligibility Specialist8,120 GTQ
Insurance Account Manager8,950 GTQ
Insurance Accounts Executive8,860 GTQ
Insurance Agent6,770 GTQ
Insurance Analyst7,830 GTQ
Insurance Appraiser8,190 GTQ
Insurance Claims Clerk5,700 GTQ
Insurance Examiner7,320 GTQ
Insurance Investigator7,430 GTQ
Insurance Manager10,500 GTQ
Insurance Operations Manager10,400 GTQ
Insurance Policy Processing Clerk5,610 GTQ
Insurance Pricing Assistant7,430 GTQ
Insurance Program Manager9,760 GTQ
Insurance Project Manager8,770 GTQ
Insurance Quality Assurance Agent7,560 GTQ
Insurance Sales Agent6,020 GTQ
Insurance Sales Director9,490 GTQ
Insurance Team Leader8,770 GTQ
Insurance Underwriter7,030 GTQ
Loss Control Specialist7,580 GTQ
Loss Prevention Investigator8,070 GTQ
Loss Prevention Manager9,120 GTQ
Loss Prevention Specialist8,940 GTQ
Marine Underwriter7,900 GTQ
Medical Auditor8,070 GTQ
Monitoring and Performance Officer6,530 GTQ
Payment Services Specialist7,780 GTQ
Policy Change Director9,900 GTQ
Policy Change Supervisor8,430 GTQ
Policy Change Technician6,230 GTQ
Risk Analyst9,120 GTQ
Risk Management Director11,900 GTQ
Risk Management Supervisor9,230 GTQ
Risk Manager10,800 GTQ
Risk Modeling Manager10,600 GTQ
Title Insurance Typist6,920 GTQ
Training Manager8,940 GTQ

Insurance Jobs Salary Distribution in Guatemala

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

  • Salary Range

    Insurance salaries in Guatemala range from 5,610 GTQ per month (minimum average salary) to 12,500 GTQ per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 8,240 GTQ per month, which means that half (50%) of people working in Insurance are earning less than 8,240 GTQ while the other half are earning more than 8,240 GTQ. 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 6,230 GTQ while 75% of them are earning more than 6,230 GTQ. Also from the diagram, 75% of people working in Insurance are earning less than 10,100 GTQ while 25% are earning more than 10,100 GTQ.


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 Guatemala costs anywhere from 42,200 Quetzal(s) to 127,000 Quetzal(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 Guatemala 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 22% more than their female counterparts.

Female
7,620 GTQ
Male+22%
9,290 GTQ
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Guatemala for all Careers

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

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

Insurance

Insurance professionals in Guatemala are likely to observe a salary increase of approximately 8% every 18 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.

Annual Salary Increment Rate Guatemala 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.

Guatemala / All Professions

Annual Salary Increment Rate Guatemala
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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 Guatemala is 4%.

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 Guatemala 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 Guatemala

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Guatemala 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 Guatemala
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Where can you get paid more, working for a private company or for the government? Public sector employees in Guatemala earn 11% more than their private sector counterparts.

Private Sector
8,060 GTQ
Public Sector+11%
8,920 GTQ
Percentage increase and decrease are relative to the previous value

Insurance Salary Forecast and Trend in Guatemala

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 Guatemala Insurance
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Average Salary 2016
7,530 GTQ
Average Salary 2017+4%
7,810 GTQ
Average Salary 2018+2%
7,980 GTQ
Average Salary 2019+3%
8,250 GTQ
Percentage increase and decrease are relative to the previous value

Insurance salaries in Guatemala are rising in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% 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 Guatemala


49 GTQ per hour

The average hourly wage (pay per hour) in Guatemala is 49 GTQ. This means that the average person in Guatemala earns approximately 49 GTQ 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 Guatemala
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The average salary for Insurance is 0% less than that of All Jobs.

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