Insurance Average Salaries in Antigua and Barbuda 2021
How much money does a person working in Insurance make in Antigua and Barbuda?
LOW
1,680
XCD AVERAGE
4,520
XCD HIGH
8,730
XCD
A person working in Insurance in Antigua and Barbuda typically earns around 4,520 XCD per month. Salaries range from 1,680 XCD (lowest average) to 8,730 XCD (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 Title | Average Salary |
| Actuarial Analyst | 6,290 XCD |
| Actuarial Assistant | 4,470 XCD |
| Actuary | 6,580 XCD |
| Adjustment Insurance Clerk | 1,730 XCD |
| Assistant Broker | 2,990 XCD |
| Assistant Claims Manager | 5,040 XCD |
| Associate Insurance Representative | 2,420 XCD |
| Auditing Insurance Manager | 6,990 XCD |
| Broker | 4,910 XCD |
| Claim Advocacy Professional | 4,580 XCD |
| Claims Adjuster | 1,760 XCD |
| Claims Analyst | 2,490 XCD |
| Claims Examiner | 2,510 XCD |
| Claims Manager | 6,880 XCD |
| Claims Processor | 1,830 XCD |
| Claims Representative | 2,160 XCD |
| Claims Resolution Specialist | 4,960 XCD |
| Claims Supervisor | 4,450 XCD |
| Complaints Specialist | 4,370 XCD |
| Compliance Officer | 3,670 XCD |
| Consultant | 4,630 XCD |
| Eligibility Specialist | 4,550 XCD |
| Insurance Account Manager | 5,640 XCD |
| Insurance Accounts Executive | 4,860 XCD |
| Insurance Agent | 2,790 XCD |
| Insurance Analyst | 4,470 XCD |
| Insurance Appraiser | 4,680 XCD |
| Insurance Claims Clerk | 1,750 XCD |
| Insurance Examiner | 4,360 XCD |
| Insurance Investigator | 4,510 XCD |
| Insurance Manager | 7,980 XCD |
| Insurance Operations Manager | 8,320 XCD |
| Insurance Policy Processing Clerk | 1,800 XCD |
| Insurance Pricing Assistant | 3,740 XCD |
| Insurance Program Manager | 6,080 XCD |
| Insurance Project Manager | 5,910 XCD |
| Insurance Quality Assurance Agent | 4,200 XCD |
| Insurance Sales Agent | 2,900 XCD |
| Insurance Sales Director | 7,760 XCD |
| Insurance Team Leader | 4,920 XCD |
| Insurance Underwriter | 3,390 XCD |
| Loss Control Specialist | 4,700 XCD |
| Loss Prevention Investigator | 5,100 XCD |
| Loss Prevention Manager | 6,520 XCD |
| Loss Prevention Specialist | 4,810 XCD |
| Marine Underwriter | 3,340 XCD |
| Medical Auditor | 4,710 XCD |
| Monitoring and Performance Officer | 3,240 XCD |
| Payment Services Specialist | 4,920 XCD |
| Policy Change Director | 7,200 XCD |
| Policy Change Supervisor | 5,020 XCD |
| Policy Change Technician | 2,270 XCD |
| Risk Analyst | 5,330 XCD |
| Risk Management Director | 9,330 XCD |
| Risk Management Supervisor | 6,080 XCD |
| Risk Manager | 9,130 XCD |
| Risk Modeling Manager | 8,330 XCD |
| Title Insurance Typist | 4,200 XCD |
| Training Manager | 5,220 XCD |
Insurance Jobs Salary Distribution in Antigua and Barbuda
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Antigua and Barbuda range from 1,680 XCD per month (minimum average salary) to 8,730 XCD per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 4,890 XCD per month, which means that half (50%) of people working in Insurance are earning less than 4,890 XCD while the other half are earning more than 4,890 XCD. 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 2,950 XCD while 75% of them are earning more than 2,950 XCD. Also from the diagram, 75% of people working in Insurance are earning less than 7,350 XCD while 25% are earning more than 7,350 XCD.
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?
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.
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Salary Comparison By Education
How does the education level affect your salary?
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.
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 Antigua and Barbuda costs anywhere from 22,600 East Caribbean Dollar(s) to 67,700 East Caribbean Dollar(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
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Antigua and Barbuda who work in Insurance earn 19% more than their female counterparts on average.
| Male | 4,920 XCD | |
| Female | -16% | 4,130 XCD |
Salary Comparison By Gender in Antigua and Barbuda for all Careers
Insurance Average Annual Salary Increment Percentage in Antigua and Barbuda
How much are annual salary increments in Antigua and Barbuda for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in Antigua and Barbuda 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.
Antigua and Barbuda / 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 | 9% | |
| Energy | 9% | |
| Information Technology | 9% | |
| Healthcare | 9% | |
| Travel | 9% | |
| Construction | 9% | |
| Education | 9% |
Listed above are the average annual increase rates for each industry in Antigua and Barbuda 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 Bonus and Incentive Rates in Antigua and Barbuda
How much and how often are bonuses being awarded?
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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.
61% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 39% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.
| Received Bonus | 39% | |
| No Bonus | 61% |
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 Hourly Average Wage in Antigua and Barbuda
26 XCD per hourThe average hourly wage (pay per hour) in Antigua and Barbuda is 26 XCD. This means that the average person in Antigua and Barbuda earns approximately 26 XCD 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 VS Other Jobs
The average salary for Insurance is 0% more than that of All Jobs.
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 Antigua and Barbuda earn 25% more than their private sector counterparts on average across all sectors.
| Private Sector | 4,020 XCD | |
| Public Sector | +25% | 5,010 XCD |
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