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Insurance Average Salaries in Honduras 2021

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


Average Monthly Salary
28,200 HNL
( 338,000 HNL yearly)

LOW
10,500
HNL
AVERAGE
28,200
HNL
HIGH
54,400
HNL

A person working in Insurance in Honduras typically earns around 28,200 HNL per month. Salaries range from 10,500 HNL (lowest average) to 54,400 HNL (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 Analyst36,200 HNL
Actuarial Assistant25,400 HNL
Actuary37,100 HNL
Adjustment Insurance Clerk10,100 HNL
Assistant Broker16,500 HNL
Assistant Claims Manager28,600 HNL
Associate Insurance Representative14,500 HNL
Auditing Insurance Manager40,200 HNL
Broker27,300 HNL
Claim Advocacy Professional26,600 HNL
Claims Adjuster10,000 HNL
Claims Analyst14,000 HNL
Claims Examiner13,900 HNL
Claims Manager37,600 HNL
Claims Processor9,860 HNL
Claims Representative11,600 HNL
Claims Resolution Specialist28,500 HNL
Claims Supervisor26,200 HNL
Complaints Specialist25,200 HNL
Compliance Officer21,600 HNL
Consultant27,800 HNL
Eligibility Specialist26,400 HNL
Insurance Account Manager34,300 HNL
Insurance Accounts Executive29,100 HNL
Insurance Agent16,500 HNL
Insurance Analyst25,600 HNL
Insurance Appraiser25,800 HNL
Insurance Claims Clerk9,500 HNL
Insurance Examiner25,800 HNL
Insurance Investigator26,400 HNL
Insurance Manager45,600 HNL
Insurance Operations Manager48,100 HNL
Insurance Policy Processing Clerk10,400 HNL
Insurance Pricing Assistant20,300 HNL
Insurance Program Manager34,400 HNL
Insurance Project Manager35,400 HNL
Insurance Quality Assurance Agent23,000 HNL
Insurance Sales Agent16,500 HNL
Insurance Sales Director44,100 HNL
Insurance Team Leader28,300 HNL
Insurance Underwriter19,700 HNL
Loss Control Specialist24,900 HNL
Loss Prevention Investigator26,700 HNL
Loss Prevention Manager37,200 HNL
Loss Prevention Specialist30,000 HNL
Marine Underwriter19,600 HNL
Medical Auditor26,900 HNL
Monitoring and Performance Officer18,100 HNL
Payment Services Specialist25,800 HNL
Policy Change Director40,700 HNL
Policy Change Supervisor28,000 HNL
Policy Change Technician12,500 HNL
Risk Analyst28,600 HNL
Risk Management Director49,400 HNL
Risk Management Supervisor35,100 HNL
Risk Manager52,100 HNL
Risk Modeling Manager51,900 HNL
Title Insurance Typist24,000 HNL
Training Manager28,800 HNL

Insurance Jobs Salary Distribution in Honduras

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

  • Salary Range

    Insurance salaries in Honduras range from 10,500 HNL per month (minimum average salary) to 54,400 HNL per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 27,100 HNL per month, which means that half (50%) of people working in Insurance are earning less than 27,100 HNL while the other half are earning more than 27,100 HNL. 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 16,900 HNL while 75% of them are earning more than 16,900 HNL. Also from the diagram, 75% of people working in Insurance are earning less than 39,100 HNL while 25% are earning more than 39,100 HNL.


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 Honduras costs anywhere from 141,000 Lempira(s) to 422,000 Lempira(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 Honduras 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 in Honduras who work in Insurance earn 9% more than their female counterparts on average.

Male
29,700 HNL
Female-8%
27,200 HNL
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Honduras for all Careers

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

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

Insurance

Insurance professionals in Honduras are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Honduras 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.

Honduras / 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 Honduras is 2%.

Annual Increment Rate By Industry 2020

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

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

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Insurance Bonus and Incentive Rates in Honduras

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

67% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 33% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus
33%
No Bonus
67%

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 Hourly Average Wage in Honduras


160 HNL per hour

The average hourly wage (pay per hour) in Honduras is 160 HNL. This means that the average person in Honduras earns approximately 160 HNL 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 Honduras
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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 Honduras earn 14% more than their private sector counterparts on average across all sectors.

Private Sector
25,900 HNL
Public Sector+14%
29,500 HNL
Percentage increase and decrease are relative to the previous value

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