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Insurance Average Salaries in Iceland 2020

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


Average Monthly Salary
689,000 ISK
( 8,270,000 ISK yearly)

LOW
256,000
ISK
AVERAGE
689,000
ISK
HIGH
1,330,000
ISK

A person working in Insurance in Iceland typically earns around 689,000 ISK per month. Salaries range from 256,000 ISK (lowest average) to 1,330,000 ISK (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 Analyst867,000 ISK
Actuarial Assistant610,000 ISK
Actuary873,000 ISK
Adjustment Insurance Clerk241,000 ISK
Assistant Broker396,000 ISK
Assistant Claims Manager731,000 ISK
Associate Insurance Representative357,000 ISK
Auditing Insurance Manager964,000 ISK
Broker684,000 ISK
Claim Advocacy Professional631,000 ISK
Claims Adjuster241,000 ISK
Claims Analyst337,000 ISK
Claims Examiner336,000 ISK
Claims Manager912,000 ISK
Claims Processor240,000 ISK
Claims Representative301,000 ISK
Claims Resolution Specialist677,000 ISK
Claims Supervisor639,000 ISK
Complaints Specialist627,000 ISK
Compliance Officer547,000 ISK
Consultant665,000 ISK
Eligibility Specialist646,000 ISK
Insurance Account Manager842,000 ISK
Insurance Accounts Executive733,000 ISK
Insurance Agent407,000 ISK
Insurance Analyst629,000 ISK
Insurance Appraiser658,000 ISK
Insurance Claims Clerk244,000 ISK
Insurance Examiner600,000 ISK
Insurance Investigator616,000 ISK
Insurance Manager1,110,000 ISK
Insurance Operations Manager1,090,000 ISK
Insurance Policy Processing Clerk243,000 ISK
Insurance Pricing Assistant505,000 ISK
Insurance Program Manager821,000 ISK
Insurance Project Manager847,000 ISK
Insurance Quality Assurance Agent557,000 ISK
Insurance Sales Agent388,000 ISK
Insurance Sales Director1,060,000 ISK
Insurance Team Leader699,000 ISK
Insurance Underwriter467,000 ISK
Loss Control Specialist603,000 ISK
Loss Prevention Investigator649,000 ISK
Loss Prevention Manager907,000 ISK
Loss Prevention Specialist733,000 ISK
Marine Underwriter479,000 ISK
Medical Auditor656,000 ISK
Monitoring and Performance Officer474,000 ISK
Payment Services Specialist626,000 ISK
Policy Change Director1,000,000 ISK
Policy Change Supervisor692,000 ISK
Policy Change Technician310,000 ISK
Risk Analyst713,000 ISK
Risk Management Director1,240,000 ISK
Risk Management Supervisor797,000 ISK
Risk Manager1,190,000 ISK
Risk Modeling Manager1,180,000 ISK
Title Insurance Typist545,000 ISK
Training Manager690,000 ISK

Insurance Jobs Salary Distribution in Iceland

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

  • Salary Range

    Insurance salaries in Iceland range from 256,000 ISK per month (minimum average salary) to 1,330,000 ISK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 744,000 ISK per month, which means that half (50%) of people working in Insurance are earning less than 744,000 ISK while the other half are earning more than 744,000 ISK. 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 450,000 ISK while 75% of them are earning more than 450,000 ISK. Also from the diagram, 75% of people working in Insurance are earning less than 1,120,000 ISK while 25% are earning more than 1,120,000 ISK.


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 Iceland costs anywhere from 3,440,000 Iceland Krona(s) to 10,300,000 Iceland Krona(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 Iceland 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 Iceland who work in Insurance earn 5% more than their female counterparts on average.

Male
705,000 ISK
Female-4%
673,000 ISK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Iceland for all Careers

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

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

Insurance

Insurance professionals in Iceland 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.

Annual Salary Increment Rate Iceland 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.

Iceland / 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 Iceland is 2%.

Annual Increment Rate By Industry 2019

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 Iceland 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 Iceland

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

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 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 Iceland


3,980 ISK per hour

The average hourly wage (pay per hour) in Iceland is 3,980 ISK. This means that the average person in Iceland earns approximately 3,980 ISK 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 Iceland
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The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Reykjavik727,000 ISK

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 Iceland earn 25% more than their private sector counterparts on average across all sectors.

Private Sector
611,000 ISK
Public Sector+25%
763,000 ISK
Percentage increase and decrease are relative to the previous value

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