A person working in Insurance in Djibouti typically earns around 276,000 DJF. Salaries range from 102,000 DJF (lowest average) to 533,000 DJF (highest average, actual maximum salary is higher).
The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Djibouti exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.
|Job Title||Average Salary|
|Actuarial Analyst||383,000 DJF|
|Actuarial Assistant||259,000 DJF|
|Adjustment Insurance Clerk||100,000 DJF|
|Assistant Broker||165,000 DJF|
|Assistant Claims Manager||293,000 DJF|
|Associate Insurance Representative||140,000 DJF|
|Auditing Insurance Manager||426,000 DJF|
|Claim Advocacy Professional||279,000 DJF|
|Claims Adjuster||102,000 DJF|
|Claims Analyst||137,000 DJF|
|Claims Examiner||146,000 DJF|
|Claims Manager||380,000 DJF|
|Claims Processor||106,000 DJF|
|Claims Representative||125,000 DJF|
|Claims Resolution Specialist||288,000 DJF|
|Claims Supervisor||272,000 DJF|
|Complaints Specialist||241,000 DJF|
|Compliance Officer||224,000 DJF|
|Eligibility Specialist||264,000 DJF|
|Insurance Account Manager||344,000 DJF|
|Insurance Accounts Executive||282,000 DJF|
|Insurance Agent||170,000 DJF|
|Insurance Analyst||273,000 DJF|
|Insurance Appraiser||285,000 DJF|
|Insurance Claims Clerk||102,000 DJF|
|Insurance Examiner||240,000 DJF|
|Insurance Investigator||262,000 DJF|
|Insurance Manager||463,000 DJF|
|Insurance Operations Manager||483,000 DJF|
|Insurance Policy Processing Clerk||99,200 DJF|
|Insurance Pricing Assistant||206,000 DJF|
|Insurance Program Manager||371,000 DJF|
|Insurance Project Manager||360,000 DJF|
|Insurance Quality Assurance Agent||232,000 DJF|
|Insurance Sales Agent||168,000 DJF|
|Insurance Sales Director||450,000 DJF|
|Insurance Team Leader||285,000 DJF|
|Insurance Underwriter||207,000 DJF|
|Loss Control Specialist||272,000 DJF|
|Loss Prevention Investigator||282,000 DJF|
|Loss Prevention Manager||378,000 DJF|
|Loss Prevention Specialist||294,000 DJF|
|Marine Underwriter||204,000 DJF|
|Medical Auditor||273,000 DJF|
|Monitoring and Performance Officer||198,000 DJF|
|Payment Services Specialist||272,000 DJF|
|Policy Change Director||418,000 DJF|
|Policy Change Supervisor||306,000 DJF|
|Policy Change Technician||132,000 DJF|
|Risk Analyst||309,000 DJF|
|Risk Management Director||515,000 DJF|
|Risk Management Supervisor||353,000 DJF|
|Risk Manager||504,000 DJF|
|Risk Modeling Manager||483,000 DJF|
|Title Insurance Typist||232,000 DJF|
|Training Manager||288,000 DJF|
Salaries in Insurance in Djibouti range from 102,000 DJF (starting average salary) to 533,000 DJF (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.
The median income in the field of Insurance is 255,000 DJF, implying that half of the workforce in Djibouti earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.
Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Djibouti earn less than 197,000 DJF, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 308,000 DJF, while 25% earn more than that.
Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Djibouti. The analysis revealed that roughly 65% of all reported salaries fell within the range of 140,000 DJF to 236,000 DJF. Approximately 20% of salaries were below the 140,000 DJF mark, while 10% ranged from 236,000 DJF to 280,000 DJF. Only 5% of individuals earned a gross salary of 280,000 DJF or higher.
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 in Insurance in Djibouti 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.
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 degree levels across many jobs in Insurance in Djibouti, 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 certificate 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.
A Master's degree program or any post-graduate program in Djibouti costs anywhere from 1,380,000 DJF to 4,130,000 DJF and lasts approximately two years. That is quite an investment.
Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Insurance in Djibouti, the average difference between the salary of male and female employees is 9%.
Professionals working in Insurance in Djibouti 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.
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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.
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
Listed above are the average annual increase rates for each industry in Djibouti for the year 2022. 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.
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
63% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 37% 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.
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.
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.
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.
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.
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.
|Average Salary 2019|
|Average Salary 2020||+2%|
|Average Salary 2021||+1%|
|Average Salary 2022||+3%|
Salaries for individuals working in Insurance in Djibouti are rising in the year 2023 based on recently submitted salaries and reports. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from one industry to another.
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 fixed 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.
The minimum pay rate per hour for people working in Insurance in Djibouti is 590 DJF. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Djibouti is 7% on average across all career fields.
A good and competitive compensation would range anywhere between 255,000 DJF and 308,000 DJF. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
The base salary for jobs in Insurance in Djibouti ranges from 197,000 DJF to 308,000 DJF. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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
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