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Insurance Average Salaries in Johannesburg 2024

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

Average Monthly Salary
33,000 ZAR
( 396,000 ZAR yearly)

All salary figures displayed here are per month except when noted otherwise.
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.

A person working in Insurance in Johannesburg typically earns around 33,000 ZAR. Salaries range from 12,400 ZAR (lowest average) to 64,500 ZAR (highest average, actual maximum salary is higher).

Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Johannesburg 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.

Salaries for specific jobs

Job TitleAverage Salary
Actuarial Analyst43,800 ZAR
Actuarial Assistant32,600 ZAR
Actuarial Specialist31,700 ZAR
Actuary46,100 ZAR
Adjustment Insurance Clerk12,700 ZAR
Assistant Broker20,100 ZAR
Assistant Claims Manager34,900 ZAR
Associate Insurance Representative16,900 ZAR
Auditing Insurance Manager48,600 ZAR
Blockchain Insurance Auditor30,900 ZAR
Broker34,200 ZAR
Claim Advocacy Professional34,100 ZAR
Claims Adjuster12,900 ZAR
Claims Analyst17,300 ZAR
Claims Examiner16,600 ZAR
Claims Manager47,700 ZAR
Claims Processor12,000 ZAR
Claims Representative14,900 ZAR
Claims Resolution Specialist35,200 ZAR
Claims Supervisor34,000 ZAR
Complaints Specialist29,000 ZAR
Compliance Examiner31,700 ZAR
Compliance Officer26,800 ZAR
Compliance Reviewer30,000 ZAR
Consultant33,300 ZAR
Drone Claims Adjuster15,000 ZAR
Eligibility Interviewer33,900 ZAR
Eligibility Specialist33,000 ZAR
Insurance Account Manager41,600 ZAR
Insurance Accounts Executive37,300 ZAR
Insurance Adjuster31,700 ZAR
Insurance Agent20,500 ZAR
Insurance Analyst30,800 ZAR
Insurance Appraiser33,000 ZAR
Insurance Claims Clerk11,700 ZAR
Insurance Compliance Officer36,400 ZAR
Insurance Data Scientist31,500 ZAR
Insurance Examiner30,600 ZAR
Insurance Fraud Investigator27,300 ZAR
Insurance Investigator30,100 ZAR
Insurance Manager56,100 ZAR
Insurance Operations Manager54,200 ZAR
Insurance Policy Processing Clerk12,600 ZAR
Insurance Pricing Assistant25,700 ZAR
Insurance Product Manager40,700 ZAR
Insurance Program Manager45,200 ZAR
Insurance Project Manager42,500 ZAR
Insurance Quality Assurance Agent29,100 ZAR
Insurance Sales Agent19,300 ZAR
Insurance Sales Director56,600 ZAR
Insurance Sales Manager44,400 ZAR
Insurance Sales Representative17,900 ZAR
Insurance Team Leader33,300 ZAR
Insurance Underwriter25,300 ZAR
Insurtech Analyst30,700 ZAR
Loss Control Specialist33,100 ZAR
Loss Prevention Investigator34,200 ZAR
Loss Prevention Manager45,800 ZAR
Loss Prevention Specialist35,600 ZAR
Marine Underwriter25,500 ZAR
Medical Auditor33,100 ZAR
Monitoring and Performance Officer23,400 ZAR
Parametric Insurance Specialist31,600 ZAR
Payment Services Specialist33,000 ZAR
Peer-to-Peer Insurance Manager38,400 ZAR
Policy Change Director52,200 ZAR
Policy Change Supervisor34,500 ZAR
Policy Change Technician16,400 ZAR
Risk Analyst38,500 ZAR
Risk Management Director64,000 ZAR
Risk Management Supervisor39,600 ZAR
Risk Manager62,500 ZAR
Risk Modeling Manager59,900 ZAR
Social Media Risk Analyst33,600 ZAR
Title Insurance Typist28,800 ZAR
Training Manager35,000 ZAR
Underwriting Assistant17,300 ZAR

Insurance Jobs Pay Scale and Salaries in Johannesburg

Median and salary distribution Johannesburg Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
32,900 ZAR or more
10% of people earn
27,700 to 32,900 ZAR
20% of people earn
16,400 ZAR or less
65% of people earn
16,400 to 27,700 ZAR
Minimum Salary
12,400 ZAR
29,600 ZAR
64,500 ZAR

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Johannesburg range from 12,400 ZAR (starting average salary) to 64,500 ZAR (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.

  • Median Salary

    The median income in the field of Insurance is 29,600 ZAR, implying that half of the workforce in Johannesburg 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.

  • Percentiles and Salary Scale

    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 Johannesburg earn less than 22,900 ZAR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 35,800 ZAR, while 25% earn more than that.

  • Pay Scale Structure

    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 Johannesburg. The analysis revealed that roughly 65% of all reported salaries fell within the range of 16,400 ZAR to 27,700 ZAR. Approximately 20% of salaries were below the 16,400 ZAR mark, while 10% ranged from 27,700 ZAR to 32,900 ZAR. Only 5% of individuals earned a gross salary of 32,900 ZAR or higher.

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 in Insurance in Johannesburg 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.

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.
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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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.

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 Johannesburg, 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.

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 South Africa costs anywhere from 156,000 ZAR to 469,000 ZAR 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.

Salary and Compensation Comparison By Gender / Insurance / Johannesburg

Salary comparison by gender South Africa Insurance monthly
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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? In the field of Insurance in South Africa, the average difference between the salary of male and female employees is 8%.

31,800 ZAR
29,500 ZAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in South Africa for all Careers

Salary comparison by gender monthly South Africa
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Average Annual Salary Increment Percentage / Insurance / Johannesburg

How much are annual salary increments in Johannesburg for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in South Africa are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Annual Salary Increment Rate South Africa 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.

South Africa / All Professions

Annual Salary Increment Rate South Africa
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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.

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 South Africa is 5%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

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.

Bonus and Incentive Rates / Insurance / South Africa

How much and how often are bonuses being awarded?Annual Salary Bonus Rate South Africa Insurance
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100% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.

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

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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.

Hourly Average Wage / Insurance / Johannesburg

190 ZAR per hour

The average hourly wage (pay per hour) in Insurance in Johannesburg is 190 ZAR.This is the rate they get paid for every worked hour.

Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in Johannesburg is 72 ZAR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Bloemfontein30,000 ZAR
Cape Town35,900 ZAR
Durban34,300 ZAR
Johannesburg33,000 ZAR
Port Elizabeth31,200 ZAR
Pretoria32,400 ZAR

Government vs Private Sector Salary Comparison

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 South Africa is 7% on average across all career fields.

Private Sector
30,400 ZAR
Public Sector+7%
32,400 ZAR
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Johannesburg?

A good and competitive compensation would range anywhere between 29,600 ZAR and 35,800 ZAR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

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.

Base / Basic Salary

The base salary for jobs in Insurance in Johannesburg ranges from 12,400 ZAR to 22,900 ZAR. 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.

What is the difference between the median and the average salary?

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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