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Insurance Average Salaries in Kuala Lumpur 2024

How much money does a person working in Insurance make in Kuala Lumpur?

Average Monthly Salary
7,070 MYR
( 84,800 MYR 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 Kuala Lumpur typically earns around 7,070 MYR. Salaries range from 2,650 MYR (lowest average) to 13,800 MYR (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 Kuala Lumpur 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 Analyst9,550 MYR
Actuarial Assistant6,830 MYR
Actuarial Specialist7,020 MYR
Actuary9,650 MYR
Adjustment Insurance Clerk2,610 MYR
Assistant Broker4,560 MYR
Assistant Claims Manager7,900 MYR
Associate Insurance Representative3,890 MYR
Auditing Insurance Manager10,600 MYR
Blockchain Insurance Auditor7,060 MYR
Broker7,430 MYR
Claim Advocacy Professional7,540 MYR
Claims Adjuster2,700 MYR
Claims Analyst3,830 MYR
Claims Examiner3,890 MYR
Claims Manager10,700 MYR
Claims Processor2,860 MYR
Claims Representative3,140 MYR
Claims Resolution Specialist8,210 MYR
Claims Supervisor7,000 MYR
Complaints Specialist6,480 MYR
Compliance Examiner6,650 MYR
Compliance Officer6,230 MYR
Compliance Reviewer6,670 MYR
Consultant7,000 MYR
Drone Claims Adjuster3,430 MYR
Eligibility Interviewer7,570 MYR
Eligibility Specialist7,200 MYR
Insurance Account Manager9,030 MYR
Insurance Accounts Executive8,210 MYR
Insurance Adjuster6,770 MYR
Insurance Agent4,510 MYR
Insurance Analyst7,130 MYR
Insurance Appraiser7,310 MYR
Insurance Claims Clerk2,750 MYR
Insurance Compliance Officer8,530 MYR
Insurance Data Scientist7,060 MYR
Insurance Examiner6,890 MYR
Insurance Fraud Investigator5,850 MYR
Insurance Investigator7,180 MYR
Insurance Manager12,500 MYR
Insurance Operations Manager12,500 MYR
Insurance Policy Processing Clerk2,870 MYR
Insurance Pricing Assistant6,090 MYR
Insurance Product Manager8,390 MYR
Insurance Program Manager10,100 MYR
Insurance Project Manager8,930 MYR
Insurance Quality Assurance Agent6,540 MYR
Insurance Sales Agent4,220 MYR
Insurance Sales Director11,900 MYR
Insurance Sales Manager9,960 MYR
Insurance Sales Representative3,750 MYR
Insurance Team Leader7,950 MYR
Insurance Underwriter5,580 MYR
Insurtech Analyst6,680 MYR
Loss Control Specialist7,290 MYR
Loss Prevention Investigator7,970 MYR
Loss Prevention Manager10,200 MYR
Loss Prevention Specialist7,610 MYR
Marine Underwriter5,250 MYR
Medical Auditor7,400 MYR
Monitoring and Performance Officer5,360 MYR
Parametric Insurance Specialist7,670 MYR
Payment Services Specialist7,690 MYR
Peer-to-Peer Insurance Manager9,310 MYR
Policy Change Director11,600 MYR
Policy Change Supervisor8,100 MYR
Policy Change Technician3,680 MYR
Risk Analyst7,920 MYR
Risk Management Director13,900 MYR
Risk Management Supervisor9,150 MYR
Risk Manager13,800 MYR
Risk Modeling Manager14,000 MYR
Social Media Risk Analyst7,850 MYR
Title Insurance Typist6,360 MYR
Training Manager7,960 MYR
Underwriting Assistant3,570 MYR

Insurance Jobs Pay Scale and Salaries in Kuala Lumpur

Median and salary distribution Kuala Lumpur Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
7,180 MYR or more
10% of people earn
6,060 to 7,180 MYR
20% of people earn
3,580 MYR or less
65% of people earn
3,580 to 6,060 MYR
Minimum Salary
2,650 MYR
6,470 MYR
13,800 MYR

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 Kuala Lumpur range from 2,650 MYR (starting average salary) to 13,800 MYR (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 6,470 MYR, implying that half of the workforce in Kuala Lumpur 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 Kuala Lumpur earn less than 5,000 MYR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 7,820 MYR, 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 Kuala Lumpur. The analysis revealed that roughly 65% of all reported salaries fell within the range of 3,580 MYR to 6,060 MYR. Approximately 20% of salaries were below the 3,580 MYR mark, while 10% ranged from 6,060 MYR to 7,180 MYR. Only 5% of individuals earned a gross salary of 7,180 MYR 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 Kuala Lumpur 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 Kuala Lumpur, 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 Malaysia costs anywhere from 33,100 MYR to 99,200 MYR 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 / Kuala Lumpur

Salary comparison by gender Malaysia 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 Malaysia, the average difference between the salary of male and female employees is 10%.

6,770 MYR
6,170 MYR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Malaysia for all Careers

Salary comparison by gender monthly Malaysia
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Average Annual Salary Increment Percentage / Insurance / Kuala Lumpur

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

Professionals working in Insurance in Malaysia are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.

Annual Salary Increment Rate Malaysia 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.

Malaysia / All Professions

Annual Salary Increment Rate Malaysia
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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 Malaysia is 6%.

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 / Malaysia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Malaysia 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 / Kuala Lumpur

41 MYR per hour

The average hourly wage (pay per hour) in Insurance in Kuala Lumpur is 41 MYR.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 Kuala Lumpur is 15 MYR. 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
Ampang5,940 MYR
Ipoh6,980 MYR
Johor Bahru6,580 MYR
Klang6,050 MYR
Kota Kinabalu6,480 MYR
Kuala Lumpur7,070 MYR
Kuching6,340 MYR
Petaling Jaya6,880 MYR
Shah Alam6,730 MYR
Subang Jaya6,180 MYR

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 Malaysia is 9% on average across all career fields.

Private Sector
6,340 MYR
Public Sector+9%
6,900 MYR
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 Kuala Lumpur?

A good and competitive compensation would range anywhere between 6,470 MYR and 7,820 MYR. 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 Kuala Lumpur ranges from 2,650 MYR to 5,000 MYR. 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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