A person working as an Insurance Project Manager in Saudi Arabia typically earns around 20,400 SAR per month. Salaries range from 10,800 SAR (lowest) to 31,100 SAR (highest).
This is the average monthly salary including housing, transport, and other benefits. Insurance Project Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Insurance Project Manager salaries in Saudi Arabia range from 10,800 SAR per month (minimum salary) to 31,100 SAR per month (maximum salary).
The median salary is 19,200 SAR per month, which means that half (50%) of people working as Insurance Project Manager(s) are earning less than 19,200 SAR while the other half are earning more than 19,200 SAR. 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.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Insurance Project Manager(s) are earning less than 13,500 SAR while 75% of them are earning more than 13,500 SAR. Also from the diagram, 75% of Insurance Project Manager(s) are earning less than 23,600 SAR while 25% are earning more than 23,600 SAR.
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
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Insurance Project Manager salaries by experience level and this is what we found.
An Insurance Project Manager with less than two years of experience makes approximately 12,500 SAR per month.
While someone with an experience level between two and five years is expected to earn 15,300 SAR per month, 23% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 21,700 SAR per month, 42% more than someone with two to five years of experience.
Additionally, Insurance Project Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 25,300 SAR per month, 17% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 27,800 SAR per month, 10% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 29,400 SAR per month, 6% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+23%|
|5 - 10 Years||+42%|
|10 - 15 Years||+17%|
|15 - 20 Years||+10%|
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Insurance Project Manager salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary of an Insurance Project Manager is 14,100 SAR per month.
While someone with a Master's Degree gets a salary of 27,200 SAR per month, 93% more than someone having a Bachelor's Degree degree.
A Master's degree program or any post-graduate program in Saudi Arabia costs anywhere from 83,500 Saudi Riyal(s) to 251,000 Saudi Riyal(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 the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly 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? Male Insurance Project Manager employees in Saudi Arabia earn 14% more than their female counterparts on average.
Insurance Project Manager(s) in Saudi Arabia are likely to observe a salary increase of approximately 11% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.
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.
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 Saudi Arabia 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.
An Insurance Project Manager is considered to be a moderate bonus-based job 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.
48% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 52% 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.
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.
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.
The average salary for Insurance Project Manager is 22% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.
|Job Title||Average Salary|
|Actuarial Analyst||21,500 SAR||+5%|
|Actuarial Assistant||15,000 SAR||-27%|
|Adjustment Insurance Clerk||6,030 SAR||-70%|
|Assistant Broker||10,100 SAR||-51%|
|Assistant Claims Manager||17,400 SAR||-15%|
|Associate Insurance Representative||8,470 SAR||-59%|
|Auditing Insurance Manager||23,900 SAR||+17%|
|Claim Advocacy Professional||16,600 SAR||-19%|
|Claims Adjuster||5,920 SAR||-71%|
|Claims Analyst||8,210 SAR||-60%|
|Claims Examiner||8,140 SAR||-60%|
|Claims Manager||21,900 SAR||+7%|
|Claims Processor||5,710 SAR||-72%|
|Claims Representative||6,950 SAR||-66%|
|Claims Resolution Specialist||17,700 SAR||-13%|
|Claims Supervisor||16,700 SAR||-18%|
|Complaints Specialist||14,500 SAR||-29%|
|Compliance Officer||13,400 SAR||-34%|
|Eligibility Specialist||16,700 SAR||-18%|
|Insurance Account Manager||20,200 SAR||-1%|
|Insurance Accounts Executive||18,000 SAR||-12%|
|Insurance Agent||9,600 SAR||-53%|
|Insurance Analyst||16,200 SAR||-21%|
|Insurance Appraiser||16,300 SAR||-20%|
|Insurance Claims Clerk||5,970 SAR||-71%|
|Insurance Examiner||14,600 SAR||-29%|
|Insurance Investigator||14,800 SAR||-28%|
|Insurance Manager||27,200 SAR||+33%|
|Insurance Operations Manager||26,500 SAR||+30%|
|Insurance Policy Processing Clerk||5,810 SAR||-72%|
|Insurance Pricing Assistant||12,600 SAR||-38%|
|Insurance Program Manager||21,300 SAR||+4%|
|Insurance Project Manager||20,400 SAR||-0%|
|Insurance Quality Assurance Agent||13,400 SAR||-34%|
|Insurance Sales Agent||9,210 SAR||-55%|
|Insurance Sales Director||26,100 SAR||+28%|
|Insurance Team Leader||17,000 SAR||-17%|
|Insurance Underwriter||12,300 SAR||-40%|
|Loss Control Specialist||15,000 SAR||-27%|
|Loss Prevention Investigator||16,000 SAR||-22%|
|Loss Prevention Manager||22,200 SAR||+9%|
|Loss Prevention Specialist||17,800 SAR||-13%|
|Marine Underwriter||12,500 SAR||-39%|
|Medical Auditor||16,100 SAR||-21%|
|Monitoring and Performance Officer||11,600 SAR||-43%|
|Payment Services Specialist||15,500 SAR||-24%|
|Policy Change Director||25,600 SAR||+25%|
|Policy Change Supervisor||17,500 SAR||-14%|
|Policy Change Technician||7,770 SAR||-62%|
|Risk Analyst||17,600 SAR||-14%|
|Risk Management Director||30,300 SAR||+48%|
|Risk Management Supervisor||19,400 SAR||-5%|
|Risk Manager||28,600 SAR||+40%|
|Risk Modeling Manager||31,300 SAR||+53%|
|Title Insurance Typist||13,100 SAR||-36%|
|Training Manager||17,600 SAR||-14%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Saudi Arabia earn 7% more than their private sector counterparts on average across all sectors.