Salary Structure Of Insurance Companies In Nigeria 2024
Insurance companies are one of the highest paying organizations all over the world and Nigeria Insurance companies are not an exception this is why we have taken our time to research and write on the salary structure of insurance companies in Nigeria.
For the benefit of those who are aspiring to be an employee in the insurance industry then you will learn about the job, the duty of the company, job positions and also the salary they pay staff based on their position in the company.
The Insurance company is an organization that handles subscribers’ issues relating to their life, health, assets and many more. In events of unexpected circumstances, the insurance company provides succour, support and compensation.
For aspiring job seekers in the banking and insurance sector, you may need to base your decision on the salary scale of insurance companies in Nigeria so you will know if the salary is what you can work with and live fine while working in the company.
The insurance sector in Nigeria is currently growing rapidly compared to how it was back in the olden days, people now pay attention to insurance and like to know more about the benefits of insuring their properties and life.
Normally the job of insurance companies is risk management, they help you manage risk in your business, properties and also health. With a good record with an insurance company, they can also help secure good contracts.
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Let’s not bore you with much introduction, join us as we reveal to you the salary structure of insurance companies in Nigeria but before that let’s quickly treat the various types of insurance companies in the country.
Types Of Insurance Companies In Nigeria
Insurance companies differ based on the services they cover likewise what they give their customers differs based on the package a customer opted for and the most patronized of them all in Nigeria are personal insurance and life insurance but aside from that we have more listed below;
- Property Insurance
- Life Insurance
- Liability Insurance
- Fire Insurance
- Social Insurance
- Guarantee Insurance
- Marine Insurance
Salary Structure Of Insurance Companies In Nigeria
As a staff or employee working in an insurance company in Nigeria, they get an approximate salary of ₦339,000 monthly. The thing is based on the company you tend to earn more or a bit less but generally ranges from ₦130,000 to ₦700,000. You also get to enjoy allowances or bonuses based on the position you are in.
Here we have a table showing the current salary structure of insurance companies in Nigeria based on workers’ position.
| Dept./Position | Monthly Salary (Average) |
| Actuary | ₦468,000 |
| Actuarial Assistant | ₦331,000 |
| Actuarial Analyst | ₦445,000 |
| Broker | ₦348,000 |
| Assistant Broker | ₦204,000 |
| Adjustment Insurance Clerk | ₦129,000 |
| Auditing Insurance Manager | ₦494,000 |
| Assistant Claims Manager | ₦355,000 |
| Associate Insurance Representative | ₦172,000 |
| Claims Analyst | ₦176,000 |
| Claims Manager | ₦485,000 |
| Claims Adjuster | ₦131,000 |
| Claims Processor | ₦122,000 |
| Claim Advocacy Professional | ₦347,000 |
| Claims Supervisor | ₦345,000 |
| Complaints Specialist | ₦295,000 |
| Claims Representative | ₦152,000 |
| Compliance Officer | ₦272,000 |
| Consultant | ₦339,000 |
| Claims Examiner | ₦168,000 |
| Claims Supervisor | ₦345,000 |
| Claims Resolution Specialist | ₦357,000 |
| Insurance Agent | ₦208,000 |
| Insurance Manager | ₦570,000 |
| Insurance Claims Clerk | ₦119,000 |
| Insurance Appraiser | ₦335,000 |
| Insurance Investigator | ₦306,000 |
| Insurance Pricing Assistant | ₦261,000 |
| Insurance Operations Manager | ₦551,000 |
| Insurance Project Manager | ₦432,000 |
| Insurance Examiner | ₦311,000 |
| Insurance Program Manager | ₦459,000 |
| Insurance Team Leader | ₦338,000 |
| Insurance Policy Processing Clerk | ₦128,000 |
| Insurance Underwriter | ₦257,000 |
| Insurance Analyst | ₦313,000 |
| Insurance Sales Director | ₦575,000 |
| Insurance Quality Assurance Agent | ₦296,000 |
| Insurance Account Manager | ₦422,000 |
| Eligibility Specialist | ₦335,000 |
| Insurance Accounts Executive | ₦379,000 |
| Payment Services Specialist | ₦335,000 |
| Policy Change Technician | ₦167,000 |
| Policy Change Director | ₦530,000 |
| Policy Change Supervisor | ₦351,000 |
| Risk Manager | ₦635,000 |
| Risk Management Director | ₦650,000 |
| Risk Analyst | ₦391,000 |
| Risk Modeling Manager | ₦609,000 |
| Risk Management Supervisor | ₦402,000 |
| Training Manager | ₦356,000 |
| Title Insurance Typist | ₦292,000 |
| Marine Underwriter | ₦259,000 |
| Monitoring and Performance Officer | ₦238,000 |
| Medical Auditor | ₦336,000 |
| Loss Prevention Manager | ₦466,000 |
| Loss Control Specialist | ₦336,000 |
| Loss Prevention Specialist | ₦361,000 |
| Loss Prevention Investigator | ₦347,000 |
The Top Insurance Companies In Nigeria
What are the top insurance companies in Nigeria? here they are:
- Aiico Insurance Plc
- Niger Insurance Plc
- A&G Insurance
- Acen Insurance Company
- Continental Reinsurance
- Royal Exchange Plc
- Adic Insurance
- Consolidated Hallmark Insurance
- Cornerstone Insurance Plc
- African Alliance Insurance Company Ltd. and many more.
Conclusion
When you are seeking a position in any Nigerian Insurance company you need to be aware that the more educated you are the more your chances of securing a good position and also earning higher salaries. Adding an extra certificate is also an added advantage that will distinguish you from the rest.
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For an employee with a master’s degree you get a 29% increase in salary, a Ph.D. holder gets a 23% salary earning, a bachelor’s degree holder a 25% increase in salary while a diploma or school certificate holder gets an 8% increase.
We hope with the latest salary structure of insurance companies in Nigeria you are able to make a decision, if this article is of great help to you kindly hit the share button to keep others informed.
