Salary Structure Of Insurance Companies In Nigeria 2022

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:

1. Aiico Insurance Plc
2. Niger Insurance Plc
3. A&G Insurance
4. Acen Insurance Company
5. Continental Reinsurance
6. Royal Exchange Plc
7. Adic Insurance
8. Consolidated Hallmark Insurance
9. Cornerstone Insurance Plc
10. 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.

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