Average Associate Insurance Representative Salary in Aruba for 2024

In this article, we will look at the average Associate Insurance Representative salary for 2024 in Aruba and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Aruban florin. To keep things simple, we are using the AWG currency code instead of the currency symbol ฦ’.

How Much Does an Associate Insurance Representative Make in Aruba?

An Associate Insurance Representative working in Aruba will typically earn around 14,840 AWG per year, and this can range from the lowest average salary of about 6,200 AWG to the highest average salary of 22,420 AWG.

Average Annual Salary
14,840 AWG
Average Monthly Salary
1,236 AWG

Lowest Annual Salary
6,200 AWG
Lowest Monthly Salary
516 AWG

Highest Annual Salary
22,420 AWG
Highest Monthly Salary
1,868 AWG

These are average salaries for an Associate Insurance Representative in Aruba and include benefits such as housing and transport. It's also possible for an Associate Insurance Representative to earn more or less than the average salaries shown above.

Associate Insurance Representative salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Associate Insurance Representative Salaries in Aruba

So we've looked at the average salaries an Associate Insurance Representative will earn in Aruba. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Associate Insurance Representative can earn between 6,200 AWG and 22,420 AWG on average in Aruba. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Associate Insurance Representative in Aruba is 13,100 AWG. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 13,100 AWG, and 50% of the population earn more than 13,100 AWG.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Associate Insurance Representative salary in Aruba, 25% of the population are earning less than 9,460 AWG while 75% of the population earn more than 9,460 AWG.

75% of the population earn less than 19,020 AWG, and 25% of the population earn more than 19,020 AWG.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Associate Insurance Representative Salary by Experience Level in Aruba

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average associate insurance representative salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Associate Insurance Representative in Aruba that has less than two years of experience can expect to earn somewhere in the region of 9,020 AWG.
  • 2 - 5 Years Experience. With two to five years of experience the average Associate Insurance Representative salary would increase to 10,220 AWG.
  • 5 - 10 Years Experience. From five to ten years of experience as an Associate Insurance Representative, the average salary would be 17,020 AWG.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 20,120 AWG.
  • 15 - 20 Years Experience. An Associate Insurance Representative with 15 to 20 years of experience can earn an average of 21,540 AWG.
  • 20+ Years Experience. For an Associate Insurance Representative with more than 20 years, the expected average salary increases to 21,560 AWG.

Average Salary by Experience Chart

0-2 Years
9,020 AWG
2-5 Years +29%
10,220 AWG
5-10 Years +38%
17,020 AWG
10-15 Years +24%
20,120 AWG
15-20 Years +7%
21,540 AWG
20+ Years +7%
21,560 AWG

Associate Insurance Representative Salary by Education Level in Aruba

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Associate Insurance Representative in Aruba based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. An Associate Insurance Representative in Aruba with a certificate or diploma education can earn an average salary of 10,220 AWG.

  • Bachelor's Degree. An Associate Insurance Representative in Aruba with a bachelor's degree education can earn an average salary of 14,660 AWG.

  • Master's Degree. An Associate Insurance Representative in Aruba with a master's degree education can earn an average salary of 20,760 AWG.

Average Salary by Education Chart

Certificate or Diploma
10,220 AWG
Bachelor's Degree +34%
14,660 AWG
Master's Degree +53%
20,760 AWG

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Aruba is around 11,300 to 33,900 AWG and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Associate Insurance Representative Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Aruba, a male associate insurance representative will earn an average of 17,260 AWG, while a female associate insurance representative will earn around 11,880 AWG.

This means that a male associate insurance representative earns approximately 45% more than a female associate insurance representative for performing the same job.

Average Salary by Gender Chart in Aruba

Male
17,260 AWG
Female -45%
11,880 AWG

Associate Insurance Representative Average Pay Raise in Aruba

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Associate Insurance Representative in Aruba is around 7% every 28 months.

The national average pay raise across all professions and industries in Aruba is around 5% every 28 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 7 ÷ 28 ) × 12  = 3%

What this means is that an Associate Insurance Representative in Aruba can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Aruba for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Aruba.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Associate Insurance Representative Bonus and Incentive Rates in Aruba

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Associate Insurance Representative is a low bonus based job, with 37% of employees reporting at least one bonus in the last 12 months.

63% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 6%.

Received Bonus
37%
No Bonus
63%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Aruba earn approximately 14% more than private sector employees in the same role.

Public Sector
27,480 AWG
Private Sector -14%
24,200 AWG

Salaries for Jobs Similar to an Associate Insurance Representative

In the table below, we have salary information for jobs that are similar to an Associate Insurance Representative in Aruba.

Job Title Category Salary
Actuarial Analyst Insurance 36,580 AWG
Actuarial Assistant Insurance 27,300 AWG
Actuarial Specialist Insurance 28,820 AWG
Actuary Insurance 38,060 AWG
Adjustment Insurance Clerk Insurance 11,300 AWG
Assistant Broker Insurance 16,140 AWG
Assistant Claims Manager Insurance 31,180 AWG
Auditing Insurance Manager Insurance 41,180 AWG
Broker Insurance 28,180 AWG
Claim Advocacy Professional Insurance 29,320 AWG
Claims Adjuster Insurance 9,740 AWG
Claims Analyst Insurance 14,660 AWG
Claims Examiner Insurance 13,100 AWG
Claims Manager Insurance 40,040 AWG
Claims Processor Insurance 10,220 AWG
Claims Representative Insurance 10,980 AWG
Claims Resolution Specialist Insurance 30,840 AWG
Claims Supervisor Insurance 25,660 AWG
Complaints Specialist Insurance 25,660 AWG
Compliance Examiner Insurance 24,720 AWG
Compliance Officer Insurance 22,420 AWG
Compliance Reviewer Insurance 24,720 AWG
Consultant Insurance 29,040 AWG
Eligibility Interviewer Insurance 31,400 AWG
Eligibility Specialist Insurance 26,660 AWG
Insurance Account Manager Insurance 35,300 AWG
Insurance Accounts Executive Insurance 29,640 AWG
Insurance Adjuster Insurance 25,160 AWG
Insurance Agent Insurance 16,720 AWG
Insurance Analyst Insurance 26,500 AWG
Insurance Appraiser Insurance 30,800 AWG
Insurance Claims Clerk Insurance 9,460 AWG
Insurance Examiner Insurance 23,360 AWG
Insurance Investigator Insurance 24,720 AWG
Insurance Manager Insurance 47,580 AWG
Insurance Operations Manager Insurance 48,340 AWG
Insurance Policy Processing Clerk Insurance 12,020 AWG
Insurance Pricing Assistant Insurance 21,300 AWG
Insurance Program Manager Insurance 36,160 AWG
Insurance Project Manager Insurance 35,300 AWG
Insurance Quality Assurance Agent Insurance 25,680 AWG
Insurance Sales Agent Insurance 15,300 AWG
Insurance Sales Director Insurance 46,160 AWG
Insurance Sales Manager Insurance 36,020 AWG
Insurance Sales Representative Insurance 15,880 AWG
Insurance Team Leader Insurance 28,680 AWG
Insurance Underwriter Insurance 19,940 AWG
Loss Control Specialist Insurance 28,660 AWG
Loss Prevention Investigator Insurance 31,080 AWG
Loss Prevention Manager Insurance 40,420 AWG
Loss Prevention Specialist Insurance 27,020 AWG
Marine Underwriter Insurance 21,540 AWG
Medical Auditor Insurance 28,720 AWG
Monitoring and Performance Officer Insurance 19,360 AWG
Payment Services Specialist Insurance 30,800 AWG
Policy Change Director Insurance 43,080 AWG
Policy Change Supervisor Insurance 31,080 AWG
Policy Change Technician Insurance 12,000 AWG
Risk Analyst Insurance 31,040 AWG
Risk Management Director Insurance 51,340 AWG
Risk Management Supervisor Insurance 35,560 AWG
Risk Manager Insurance 50,520 AWG
Risk Modeling Manager Insurance 53,120 AWG
Title Insurance Typist Insurance 24,820 AWG
Training Manager Insurance 31,940 AWG

Link To or Reference This Page

We spend a lot of time collecting, cleaning, merging, and formatting the data that is shown on the site to be as useful to you as possible.

If you found the data or information on this page useful in your research, please use the tool below to properly cite or reference World Salaries as the source. We appreciate your support!

  • "Average Associate Insurance Representative Salary in Aruba for 2024". World Salaries. Accessed on March 28, 2024. https://worldsalaries.com/average-associate-insurance-representative-salary-in-aruba/.

  • "Average Associate Insurance Representative Salary in Aruba for 2024". World Salaries, https://worldsalaries.com/average-associate-insurance-representative-salary-in-aruba/. Accessed 28 March, 2024

  • Average Associate Insurance Representative Salary in Aruba for 2024. World Salaries. Retrieved from https://worldsalaries.com/average-associate-insurance-representative-salary-in-aruba/.