Average Claims Supervisor Salary in Cayman Islands for 2024

In this article, we will look at the average Claims Supervisor salary for 2024 in Cayman Islands 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 Cayman Islands dollar. To keep things simple, we are using the KYD currency code instead of the currency symbol $.

How Much Does a Claims Supervisor Make in Cayman Islands?

A Claims Supervisor working in Cayman Islands will typically earn around 41,700 KYD per year, and this can range from the lowest average salary of about 20,000 KYD to the highest average salary of 61,800 KYD.

Average Annual Salary
41,700 KYD
Average Monthly Salary
3,475 KYD

Lowest Annual Salary
20,000 KYD
Lowest Monthly Salary
1,666 KYD

Highest Annual Salary
61,800 KYD
Highest Monthly Salary
5,150 KYD

These are average salaries for a Claims Supervisor in Cayman Islands and include benefits such as housing and transport. It's also possible for a Claims Supervisor to earn more or less than the average salaries shown above.

Claims Supervisor 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 Claims Supervisor Salaries in Cayman Islands

So we've looked at the average salaries a Claims Supervisor will earn in Cayman Islands. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Claims Supervisor can earn between 20,000 KYD and 61,800 KYD on average in Cayman Islands. 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 a Claims Supervisor in Cayman Islands is 41,700 KYD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 41,700 KYD, and 50% of the population earn more than 41,700 KYD.

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 Claims Supervisor salary in Cayman Islands, 25% of the population are earning less than 26,900 KYD while 75% of the population earn more than 26,900 KYD.

75% of the population earn less than 49,700 KYD, and 25% of the population earn more than 49,700 KYD.

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.

Claims Supervisor Salary by Experience Level in Cayman Islands

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 claims supervisor 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. A Claims Supervisor in Cayman Islands that has less than two years of experience can expect to earn somewhere in the region of 22,400 KYD.
  • 2 - 5 Years Experience. With two to five years of experience the average Claims Supervisor salary would increase to 31,400 KYD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Claims Supervisor, the average salary would be 44,300 KYD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 51,800 KYD.
  • 15 - 20 Years Experience. A Claims Supervisor with 15 to 20 years of experience can earn an average of 56,100 KYD.
  • 20+ Years Experience. For a Claims Supervisor with more than 20 years, the expected average salary increases to 60,500 KYD.

Average Salary by Experience Chart

0-2 Years
22,400 KYD
2-5 Years +32%
31,400 KYD
5-10 Years +34%
44,300 KYD
10-15 Years +19%
51,800 KYD
15-20 Years +8%
56,100 KYD
20+ Years +7%
60,500 KYD

Claims Supervisor Salary by Education Level in Cayman Islands

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 a Claims Supervisor in Cayman Islands 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. A Claims Supervisor in Cayman Islands with a certificate or diploma education can earn an average salary of 31,400 KYD.

  • Bachelor's Degree. A Claims Supervisor in Cayman Islands with a bachelor's degree education can earn an average salary of 43,500 KYD.

  • Master's Degree. A Claims Supervisor in Cayman Islands with a master's degree education can earn an average salary of 57,800 KYD.

Average Salary by Education Chart

Certificate or Diploma
31,400 KYD
Bachelor's Degree +37%
43,500 KYD
Master's Degree +29%
57,800 KYD

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 Cayman Islands is around 16,200 to 48,600 KYD 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.

Claims Supervisor 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 Cayman Islands, a male claims supervisor will earn an average of 40,700 KYD, while a female claims supervisor will earn around 37,900 KYD.

This means that a male claims supervisor earns approximately 7% more than a female claims supervisor for performing the same job.

Average Salary by Gender Chart in Cayman Islands

Male
40,700 KYD
Female -7%
37,900 KYD

Claims Supervisor Average Pay Raise in Cayman Islands

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 a Claims Supervisor in Cayman Islands is around 8% every 29 months.

The national average pay raise across all professions and industries in Cayman Islands 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 = ( 8 ÷ 29 ) × 12  = 3%

What this means is that a Claims Supervisor in Cayman Islands can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Cayman Islands for 2024

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

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

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Claims Supervisor Bonus and Incentive Rates in Cayman Islands

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.

A Claims Supervisor 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 Cayman Islands earn approximately 17% more than private sector employees in the same role.

Public Sector
43,500 KYD
Private Sector -17%
37,200 KYD

Salaries for Jobs Similar to a Claims Supervisor

In the table below, we have salary information for jobs that are similar to a Claims Supervisor in Cayman Islands.

Job Title Category Salary
Actuarial Analyst Insurance 52,000 KYD
Actuarial Assistant Insurance 39,400 KYD
Actuarial Specialist Insurance 34,800 KYD
Actuary Insurance 51,500 KYD
Adjustment Insurance Clerk Insurance 12,400 KYD
Assistant Broker Insurance 23,100 KYD
Assistant Claims Manager Insurance 40,600 KYD
Associate Insurance Representative Insurance 22,600 KYD
Auditing Insurance Manager Insurance 58,500 KYD
Broker Insurance 38,100 KYD
Claim Advocacy Professional Insurance 39,600 KYD
Claims Adjuster Insurance 14,500 KYD
Claims Analyst Insurance 18,200 KYD
Claims Examiner Insurance 22,600 KYD
Claims Manager Insurance 51,800 KYD
Claims Processor Insurance 15,500 KYD
Claims Representative Insurance 18,300 KYD
Claims Resolution Specialist Insurance 43,500 KYD
Complaints Specialist Insurance 36,800 KYD
Compliance Examiner Insurance 39,400 KYD
Compliance Officer Insurance 29,100 KYD
Compliance Reviewer Insurance 37,200 KYD
Consultant Insurance 41,700 KYD
Eligibility Interviewer Insurance 41,500 KYD
Eligibility Specialist Insurance 39,100 KYD
Insurance Account Manager Insurance 48,200 KYD
Insurance Accounts Executive Insurance 43,500 KYD
Insurance Adjuster Insurance 35,200 KYD
Insurance Agent Insurance 23,400 KYD
Insurance Analyst Insurance 40,500 KYD
Insurance Appraiser Insurance 38,000 KYD
Insurance Claims Clerk Insurance 12,400 KYD
Insurance Examiner Insurance 36,000 KYD
Insurance Investigator Insurance 39,400 KYD
Insurance Manager Insurance 65,900 KYD
Insurance Operations Manager Insurance 66,100 KYD
Insurance Policy Processing Clerk Insurance 15,300 KYD
Insurance Pricing Assistant Insurance 29,100 KYD
Insurance Program Manager Insurance 49,700 KYD
Insurance Project Manager Insurance 49,700 KYD
Insurance Quality Assurance Agent Insurance 30,300 KYD
Insurance Sales Agent Insurance 23,100 KYD
Insurance Sales Director Insurance 67,800 KYD
Insurance Sales Manager Insurance 53,300 KYD
Insurance Sales Representative Insurance 17,800 KYD
Insurance Team Leader Insurance 41,700 KYD
Insurance Underwriter Insurance 27,700 KYD
Loss Control Specialist Insurance 35,200 KYD
Loss Prevention Investigator Insurance 40,700 KYD
Loss Prevention Manager Insurance 53,800 KYD
Loss Prevention Specialist Insurance 41,000 KYD
Marine Underwriter Insurance 29,100 KYD
Medical Auditor Insurance 40,900 KYD
Monitoring and Performance Officer Insurance 27,300 KYD
Payment Services Specialist Insurance 38,000 KYD
Policy Change Director Insurance 58,200 KYD
Policy Change Supervisor Insurance 40,600 KYD
Policy Change Technician Insurance 19,100 KYD
Risk Analyst Insurance 42,700 KYD
Risk Management Director Insurance 71,400 KYD
Risk Management Supervisor Insurance 49,700 KYD
Risk Manager Insurance 77,000 KYD
Risk Modeling Manager Insurance 72,400 KYD
Title Insurance Typist Insurance 33,600 KYD
Training Manager Insurance 42,600 KYD

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