Average Insurance Accounts Executive Salary in Lesotho for 2024

In this article, we will look at the average Insurance Accounts Executive salary for 2024 in Lesotho 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 Lesotho loti. To keep things simple, we are using the LSL currency code instead of the currency symbol L.

How Much Does an Insurance Accounts Executive Make in Lesotho?

An Insurance Accounts Executive working in Lesotho will typically earn around 154,700 LSL per year, and this can range from the lowest average salary of about 72,780 LSL to the highest average salary of 246,200 LSL.

Average Annual Salary
154,700 LSL
Average Monthly Salary
12,891 LSL

Lowest Annual Salary
72,780 LSL
Lowest Monthly Salary
6,065 LSL

Highest Annual Salary
246,200 LSL
Highest Monthly Salary
20,516 LSL

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

Insurance Accounts Executive 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 Insurance Accounts Executive Salaries in Lesotho

So we've looked at the average salaries an Insurance Accounts Executive will earn in Lesotho. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Insurance Accounts Executive can earn between 72,780 LSL and 246,200 LSL on average in Lesotho. 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 Insurance Accounts Executive in Lesotho is 167,100 LSL. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 167,100 LSL, and 50% of the population earn more than 167,100 LSL.

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 Insurance Accounts Executive salary in Lesotho, 25% of the population are earning less than 109,000 LSL while 75% of the population earn more than 109,000 LSL.

75% of the population earn less than 221,500 LSL, and 25% of the population earn more than 221,500 LSL.

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.

Insurance Accounts Executive Salary by Experience Level in Lesotho

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 insurance accounts executive 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 Insurance Accounts Executive in Lesotho that has less than two years of experience can expect to earn somewhere in the region of 79,500 LSL.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Accounts Executive salary would increase to 108,320 LSL.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Accounts Executive, the average salary would be 159,400 LSL.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 194,600 LSL.
  • 15 - 20 Years Experience. An Insurance Accounts Executive with 15 to 20 years of experience can earn an average of 210,500 LSL.
  • 20+ Years Experience. For an Insurance Accounts Executive with more than 20 years, the expected average salary increases to 231,000 LSL.

Average Salary by Experience Chart

0-2 Years
79,500 LSL
2-5 Years +34%
108,320 LSL
5-10 Years +48%
159,400 LSL
10-15 Years +22%
194,600 LSL
15-20 Years +9%
210,500 LSL
20+ Years +8%
231,000 LSL

Insurance Accounts Executive Salary by Education Level in Lesotho

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 Insurance Accounts Executive in Lesotho based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. An Insurance Accounts Executive in Lesotho with a bachelor's degree education can earn an average salary of 92,680 LSL.

  • Master's Degree. An Insurance Accounts Executive in Lesotho with a master's degree education can earn an average salary of 181,600 LSL.

Average Salary by Education Chart

Bachelor's Degree
92,680 LSL
Master's Degree +93%
181,600 LSL

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 Lesotho is around 58,700 to 176,000 LSL 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.

Insurance Accounts Executive 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 Lesotho, a male insurance accounts executive will earn an average of 169,000 LSL, while a female insurance accounts executive will earn around 142,300 LSL.

This means that a male insurance accounts executive earns approximately 19% more than a female insurance accounts executive for performing the same job.

Average Salary by Gender Chart in Lesotho

Male
169,000 LSL
Female -19%
142,300 LSL

Insurance Accounts Executive Average Pay Raise in Lesotho

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 Insurance Accounts Executive in Lesotho is around 8% every 29 months.

The national average pay raise across all professions and industries in Lesotho 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 an Insurance Accounts Executive in Lesotho can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Lesotho for 2024

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

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%

Insurance Accounts Executive Bonus and Incentive Rates in Lesotho

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 Insurance Accounts Executive is a low bonus based job, with 41% of employees reporting at least one bonus in the last 12 months.

59% 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 2% to 7%.

Received Bonus
41%
No Bonus
59%

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 Lesotho earn approximately 13% more than private sector employees in the same role.

Public Sector
152,000 LSL
Private Sector -13%
134,600 LSL

Salaries for Jobs Similar to an Insurance Accounts Executive

In the table below, we have salary information for jobs that are similar to an Insurance Accounts Executive in Lesotho.

Job Title Category Salary
Actuarial Analyst Insurance 189,300 LSL
Actuarial Assistant Insurance 136,200 LSL
Actuarial Specialist Insurance 138,800 LSL
Actuary Insurance 185,100 LSL
Adjustment Insurance Clerk Insurance 50,660 LSL
Assistant Broker Insurance 88,240 LSL
Assistant Claims Manager Insurance 152,000 LSL
Associate Insurance Representative Insurance 79,280 LSL
Auditing Insurance Manager Insurance 209,700 LSL
Broker Insurance 139,100 LSL
Claim Advocacy Professional Insurance 142,300 LSL
Claims Adjuster Insurance 52,820 LSL
Claims Analyst Insurance 77,620 LSL
Claims Examiner Insurance 79,280 LSL
Claims Manager Insurance 194,600 LSL
Claims Processor Insurance 50,540 LSL
Claims Representative Insurance 62,060 LSL
Claims Resolution Specialist Insurance 154,700 LSL
Claims Supervisor Insurance 143,200 LSL
Complaints Specialist Insurance 130,400 LSL
Compliance Examiner Insurance 136,200 LSL
Compliance Officer Insurance 118,800 LSL
Compliance Reviewer Insurance 137,400 LSL
Consultant Insurance 143,200 LSL
Eligibility Interviewer Insurance 159,400 LSL
Eligibility Specialist Insurance 148,300 LSL
Insurance Account Manager Insurance 180,500 LSL
Insurance Adjuster Insurance 138,200 LSL
Insurance Agent Insurance 80,280 LSL
Insurance Analyst Insurance 148,300 LSL
Insurance Appraiser Insurance 151,800 LSL
Insurance Claims Clerk Insurance 50,660 LSL
Insurance Examiner Insurance 128,500 LSL
Insurance Investigator Insurance 136,200 LSL
Insurance Manager Insurance 246,200 LSL
Insurance Operations Manager Insurance 239,300 LSL
Insurance Policy Processing Clerk Insurance 54,700 LSL
Insurance Pricing Assistant Insurance 116,180 LSL
Insurance Program Manager Insurance 192,600 LSL
Insurance Project Manager Insurance 181,600 LSL
Insurance Quality Assurance Agent Insurance 117,440 LSL
Insurance Sales Agent Insurance 87,640 LSL
Insurance Sales Director Insurance 233,900 LSL
Insurance Sales Manager Insurance 194,600 LSL
Insurance Sales Representative Insurance 70,880 LSL
Insurance Team Leader Insurance 154,700 LSL
Insurance Underwriter Insurance 102,960 LSL
Loss Control Specialist Insurance 142,300 LSL
Loss Prevention Investigator Insurance 157,600 LSL
Loss Prevention Manager Insurance 201,100 LSL
Loss Prevention Specialist Insurance 151,800 LSL
Marine Underwriter Insurance 107,820 LSL
Medical Auditor Insurance 146,200 LSL
Monitoring and Performance Officer Insurance 98,440 LSL
Payment Services Specialist Insurance 151,800 LSL
Policy Change Director Insurance 215,100 LSL
Policy Change Supervisor Insurance 152,000 LSL
Policy Change Technician Insurance 69,780 LSL
Risk Analyst Insurance 168,100 LSL
Risk Management Director Insurance 266,000 LSL
Risk Management Supervisor Insurance 176,800 LSL
Risk Manager Insurance 267,100 LSL
Risk Modeling Manager Insurance 273,300 LSL
Title Insurance Typist Insurance 123,400 LSL
Training Manager Insurance 152,000 LSL

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