Average Insurance Accounts Executive Salary in Papua New Guinea for 2024

In this article, we will look at the average Insurance Accounts Executive salary for 2024 in Papua New Guinea 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 Papua New Guinean kina. To keep things simple, we are using the PGK currency code instead of the currency symbol K.

How Much Does an Insurance Accounts Executive Make in Papua New Guinea?

An Insurance Accounts Executive working in Papua New Guinea will typically earn around 49,200 PGK per year, and this can range from the lowest average salary of about 22,660 PGK to the highest average salary of 78,260 PGK.

Average Annual Salary
49,200 PGK
Average Monthly Salary
4,100 PGK

Lowest Annual Salary
22,660 PGK
Lowest Monthly Salary
1,888 PGK

Highest Annual Salary
78,260 PGK
Highest Monthly Salary
6,521 PGK

These are average salaries for an Insurance Accounts Executive in Papua New Guinea 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 Papua New Guinea

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

Salary ranges

We already know that an Insurance Accounts Executive can earn between 22,660 PGK and 78,260 PGK on average in Papua New Guinea. 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 Papua New Guinea is 52,880 PGK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 52,880 PGK, and 50% of the population earn more than 52,880 PGK.

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 Papua New Guinea, 25% of the population are earning less than 35,520 PGK while 75% of the population earn more than 35,520 PGK.

75% of the population earn less than 73,820 PGK, and 25% of the population earn more than 73,820 PGK.

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 Papua New Guinea

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 Papua New Guinea that has less than two years of experience can expect to earn somewhere in the region of 26,080 PGK.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Accounts Executive salary would increase to 34,360 PGK.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Accounts Executive, the average salary would be 50,560 PGK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 61,760 PGK.
  • 15 - 20 Years Experience. An Insurance Accounts Executive with 15 to 20 years of experience can earn an average of 67,320 PGK.
  • 20+ Years Experience. For an Insurance Accounts Executive with more than 20 years, the expected average salary increases to 75,260 PGK.

Average Salary by Experience Chart

0-2 Years
26,080 PGK
2-5 Years +34%
34,360 PGK
5-10 Years +48%
50,560 PGK
10-15 Years +22%
61,760 PGK
15-20 Years +9%
67,320 PGK
20+ Years +8%
75,260 PGK

Insurance Accounts Executive Salary by Education Level in Papua New Guinea

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 Papua New Guinea 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 Papua New Guinea with a bachelor's degree education can earn an average salary of 31,400 PGK.

  • Master's Degree. An Insurance Accounts Executive in Papua New Guinea with a master's degree education can earn an average salary of 57,440 PGK.

Average Salary by Education Chart

Bachelor's Degree
31,400 PGK
Master's Degree +93%
57,440 PGK

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 Papua New Guinea is around 20,500 to 61,600 PGK 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 Papua New Guinea, a male insurance accounts executive will earn an average of 54,700 PGK, while a female insurance accounts executive will earn around 45,000 PGK.

This means that a male insurance accounts executive earns approximately 22% more than a female insurance accounts executive for performing the same job.

Average Salary by Gender Chart in Papua New Guinea

Male
54,700 PGK
Female -22%
45,000 PGK

Insurance Accounts Executive Average Pay Raise in Papua New Guinea

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 Papua New Guinea is around 8% every 28 months.

The national average pay raise across all professions and industries in Papua New Guinea 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 ÷ 28 ) × 12  = 3%

What this means is that an Insurance Accounts Executive in Papua New Guinea can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Papua New Guinea for 2024

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

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

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

Insurance Accounts Executive Bonus and Incentive Rates in Papua New Guinea

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 Papua New Guinea earn approximately 21% more than private sector employees in the same role.

Public Sector
53,120 PGK
Private Sector -21%
43,760 PGK

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 Papua New Guinea.

Job Title Category Salary
Actuarial Analyst Insurance 64,180 PGK
Actuarial Assistant Insurance 43,340 PGK
Actuarial Specialist Insurance 48,160 PGK
Actuary Insurance 66,000 PGK
Adjustment Insurance Clerk Insurance 20,300 PGK
Assistant Broker Insurance 29,160 PGK
Assistant Claims Manager Insurance 55,140 PGK
Associate Insurance Representative Insurance 24,200 PGK
Auditing Insurance Manager Insurance 70,880 PGK
Broker Insurance 50,240 PGK
Claim Advocacy Professional Insurance 49,200 PGK
Claims Adjuster Insurance 15,700 PGK
Claims Analyst Insurance 27,040 PGK
Claims Examiner Insurance 23,700 PGK
Claims Manager Insurance 68,060 PGK
Claims Processor Insurance 20,120 PGK
Claims Representative Insurance 19,940 PGK
Claims Resolution Specialist Insurance 53,860 PGK
Claims Supervisor Insurance 48,740 PGK
Complaints Specialist Insurance 43,800 PGK
Compliance Examiner Insurance 46,400 PGK
Compliance Officer Insurance 39,420 PGK
Compliance Reviewer Insurance 43,260 PGK
Consultant Insurance 45,580 PGK
Eligibility Interviewer Insurance 53,120 PGK
Eligibility Specialist Insurance 45,580 PGK
Insurance Account Manager Insurance 58,440 PGK
Insurance Adjuster Insurance 46,160 PGK
Insurance Agent Insurance 26,860 PGK
Insurance Analyst Insurance 48,940 PGK
Insurance Appraiser Insurance 48,160 PGK
Insurance Claims Clerk Insurance 17,560 PGK
Insurance Examiner Insurance 46,840 PGK
Insurance Investigator Insurance 46,400 PGK
Insurance Manager Insurance 80,280 PGK
Insurance Operations Manager Insurance 85,940 PGK
Insurance Policy Processing Clerk Insurance 17,560 PGK
Insurance Pricing Assistant Insurance 40,140 PGK
Insurance Program Manager Insurance 63,380 PGK
Insurance Project Manager Insurance 59,660 PGK
Insurance Quality Assurance Agent Insurance 41,660 PGK
Insurance Sales Agent Insurance 30,800 PGK
Insurance Sales Director Insurance 78,160 PGK
Insurance Sales Manager Insurance 63,040 PGK
Insurance Sales Representative Insurance 23,360 PGK
Insurance Team Leader Insurance 52,380 PGK
Insurance Underwriter Insurance 35,420 PGK
Loss Control Specialist Insurance 45,600 PGK
Loss Prevention Investigator Insurance 48,940 PGK
Loss Prevention Manager Insurance 66,680 PGK
Loss Prevention Specialist Insurance 53,860 PGK
Marine Underwriter Insurance 37,740 PGK
Medical Auditor Insurance 46,880 PGK
Monitoring and Performance Officer Insurance 31,520 PGK
Payment Services Specialist Insurance 48,160 PGK
Policy Change Director Insurance 77,620 PGK
Policy Change Supervisor Insurance 51,100 PGK
Policy Change Technician Insurance 23,080 PGK
Risk Analyst Insurance 53,840 PGK
Risk Management Director Insurance 88,020 PGK
Risk Management Supervisor Insurance 62,060 PGK
Risk Manager Insurance 88,600 PGK
Risk Modeling Manager Insurance 86,520 PGK
Title Insurance Typist Insurance 41,900 PGK
Training Manager Insurance 54,180 PGK

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