Average Insurance Agent Salary in Bermuda for 2024

In this article, we will look at the average Insurance Agent salary for 2024 in Bermuda 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 Bermudian dollar. To keep things simple, we are using the BMD currency code instead of the currency symbol $.

How Much Does an Insurance Agent Make in Bermuda?

An Insurance Agent working in Bermuda will typically earn around 10,000 BMD per year, and this can range from the lowest average salary of about 6,180 BMD to the highest average salary of 15,700 BMD.

Average Annual Salary
10,000 BMD
Average Monthly Salary
833 BMD

Lowest Annual Salary
6,180 BMD
Lowest Monthly Salary
515 BMD

Highest Annual Salary
15,700 BMD
Highest Monthly Salary
1,308 BMD

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

Insurance Agent 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 Agent Salaries in Bermuda

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

Salary ranges

We already know that an Insurance Agent can earn between 6,180 BMD and 15,700 BMD on average in Bermuda. 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 Agent in Bermuda is 10,220 BMD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 10,220 BMD, and 50% of the population earn more than 10,220 BMD.

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 Agent salary in Bermuda, 25% of the population are earning less than 5,960 BMD while 75% of the population earn more than 5,960 BMD.

75% of the population earn less than 13,960 BMD, and 25% of the population earn more than 13,960 BMD.

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 Agent Salary by Experience Level in Bermuda

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 agent 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 Agent in Bermuda that has less than two years of experience can expect to earn somewhere in the region of 5,520 BMD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Agent salary would increase to 7,800 BMD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Agent, the average salary would be 9,940 BMD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 13,560 BMD.
  • 15 - 20 Years Experience. An Insurance Agent with 15 to 20 years of experience can earn an average of 15,580 BMD.
  • 20+ Years Experience. For an Insurance Agent with more than 20 years, the expected average salary increases to 17,620 BMD.

Average Salary by Experience Chart

0-2 Years
5,520 BMD
2-5 Years +34%
7,800 BMD
5-10 Years +30%
9,940 BMD
10-15 Years +21%
13,560 BMD
15-20 Years +9%
15,580 BMD
20+ Years +5%
17,620 BMD

Insurance Agent Salary by Education Level in Bermuda

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 Agent in Bermuda 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 Insurance Agent in Bermuda with a certificate or diploma education can earn an average salary of 10,100 BMD.

  • Bachelor's Degree. An Insurance Agent in Bermuda with a bachelor's degree education can earn an average salary of 14,540 BMD.

Average Salary by Education Chart

Certificate or Diploma
10,100 BMD
Bachelor's Degree +80%
14,540 BMD

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 Bermuda is around 7,970 to 23,900 BMD 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 Agent 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 Bermuda, a male insurance agent will earn an average of 12,620 BMD, while a female insurance agent will earn around 10,220 BMD.

This means that a male insurance agent earns approximately 23% more than a female insurance agent for performing the same job.

Average Salary by Gender Chart in Bermuda

Male
12,620 BMD
Female -23%
10,220 BMD

Insurance Agent Average Pay Raise in Bermuda

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 Agent in Bermuda is around 7% every 28 months.

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

Annual Pay Raise by Industry in Bermuda for 2024

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

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 Agent Bonus and Incentive Rates in Bermuda

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 Agent is a low bonus based job, with 9% of employees reporting at least one bonus in the last 12 months.

91% 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 1% to 3%.

Received Bonus
9%
No Bonus
91%

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 Bermuda earn approximately 33% more than private sector employees in the same role.

Public Sector
21,540 BMD
Private Sector -33%
16,140 BMD

Salaries for Jobs Similar to an Insurance Agent

In the table below, we have salary information for jobs that are similar to an Insurance Agent in Bermuda.

Job Title Category Salary
Actuarial Analyst Insurance 25,440 BMD
Actuarial Assistant Insurance 18,900 BMD
Actuarial Specialist Insurance 19,200 BMD
Actuary Insurance 24,860 BMD
Adjustment Insurance Clerk Insurance 6,200 BMD
Assistant Broker Insurance 13,540 BMD
Assistant Claims Manager Insurance 20,460 BMD
Associate Insurance Representative Insurance 8,880 BMD
Auditing Insurance Manager Insurance 31,540 BMD
Broker Insurance 19,860 BMD
Claim Advocacy Professional Insurance 21,100 BMD
Claims Adjuster Insurance 5,960 BMD
Claims Analyst Insurance 9,140 BMD
Claims Examiner Insurance 9,980 BMD
Claims Manager Insurance 26,280 BMD
Claims Processor Insurance 5,960 BMD
Claims Representative Insurance 7,800 BMD
Claims Resolution Specialist Insurance 19,380 BMD
Claims Supervisor Insurance 20,120 BMD
Complaints Specialist Insurance 17,760 BMD
Compliance Examiner Insurance 16,980 BMD
Compliance Officer Insurance 14,540 BMD
Compliance Reviewer Insurance 20,120 BMD
Consultant Insurance 18,940 BMD
Eligibility Interviewer Insurance 20,940 BMD
Eligibility Specialist Insurance 19,020 BMD
Insurance Account Manager Insurance 24,800 BMD
Insurance Accounts Executive Insurance 20,460 BMD
Insurance Adjuster Insurance 18,280 BMD
Insurance Analyst Insurance 19,020 BMD
Insurance Appraiser Insurance 19,380 BMD
Insurance Claims Clerk Insurance 6,760 BMD
Insurance Examiner Insurance 15,920 BMD
Insurance Investigator Insurance 16,980 BMD
Insurance Manager Insurance 34,160 BMD
Insurance Operations Manager Insurance 33,960 BMD
Insurance Policy Processing Clerk Insurance 7,040 BMD
Insurance Pricing Assistant Insurance 15,580 BMD
Insurance Program Manager Insurance 27,020 BMD
Insurance Project Manager Insurance 25,940 BMD
Insurance Quality Assurance Agent Insurance 17,560 BMD
Insurance Sales Agent Insurance 11,040 BMD
Insurance Sales Director Insurance 34,160 BMD
Insurance Sales Manager Insurance 25,660 BMD
Insurance Sales Representative Insurance 9,460 BMD
Insurance Team Leader Insurance 20,520 BMD
Insurance Underwriter Insurance 17,020 BMD
Loss Control Specialist Insurance 18,280 BMD
Loss Prevention Investigator Insurance 21,400 BMD
Loss Prevention Manager Insurance 29,040 BMD
Loss Prevention Specialist Insurance 21,100 BMD
Marine Underwriter Insurance 12,240 BMD
Medical Auditor Insurance 19,480 BMD
Monitoring and Performance Officer Insurance 13,900 BMD
Payment Services Specialist Insurance 19,380 BMD
Policy Change Director Insurance 31,960 BMD
Policy Change Supervisor Insurance 19,380 BMD
Policy Change Technician Insurance 9,440 BMD
Risk Analyst Insurance 22,540 BMD
Risk Management Director Insurance 37,620 BMD
Risk Management Supervisor Insurance 23,480 BMD
Risk Manager Insurance 38,180 BMD
Risk Modeling Manager Insurance 35,420 BMD
Title Insurance Typist Insurance 15,300 BMD
Training Manager Insurance 22,420 BMD

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