Average Insurance Analyst Salary in Zambia for 2024

In this article, we will look at the average Insurance Analyst salary for 2024 in Zambia 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 Zambian kwacha. To keep things simple, we are using the ZMW currency code instead of the currency symbol ZK.

How Much Does an Insurance Analyst Make in Zambia?

An Insurance Analyst working in Zambia will typically earn around 73,020 ZMW per year, and this can range from the lowest average salary of about 36,940 ZMW to the highest average salary of 119,320 ZMW.

Average Annual Salary
73,020 ZMW
Average Monthly Salary
6,085 ZMW

Lowest Annual Salary
36,940 ZMW
Lowest Monthly Salary
3,078 ZMW

Highest Annual Salary
119,320 ZMW
Highest Monthly Salary
9,943 ZMW

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

Insurance Analyst 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 Analyst Salaries in Zambia

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

Salary ranges

We already know that an Insurance Analyst can earn between 36,940 ZMW and 119,320 ZMW on average in Zambia. 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 Analyst in Zambia is 79,260 ZMW. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 79,260 ZMW, and 50% of the population earn more than 79,260 ZMW.

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 Analyst salary in Zambia, 25% of the population are earning less than 50,660 ZMW while 75% of the population earn more than 50,660 ZMW.

75% of the population earn less than 105,980 ZMW, and 25% of the population earn more than 105,980 ZMW.

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 Analyst Salary by Experience Level in Zambia

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 analyst 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 Analyst in Zambia that has less than two years of experience can expect to earn somewhere in the region of 42,040 ZMW.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Analyst salary would increase to 54,280 ZMW.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Analyst, the average salary would be 80,920 ZMW.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 96,500 ZMW.
  • 15 - 20 Years Experience. An Insurance Analyst with 15 to 20 years of experience can earn an average of 103,600 ZMW.
  • 20+ Years Experience. For an Insurance Analyst with more than 20 years, the expected average salary increases to 111,920 ZMW.

Average Salary by Experience Chart

0-2 Years
42,040 ZMW
2-5 Years +38%
54,280 ZMW
5-10 Years +42%
80,920 ZMW
10-15 Years +22%
96,500 ZMW
15-20 Years +6%
103,600 ZMW
20+ Years +9%
111,920 ZMW

Insurance Analyst Salary by Education Level in Zambia

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 Analyst in Zambia 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 Analyst in Zambia with a bachelor's degree education can earn an average salary of 54,280 ZMW.

  • Master's Degree. An Insurance Analyst in Zambia with a master's degree education can earn an average salary of 103,600 ZMW.

Average Salary by Education Chart

Bachelor's Degree
54,280 ZMW
Master's Degree +83%
103,600 ZMW

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 Zambia is around 30,000 to 90,000 ZMW 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 Analyst 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 Zambia, a male insurance analyst will earn an average of 80,920 ZMW, while a female insurance analyst will earn around 72,180 ZMW.

This means that a male insurance analyst earns approximately 12% more than a female insurance analyst for performing the same job.

Average Salary by Gender Chart in Zambia

Male
80,920 ZMW
Female -12%
72,180 ZMW

Insurance Analyst Average Pay Raise in Zambia

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 Analyst in Zambia is around 8% every 29 months.

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

Annual Pay Raise by Industry in Zambia for 2024

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

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

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Insurance Analyst Bonus and Incentive Rates in Zambia

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 Analyst is a low bonus based job, with 15% of employees reporting at least one bonus in the last 12 months.

85% 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 0% to 4%.

Received Bonus
15%
No Bonus
85%

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 Zambia earn approximately 21% more than private sector employees in the same role.

Public Sector
80,180 ZMW
Private Sector -21%
66,260 ZMW

Salaries for Jobs Similar to an Insurance Analyst

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

Job Title Category Salary
Actuarial Analyst Insurance 97,300 ZMW
Actuarial Assistant Insurance 66,580 ZMW
Actuarial Specialist Insurance 68,400 ZMW
Actuary Insurance 91,660 ZMW
Adjustment Insurance Clerk Insurance 25,160 ZMW
Assistant Broker Insurance 48,160 ZMW
Assistant Claims Manager Insurance 80,340 ZMW
Associate Insurance Representative Insurance 36,720 ZMW
Auditing Insurance Manager Insurance 110,120 ZMW
Broker Insurance 72,180 ZMW
Claim Advocacy Professional Insurance 69,400 ZMW
Claims Adjuster Insurance 24,200 ZMW
Claims Analyst Insurance 37,380 ZMW
Claims Examiner Insurance 40,240 ZMW
Claims Manager Insurance 98,960 ZMW
Claims Processor Insurance 26,100 ZMW
Claims Representative Insurance 33,440 ZMW
Claims Resolution Specialist Insurance 79,240 ZMW
Claims Supervisor Insurance 70,260 ZMW
Complaints Specialist Insurance 69,780 ZMW
Compliance Examiner Insurance 65,920 ZMW
Compliance Officer Insurance 57,620 ZMW
Compliance Reviewer Insurance 70,940 ZMW
Consultant Insurance 69,400 ZMW
Eligibility Interviewer Insurance 80,800 ZMW
Eligibility Specialist Insurance 74,620 ZMW
Insurance Account Manager Insurance 85,700 ZMW
Insurance Accounts Executive Insurance 72,740 ZMW
Insurance Adjuster Insurance 64,200 ZMW
Insurance Agent Insurance 42,320 ZMW
Insurance Appraiser Insurance 75,040 ZMW
Insurance Claims Clerk Insurance 27,380 ZMW
Insurance Examiner Insurance 64,620 ZMW
Insurance Investigator Insurance 72,180 ZMW
Insurance Manager Insurance 125,100 ZMW
Insurance Operations Manager Insurance 128,500 ZMW
Insurance Policy Processing Clerk Insurance 27,300 ZMW
Insurance Pricing Assistant Insurance 59,000 ZMW
Insurance Program Manager Insurance 89,340 ZMW
Insurance Project Manager Insurance 89,460 ZMW
Insurance Quality Assurance Agent Insurance 60,840 ZMW
Insurance Sales Agent Insurance 43,520 ZMW
Insurance Sales Director Insurance 114,380 ZMW
Insurance Sales Manager Insurance 92,240 ZMW
Insurance Sales Representative Insurance 37,740 ZMW
Insurance Team Leader Insurance 80,340 ZMW
Insurance Underwriter Insurance 50,540 ZMW
Loss Control Specialist Insurance 67,300 ZMW
Loss Prevention Investigator Insurance 74,300 ZMW
Loss Prevention Manager Insurance 98,960 ZMW
Loss Prevention Specialist Insurance 75,100 ZMW
Marine Underwriter Insurance 50,180 ZMW
Medical Auditor Insurance 73,820 ZMW
Monitoring and Performance Officer Insurance 50,660 ZMW
Payment Services Specialist Insurance 75,040 ZMW
Policy Change Director Insurance 112,620 ZMW
Policy Change Supervisor Insurance 80,060 ZMW
Policy Change Technician Insurance 35,300 ZMW
Risk Analyst Insurance 76,440 ZMW
Risk Management Director Insurance 138,800 ZMW
Risk Management Supervisor Insurance 95,860 ZMW
Risk Manager Insurance 134,600 ZMW
Risk Modeling Manager Insurance 139,100 ZMW
Title Insurance Typist Insurance 60,880 ZMW
Training Manager Insurance 84,780 ZMW

Salary Comparison by City

If you want to compare salaries with different cities in Zambia, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Lusaka 80,020 ZMW

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