Average Insurance Examiner Salary in Solomon Islands for 2024

In this article, we will look at the average Insurance Examiner salary for 2024 in Solomon 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 Solomon Islands dollar. To keep things simple, we are using the SBD currency code instead of the currency symbol $.

How Much Does an Insurance Examiner Make in Solomon Islands?

An Insurance Examiner working in Solomon Islands will typically earn around 65,080 SBD per year, and this can range from the lowest average salary of about 35,560 SBD to the highest average salary of 104,080 SBD.

Average Annual Salary
65,080 SBD
Average Monthly Salary
5,423 SBD

Lowest Annual Salary
35,560 SBD
Lowest Monthly Salary
2,963 SBD

Highest Annual Salary
104,080 SBD
Highest Monthly Salary
8,673 SBD

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

Insurance Examiner 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 Examiner Salaries in Solomon Islands

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

Salary ranges

We already know that an Insurance Examiner can earn between 35,560 SBD and 104,080 SBD on average in Solomon 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 an Insurance Examiner in Solomon Islands is 65,760 SBD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 65,760 SBD, and 50% of the population earn more than 65,760 SBD.

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 Examiner salary in Solomon Islands, 25% of the population are earning less than 44,540 SBD while 75% of the population earn more than 44,540 SBD.

75% of the population earn less than 80,500 SBD, and 25% of the population earn more than 80,500 SBD.

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 Examiner Salary by Experience Level in Solomon 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 insurance examiner 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 Examiner in Solomon Islands that has less than two years of experience can expect to earn somewhere in the region of 39,640 SBD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Examiner salary would increase to 50,080 SBD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Examiner, the average salary would be 67,800 SBD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 84,040 SBD.
  • 15 - 20 Years Experience. An Insurance Examiner with 15 to 20 years of experience can earn an average of 89,340 SBD.
  • 20+ Years Experience. For an Insurance Examiner with more than 20 years, the expected average salary increases to 97,840 SBD.

Average Salary by Experience Chart

0-2 Years
39,640 SBD
2-5 Years +31%
50,080 SBD
5-10 Years +40%
67,800 SBD
10-15 Years +20%
84,040 SBD
15-20 Years +9%
89,340 SBD
20+ Years +8%
97,840 SBD

Insurance Examiner Salary by Education Level in Solomon 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 an Insurance Examiner in Solomon 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. An Insurance Examiner in Solomon Islands with a certificate or diploma education can earn an average salary of 46,280 SBD.

  • Bachelor's Degree. An Insurance Examiner in Solomon Islands with a bachelor's degree education can earn an average salary of 80,840 SBD.

Average Salary by Education Chart

Certificate or Diploma
46,280 SBD
Bachelor's Degree +81%
80,840 SBD

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 Solomon Islands is around 31,700 to 95,200 SBD 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 Examiner 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 Solomon Islands, a male insurance examiner will earn an average of 69,240 SBD, while a female insurance examiner will earn around 63,700 SBD.

This means that a male insurance examiner earns approximately 9% more than a female insurance examiner for performing the same job.

Average Salary by Gender Chart in Solomon Islands

Male
69,240 SBD
Female -9%
63,700 SBD

Insurance Examiner Average Pay Raise in Solomon 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 an Insurance Examiner in Solomon Islands is around 6% every 29 months.

The national average pay raise across all professions and industries in Solomon Islands is around 4% every 29 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 = ( 6 ÷ 29 ) × 12  = 2%

What this means is that an Insurance Examiner in Solomon Islands can expect to receive an average pay raise of around 2% every 12 months.

Annual Pay Raise by Industry in Solomon Islands for 2024

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

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

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Insurance Examiner Bonus and Incentive Rates in Solomon 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.

An Insurance Examiner is a low bonus based job, with 11% of employees reporting at least one bonus in the last 12 months.

89% 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
11%
No Bonus
89%

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 Solomon Islands earn approximately 9% more than private sector employees in the same role.

Public Sector
78,400 SBD
Private Sector -9%
72,120 SBD

Salaries for Jobs Similar to an Insurance Examiner

In the table below, we have salary information for jobs that are similar to an Insurance Examiner in Solomon Islands.

Job Title Category Salary
Actuarial Analyst Insurance 95,420 SBD
Actuarial Assistant Insurance 67,360 SBD
Actuarial Specialist Insurance 68,900 SBD
Actuary Insurance 95,720 SBD
Adjustment Insurance Clerk Insurance 25,660 SBD
Assistant Broker Insurance 45,200 SBD
Assistant Claims Manager Insurance 79,500 SBD
Associate Insurance Representative Insurance 37,880 SBD
Auditing Insurance Manager Insurance 106,600 SBD
Broker Insurance 76,540 SBD
Claim Advocacy Professional Insurance 69,060 SBD
Claims Adjuster Insurance 25,440 SBD
Claims Analyst Insurance 35,420 SBD
Claims Examiner Insurance 35,420 SBD
Claims Manager Insurance 100,140 SBD
Claims Processor Insurance 25,720 SBD
Claims Representative Insurance 34,160 SBD
Claims Resolution Specialist Insurance 75,500 SBD
Claims Supervisor Insurance 69,400 SBD
Complaints Specialist Insurance 69,780 SBD
Compliance Examiner Insurance 69,060 SBD
Compliance Officer Insurance 60,020 SBD
Compliance Reviewer Insurance 68,400 SBD
Consultant Insurance 73,880 SBD
Eligibility Interviewer Insurance 78,260 SBD
Eligibility Specialist Insurance 73,040 SBD
Insurance Account Manager Insurance 91,840 SBD
Insurance Accounts Executive Insurance 80,840 SBD
Insurance Adjuster Insurance 69,580 SBD
Insurance Agent Insurance 46,720 SBD
Insurance Analyst Insurance 68,320 SBD
Insurance Appraiser Insurance 72,260 SBD
Insurance Claims Clerk Insurance 26,500 SBD
Insurance Investigator Insurance 68,580 SBD
Insurance Manager Insurance 125,100 SBD
Insurance Operations Manager Insurance 119,900 SBD
Insurance Policy Processing Clerk Insurance 26,780 SBD
Insurance Pricing Assistant Insurance 55,320 SBD
Insurance Program Manager Insurance 90,660 SBD
Insurance Project Manager Insurance 95,760 SBD
Insurance Quality Assurance Agent Insurance 63,380 SBD
Insurance Sales Agent Insurance 41,480 SBD
Insurance Sales Director Insurance 118,260 SBD
Insurance Sales Manager Insurance 92,900 SBD
Insurance Sales Representative Insurance 39,160 SBD
Insurance Team Leader Insurance 78,500 SBD
Insurance Underwriter Insurance 51,340 SBD
Loss Control Specialist Insurance 66,140 SBD
Loss Prevention Investigator Insurance 70,880 SBD
Loss Prevention Manager Insurance 98,960 SBD
Loss Prevention Specialist Insurance 80,840 SBD
Marine Underwriter Insurance 53,840 SBD
Medical Auditor Insurance 73,820 SBD
Monitoring and Performance Officer Insurance 53,860 SBD
Payment Services Specialist Insurance 70,260 SBD
Policy Change Director Insurance 111,920 SBD
Policy Change Supervisor Insurance 75,980 SBD
Policy Change Technician Insurance 33,520 SBD
Risk Analyst Insurance 78,480 SBD
Risk Management Director Insurance 137,400 SBD
Risk Management Supervisor Insurance 89,120 SBD
Risk Manager Insurance 128,900 SBD
Risk Modeling Manager Insurance 128,900 SBD
Title Insurance Typist Insurance 60,180 SBD
Training Manager Insurance 77,640 SBD

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