Average Insurance Manager Salary in Canada for 2024

In this article, we will look at the average Insurance Manager salary for 2024 in Canada 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 Canadian dollar. To keep things simple, we are using the CAD currency code instead of the currency symbol $.

How Much Does an Insurance Manager Make in Canada?

An Insurance Manager working in Canada will typically earn around 205,400 CAD per year, and this can range from the lowest average salary of about 111,700 CAD to the highest average salary of 308,200 CAD.

Average Annual Salary
205,400 CAD
Average Monthly Salary
17,116 CAD

Lowest Annual Salary
111,700 CAD
Lowest Monthly Salary
9,308 CAD

Highest Annual Salary
308,200 CAD
Highest Monthly Salary
25,683 CAD

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

Insurance Manager 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 Manager Salaries in Canada

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

Salary ranges

We already know that an Insurance Manager can earn between 111,700 CAD and 308,200 CAD on average in Canada. 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 Manager in Canada is 187,500 CAD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 187,500 CAD, and 50% of the population earn more than 187,500 CAD.

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 Manager salary in Canada, 25% of the population are earning less than 134,700 CAD while 75% of the population earn more than 134,700 CAD.

75% of the population earn less than 228,200 CAD, and 25% of the population earn more than 228,200 CAD.

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 Manager Salary by Experience Level in Canada

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 manager 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 Manager in Canada that has less than two years of experience can expect to earn somewhere in the region of 130,500 CAD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Manager salary would increase to 164,100 CAD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Manager, the average salary would be 213,800 CAD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 253,400 CAD.
  • 15 - 20 Years Experience. An Insurance Manager with 15 to 20 years of experience can earn an average of 280,400 CAD.
  • 20+ Years Experience. For an Insurance Manager with more than 20 years, the expected average salary increases to 296,400 CAD.

Average Salary by Experience Chart

0-2 Years
130,500 CAD
2-5 Years +26%
164,100 CAD
5-10 Years +32%
213,800 CAD
10-15 Years +18%
253,400 CAD
15-20 Years +11%
280,400 CAD
20+ Years +6%
296,400 CAD

Insurance Manager Salary by Education Level in Canada

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 Manager in Canada 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 Manager in Canada with a bachelor's degree education can earn an average salary of 166,600 CAD.

  • Master's Degree. An Insurance Manager in Canada with a master's degree education can earn an average salary of 252,400 CAD.

Average Salary by Education Chart

Bachelor's Degree
166,600 CAD
Master's Degree +53%
252,400 CAD

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 Canada is around 49,800 to 149,000 CAD 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 Manager 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 Canada, a male insurance manager will earn an average of 209,700 CAD, while a female insurance manager will earn around 199,700 CAD.

This means that a male insurance manager earns approximately 5% more than a female insurance manager for performing the same job.

Average Salary by Gender Chart in Canada

Male
209,700 CAD
Female -5%
199,700 CAD

Insurance Manager Average Pay Raise in Canada

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 Manager in Canada is around 13% every 17 months.

The national average pay raise across all professions and industries in Canada is around 9% every 15 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 = ( 13 ÷ 17 ) × 12  = 9%

What this means is that an Insurance Manager in Canada can expect to receive an average pay raise of around 9% every 12 months.

Annual Pay Raise by Industry in Canada for 2024

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

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

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Insurance Manager Bonus and Incentive Rates in Canada

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 Manager is a high bonus based job, with 80% of employees reporting at least one bonus in the last 12 months.

20% 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 6% to 7%.

Received Bonus
80%
No Bonus
20%

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 Canada earn approximately 6% more than private sector employees in the same role.

Public Sector
123,000 CAD
Private Sector -6%
115,600 CAD

Salaries for Jobs Similar to an Insurance Manager

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

Job Title Category Salary
Actuarial Analyst Insurance 156,200 CAD
Actuarial Assistant Insurance 116,400 CAD
Actuarial Specialist Insurance 121,800 CAD
Actuary Insurance 167,100 CAD
Adjustment Insurance Clerk Insurance 46,000 CAD
Assistant Broker Insurance 71,700 CAD
Assistant Claims Manager Insurance 123,800 CAD
Associate Insurance Representative Insurance 64,300 CAD
Auditing Insurance Manager Insurance 172,200 CAD
Broker Insurance 123,800 CAD
Claim Advocacy Professional Insurance 123,000 CAD
Claims Adjuster Insurance 46,300 CAD
Claims Analyst Insurance 64,400 CAD
Claims Examiner Insurance 61,700 CAD
Claims Manager Insurance 172,200 CAD
Claims Processor Insurance 45,000 CAD
Claims Representative Insurance 55,700 CAD
Claims Resolution Specialist Insurance 138,700 CAD
Claims Supervisor Insurance 119,700 CAD
Complaints Specialist Insurance 114,600 CAD
Compliance Examiner Insurance 111,700 CAD
Compliance Officer Insurance 103,600 CAD
Compliance Reviewer Insurance 114,900 CAD
Consultant Insurance 115,600 CAD
Eligibility Interviewer Insurance 128,200 CAD
Eligibility Specialist Insurance 127,700 CAD
Insurance Account Manager Insurance 142,300 CAD
Insurance Accounts Executive Insurance 130,500 CAD
Insurance Adjuster Insurance 107,700 CAD
Insurance Agent Insurance 76,000 CAD
Insurance Analyst Insurance 116,400 CAD
Insurance Appraiser Insurance 124,500 CAD
Insurance Claims Clerk Insurance 43,500 CAD
Insurance Examiner Insurance 108,200 CAD
Insurance Investigator Insurance 115,600 CAD
Insurance Operations Manager Insurance 216,300 CAD
Insurance Policy Processing Clerk Insurance 44,500 CAD
Insurance Pricing Assistant Insurance 99,100 CAD
Insurance Program Manager Insurance 157,600 CAD
Insurance Project Manager Insurance 150,100 CAD
Insurance Quality Assurance Agent Insurance 107,300 CAD
Insurance Sales Agent Insurance 73,200 CAD
Insurance Sales Director Insurance 199,700 CAD
Insurance Sales Manager Insurance 151,800 CAD
Insurance Sales Representative Insurance 65,400 CAD
Insurance Team Leader Insurance 128,200 CAD
Insurance Underwriter Insurance 92,000 CAD
Loss Control Specialist Insurance 114,900 CAD
Loss Prevention Investigator Insurance 127,600 CAD
Loss Prevention Manager Insurance 167,100 CAD
Loss Prevention Specialist Insurance 128,200 CAD
Marine Underwriter Insurance 91,000 CAD
Medical Auditor Insurance 121,800 CAD
Monitoring and Performance Officer Insurance 84,600 CAD
Payment Services Specialist Insurance 124,500 CAD
Policy Change Director Insurance 190,400 CAD
Policy Change Supervisor Insurance 138,700 CAD
Policy Change Technician Insurance 58,700 CAD
Risk Analyst Insurance 128,400 CAD
Risk Management Director Insurance 233,600 CAD
Risk Management Supervisor Insurance 156,200 CAD
Risk Manager Insurance 218,100 CAD
Risk Modeling Manager Insurance 227,600 CAD
Title Insurance Typist Insurance 100,700 CAD
Training Manager Insurance 127,600 CAD

Salary Comparison by City

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

City Average Salary
Brampton 205,400 CAD
Calgary 218,100 CAD
Edmonton 216,600 CAD
Gatineau 190,400 CAD
Halifax 195,500 CAD
Hamilton 206,700 CAD
Kitchener 199,700 CAD
Markham 199,700 CAD
Mississauga 211,200 CAD
Montreal 223,700 CAD
Ottawa 216,300 CAD
Quebec 210,600 CAD
Regina 185,900 CAD
Richmond 184,700 CAD
Saskatoon 187,500 CAD
Surrey 204,900 CAD
Toronto 225,500 CAD
Vancouver 222,300 CAD
Vaughan 193,200 CAD
Windsor 191,100 CAD
Winnipeg 210,400 CAD

Salary Comparison by State

The table below includes links to the average salary for each state in Canada.

City Average Salary
Alberta 222,300 CAD
British Columbia 225,500 CAD
Manitoba 211,200 CAD
New Brunswick 191,100 CAD
Newfoundland-Labrador 187,500 CAD
Northwest Territories 210,600 CAD
Nova Scotia 195,500 CAD
Nunavut 216,600 CAD
Ontario 233,600 CAD
Prince Edward Island 182,400 CAD
Quebec 229,000 CAD
Saskatchewan 199,700 CAD
Yukon 184,700 CAD

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