Average Insurance Manager Salary in Mexico for 2024

In this article, we will look at the average Insurance Manager salary for 2024 in Mexico 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 Mexican peso. To keep things simple, we are using the MXN currency code instead of the currency symbol $.

How Much Does an Insurance Manager Make in Mexico?

An Insurance Manager working in Mexico will typically earn around 684,900 MXN per year, and this can range from the lowest average salary of about 361,500 MXN to the highest average salary of 1,037,600 MXN.

Average Annual Salary
684,900 MXN
Average Monthly Salary
57,075 MXN

Lowest Annual Salary
361,500 MXN
Lowest Monthly Salary
30,125 MXN

Highest Annual Salary
1,037,600 MXN
Highest Monthly Salary
86,466 MXN

These are average salaries for an Insurance Manager in Mexico 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 Mexico

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

Salary ranges

We already know that an Insurance Manager can earn between 361,500 MXN and 1,037,600 MXN on average in Mexico. 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 Mexico is 642,800 MXN. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 642,800 MXN, and 50% of the population earn more than 642,800 MXN.

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 Mexico, 25% of the population are earning less than 453,200 MXN while 75% of the population earn more than 453,200 MXN.

75% of the population earn less than 791,200 MXN, and 25% of the population earn more than 791,200 MXN.

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 Mexico

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 Mexico that has less than two years of experience can expect to earn somewhere in the region of 417,200 MXN.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Manager salary would increase to 510,200 MXN.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Manager, the average salary would be 724,000 MXN.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 848,200 MXN.
  • 15 - 20 Years Experience. An Insurance Manager with 15 to 20 years of experience can earn an average of 931,700 MXN.
  • 20+ Years Experience. For an Insurance Manager with more than 20 years, the expected average salary increases to 986,700 MXN.

Average Salary by Experience Chart

0-2 Years
417,200 MXN
2-5 Years +23%
510,200 MXN
5-10 Years +42%
724,000 MXN
10-15 Years +17%
848,200 MXN
15-20 Years +10%
931,700 MXN
20+ Years +6%
986,700 MXN

Insurance Manager Salary by Education Level in Mexico

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 Mexico 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 Mexico with a bachelor's degree education can earn an average salary of 471,700 MXN.

  • Master's Degree. An Insurance Manager in Mexico with a master's degree education can earn an average salary of 909,300 MXN.

Average Salary by Education Chart

Bachelor's Degree
471,700 MXN
Master's Degree +93%
909,300 MXN

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 Mexico is around 166,000 to 498,000 MXN 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 Mexico, a male insurance manager will earn an average of 714,300 MXN, while a female insurance manager will earn around 637,500 MXN.

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

Average Salary by Gender Chart in Mexico

Male
714,300 MXN
Female -12%
637,500 MXN

Insurance Manager Average Pay Raise in Mexico

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 Mexico is around 12% every 20 months.

The national average pay raise across all professions and industries in Mexico is around 8% every 18 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 = ( 12 ÷ 20 ) × 12  = 7%

What this means is that an Insurance Manager in Mexico can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in Mexico for 2024

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

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

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Insurance Manager Bonus and Incentive Rates in Mexico

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 78% of employees reporting at least one bonus in the last 12 months.

22% 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 8%.

Received Bonus
78%
No Bonus
22%

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 Mexico earn approximately 8% more than private sector employees in the same role.

Public Sector
415,900 MXN
Private Sector -8%
384,200 MXN

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 Mexico.

Job Title Category Salary
Actuarial Analyst Insurance 555,800 MXN
Actuarial Assistant Insurance 367,200 MXN
Actuarial Specialist Insurance 386,400 MXN
Actuary Insurance 535,900 MXN
Adjustment Insurance Clerk Insurance 150,000 MXN
Assistant Broker Insurance 243,000 MXN
Assistant Claims Manager Insurance 424,300 MXN
Associate Insurance Representative Insurance 209,500 MXN
Auditing Insurance Manager Insurance 618,800 MXN
Broker Insurance 420,100 MXN
Claim Advocacy Professional Insurance 406,300 MXN
Claims Adjuster Insurance 146,200 MXN
Claims Analyst Insurance 209,500 MXN
Claims Examiner Insurance 221,500 MXN
Claims Manager Insurance 562,200 MXN
Claims Processor Insurance 152,300 MXN
Claims Representative Insurance 187,500 MXN
Claims Resolution Specialist Insurance 450,300 MXN
Claims Supervisor Insurance 384,500 MXN
Complaints Specialist Insurance 378,300 MXN
Compliance Examiner Insurance 383,300 MXN
Compliance Officer Insurance 312,400 MXN
Compliance Reviewer Insurance 390,000 MXN
Consultant Insurance 399,900 MXN
Eligibility Interviewer Insurance 426,700 MXN
Eligibility Specialist Insurance 404,600 MXN
Insurance Account Manager Insurance 478,000 MXN
Insurance Accounts Executive Insurance 442,300 MXN
Insurance Adjuster Insurance 367,200 MXN
Insurance Agent Insurance 249,600 MXN
Insurance Analyst Insurance 412,000 MXN
Insurance Appraiser Insurance 389,200 MXN
Insurance Claims Clerk Insurance 151,800 MXN
Insurance Examiner Insurance 382,600 MXN
Insurance Investigator Insurance 371,100 MXN
Insurance Operations Manager Insurance 698,200 MXN
Insurance Policy Processing Clerk Insurance 152,000 MXN
Insurance Pricing Assistant Insurance 315,900 MXN
Insurance Program Manager Insurance 514,800 MXN
Insurance Project Manager Insurance 510,200 MXN
Insurance Quality Assurance Agent Insurance 341,900 MXN
Insurance Sales Agent Insurance 228,000 MXN
Insurance Sales Director Insurance 639,100 MXN
Insurance Sales Manager Insurance 539,700 MXN
Insurance Sales Representative Insurance 208,600 MXN
Insurance Team Leader Insurance 436,200 MXN
Insurance Underwriter Insurance 301,800 MXN
Loss Control Specialist Insurance 378,800 MXN
Loss Prevention Investigator Insurance 424,900 MXN
Loss Prevention Manager Insurance 558,300 MXN
Loss Prevention Specialist Insurance 424,900 MXN
Marine Underwriter Insurance 290,800 MXN
Medical Auditor Insurance 403,100 MXN
Monitoring and Performance Officer Insurance 292,000 MXN
Payment Services Specialist Insurance 409,000 MXN
Policy Change Director Insurance 618,800 MXN
Policy Change Supervisor Insurance 442,300 MXN
Policy Change Technician Insurance 187,300 MXN
Risk Analyst Insurance 466,900 MXN
Risk Management Director Insurance 759,300 MXN
Risk Management Supervisor Insurance 510,200 MXN
Risk Manager Insurance 713,900 MXN
Risk Modeling Manager Insurance 744,700 MXN
Title Insurance Typist Insurance 327,300 MXN
Training Manager Insurance 424,900 MXN

Salary Comparison by City

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

City Average Salary
Acapulco 828,400 MXN
Acuna 658,300 MXN
Aguascalientes 847,000 MXN
Boca del Rio 581,000 MXN
Buenavista 649,700 MXN
Campeche 663,100 MXN
Cancun 819,000 MXN
Celaya 739,500 MXN
Chalco 607,400 MXN
Chetumal 596,100 MXN
Chicoloapan 615,700 MXN
Chihuahua 862,100 MXN
Chilpancingo 637,500 MXN
Chimalhuacan 812,900 MXN
Cholula de Rivadabia 627,900 MXN
Ciudad Apodaca 780,700 MXN
Ciudad del Carmen 615,700 MXN
Ciudad Juarez 596,100 MXN
Ciudad Lopez Mateos 788,000 MXN
Ciudad Obregon 724,000 MXN
Ciudad Santa Catarina 705,500 MXN
Ciudad Valles 559,000 MXN
Ciudad Victoria 719,100 MXN
Coacalco 712,100 MXN
Coatzacoalcos 672,600 MXN
Colima 575,100 MXN
Cordoba 575,100 MXN
Cuautitlan Izcalli 788,000 MXN
Cuautla 587,800 MXN
Cuernavaca 731,700 MXN
Culiacan 854,300 MXN
Delicias 553,400 MXN
Durango 791,600 MXN
Ecatepec de Morelos 890,700 MXN
Ensenada 712,100 MXN
Fresnillo 548,800 MXN
General Escobedo 744,600 MXN
Gomez Palacio 696,700 MXN
Guadalajara 883,500 MXN
Guadalupe 828,400 MXN
Guaymas 533,000 MXN
Hermosillo 840,100 MXN
Hidalgo del Parral 525,700 MXN
Iguala 548,800 MXN
Irapuato 758,700 MXN
Ixtapaluca 724,000 MXN
Jiutepec 607,400 MXN
La Paz 663,100 MXN
Leon 874,900 MXN
Los Mochis 696,700 MXN
Los Reyes la Paz 692,500 MXN
Manzanillo 559,000 MXN
Matamoros 774,200 MXN
Mazatlan 751,700 MXN
Merida 847,000 MXN
Metepec 649,700 MXN
Mexicali 832,300 MXN
Mexico City 890,700 MXN
Minatitlan 533,000 MXN
Monclova 658,300 MXN
Monterrey 868,400 MXN
Morelia 808,000 MXN
Naucalpan 854,300 MXN
Navojoa 525,700 MXN
Nezahualcoyotl 862,100 MXN
Nogales 642,800 MXN
Nuevo Laredo 751,700 MXN
Oaxaca 684,900 MXN
Ojo de Agua 672,600 MXN
Orizaba 538,600 MXN
Pachuca 684,900 MXN
Piedras Negras 587,800 MXN
Playa del Carmen 581,000 MXN
Poza Rica 623,200 MXN
Puebla 883,500 MXN
Puerto Vallarta 642,800 MXN
Queretaro 812,900 MXN
Reynosa 799,300 MXN
Salamanca 602,700 MXN
Saltillo 840,100 MXN
San Cristobal de las Casas 623,200 MXN
San Juan del Rio 566,900 MXN
San Luis Potosi 832,300 MXN
San Luis Rio Colorado 602,700 MXN
San Nicolas de los Garza 774,200 MXN
San Pablo de las Salinas 627,900 MXN
San Pedro Garza Garcia 538,600 MXN
Soledad de Graciano Sanchez 677,100 MXN
Tampico 719,100 MXN
Tapachula 637,500 MXN
Tehuacan 677,100 MXN
Tepic 731,700 MXN
Tijuana 874,900 MXN
Tlalnepantla de Baz 819,000 MXN
Tlaquepaque 799,300 MXN
Toluca 780,700 MXN
Tonala 758,700 MXN
Torreon 808,000 MXN
Tuxtla Gutierrez 791,600 MXN
Uruapan 692,500 MXN
Veracruz 767,000 MXN
Villa Nicolas Romero 705,500 MXN
Villahermosa 744,600 MXN
Xalapa 767,000 MXN
Xico 739,500 MXN
Zacatecas 553,400 MXN
Zamora de Hidalgo 566,900 MXN
Zapopan 868,400 MXN

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  • "Average Insurance Manager Salary in Mexico for 2024". World Salaries. Accessed on April 25, 2024. https://worldsalaries.com/average-insurance-manager-salary-in-mexico/.

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