Average Insurance Operations Manager Salary in Equatorial Guinea for 2024

In this article, we will look at the average Insurance Operations Manager salary for 2024 in Equatorial Guinea 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 Central African CFA franc. To keep things simple, we are using the XAF currency code instead of the currency symbol Fr.

How Much Does an Insurance Operations Manager Make in Equatorial Guinea?

An Insurance Operations Manager working in Equatorial Guinea will typically earn around 9,335,200 XAF per year, and this can range from the lowest average salary of about 4,297,400 XAF to the highest average salary of 14,880,300 XAF.

Average Annual Salary
9,335,200 XAF
Average Monthly Salary
777,933 XAF

Lowest Annual Salary
4,297,400 XAF
Lowest Monthly Salary
358,116 XAF

Highest Annual Salary
14,880,300 XAF
Highest Monthly Salary
1,240,025 XAF

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

Insurance Operations 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 Operations Manager Salaries in Equatorial Guinea

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

Salary ranges

We already know that an Insurance Operations Manager can earn between 4,297,400 XAF and 14,880,300 XAF on average in Equatorial Guinea. 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 Operations Manager in Equatorial Guinea is 10,080,900 XAF. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 10,080,900 XAF, and 50% of the population earn more than 10,080,900 XAF.

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 Operations Manager salary in Equatorial Guinea, 25% of the population are earning less than 6,469,100 XAF while 75% of the population earn more than 6,469,100 XAF.

75% of the population earn less than 13,441,600 XAF, and 25% of the population earn more than 13,441,600 XAF.

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 Operations Manager Salary by Experience Level in Equatorial Guinea

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 operations 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 Operations Manager in Equatorial Guinea that has less than two years of experience can expect to earn somewhere in the region of 4,870,300 XAF.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Operations Manager salary would increase to 6,505,500 XAF.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Operations Manager, the average salary would be 9,610,800 XAF.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 11,724,400 XAF.
  • 15 - 20 Years Experience. An Insurance Operations Manager with 15 to 20 years of experience can earn an average of 12,841,200 XAF.
  • 20+ Years Experience. For an Insurance Operations Manager with more than 20 years, the expected average salary increases to 13,798,900 XAF.

Average Salary by Experience Chart

0-2 Years
4,870,300 XAF
2-5 Years +34%
6,505,500 XAF
5-10 Years +48%
9,610,800 XAF
10-15 Years +22%
11,724,400 XAF
15-20 Years +9%
12,841,200 XAF
20+ Years +8%
13,798,900 XAF

Insurance Operations Manager Salary by Education Level in Equatorial Guinea

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 Operations Manager in Equatorial Guinea 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 Operations Manager in Equatorial Guinea with a bachelor's degree education can earn an average salary of 5,663,200 XAF.

  • Master's Degree. An Insurance Operations Manager in Equatorial Guinea with a master's degree education can earn an average salary of 10,932,200 XAF.

Average Salary by Education Chart

Bachelor's Degree
5,663,200 XAF
Master's Degree +93%
10,932,200 XAF

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 Equatorial Guinea is around 2,390,000 to 7,170,000 XAF 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 Operations 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 Equatorial Guinea, a male insurance operations manager will earn an average of 10,177,900 XAF, while a female insurance operations manager will earn around 8,483,700 XAF.

This means that a male insurance operations manager earns approximately 20% more than a female insurance operations manager for performing the same job.

Average Salary by Gender Chart in Equatorial Guinea

Male
10,177,900 XAF
Female -20%
8,483,700 XAF

Insurance Operations Manager Average Pay Raise in Equatorial Guinea

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 Operations Manager in Equatorial Guinea is around 9% every 29 months.

The national average pay raise across all professions and industries in Equatorial Guinea 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 = ( 9 ÷ 29 ) × 12  = 4%

What this means is that an Insurance Operations Manager in Equatorial Guinea can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Equatorial Guinea for 2024

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

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

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Insurance Operations Manager Bonus and Incentive Rates in Equatorial Guinea

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 Operations Manager is a moderate bonus based job, with 68% of employees reporting at least one bonus in the last 12 months.

32% 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 5% to 9%.

Received Bonus
68%
No Bonus
32%

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 Equatorial Guinea earn approximately 14% more than private sector employees in the same role.

Public Sector
6,193,900 XAF
Private Sector -14%
5,447,200 XAF

Salaries for Jobs Similar to an Insurance Operations Manager

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

Job Title Category Salary
Actuarial Analyst Insurance 7,381,700 XAF
Actuarial Assistant Insurance 5,545,500 XAF
Actuarial Specialist Insurance 5,434,400 XAF
Actuary Insurance 7,404,700 XAF
Adjustment Insurance Clerk Insurance 2,124,400 XAF
Assistant Broker Insurance 3,635,200 XAF
Assistant Claims Manager Insurance 6,132,900 XAF
Associate Insurance Representative Insurance 2,976,900 XAF
Auditing Insurance Manager Insurance 8,195,200 XAF
Broker Insurance 5,724,700 XAF
Claim Advocacy Professional Insurance 5,423,100 XAF
Claims Adjuster Insurance 2,184,900 XAF
Claims Analyst Insurance 2,964,800 XAF
Claims Examiner Insurance 2,868,600 XAF
Claims Manager Insurance 8,305,400 XAF
Claims Processor Insurance 2,110,600 XAF
Claims Representative Insurance 2,447,200 XAF
Claims Resolution Specialist Insurance 6,228,100 XAF
Claims Supervisor Insurance 5,447,200 XAF
Complaints Specialist Insurance 5,242,700 XAF
Compliance Examiner Insurance 5,483,600 XAF
Compliance Officer Insurance 4,585,100 XAF
Compliance Reviewer Insurance 5,242,700 XAF
Consultant Insurance 5,784,200 XAF
Eligibility Interviewer Insurance 5,868,200 XAF
Eligibility Specialist Insurance 5,880,300 XAF
Insurance Account Manager Insurance 7,259,000 XAF
Insurance Accounts Executive Insurance 6,347,100 XAF
Insurance Adjuster Insurance 5,063,200 XAF
Insurance Agent Insurance 3,288,400 XAF
Insurance Analyst Insurance 5,555,200 XAF
Insurance Appraiser Insurance 5,579,400 XAF
Insurance Claims Clerk Insurance 1,990,300 XAF
Insurance Examiner Insurance 5,267,700 XAF
Insurance Investigator Insurance 5,221,800 XAF
Insurance Manager Insurance 9,576,900 XAF
Insurance Policy Processing Clerk Insurance 2,197,700 XAF
Insurance Pricing Assistant Insurance 4,309,300 XAF
Insurance Program Manager Insurance 7,309,600 XAF
Insurance Project Manager Insurance 7,369,700 XAF
Insurance Quality Assurance Agent Insurance 5,063,200 XAF
Insurance Sales Agent Insurance 3,406,900 XAF
Insurance Sales Director Insurance 9,623,400 XAF
Insurance Sales Manager Insurance 7,081,500 XAF
Insurance Sales Representative Insurance 2,878,300 XAF
Insurance Team Leader Insurance 5,698,400 XAF
Insurance Underwriter Insurance 4,019,900 XAF
Loss Control Specialist Insurance 5,555,200 XAF
Loss Prevention Investigator Insurance 5,784,200 XAF
Loss Prevention Manager Insurance 7,823,800 XAF
Loss Prevention Specialist Insurance 6,118,800 XAF
Marine Underwriter Insurance 4,079,300 XAF
Medical Auditor Insurance 5,651,400 XAF
Monitoring and Performance Officer Insurance 3,996,300 XAF
Payment Services Specialist Insurance 5,579,400 XAF
Policy Change Director Insurance 8,554,100 XAF
Policy Change Supervisor Insurance 6,311,900 XAF
Policy Change Technician Insurance 2,734,500 XAF
Risk Analyst Insurance 6,514,800 XAF
Risk Management Director Insurance 10,919,400 XAF
Risk Management Supervisor Insurance 6,815,700 XAF
Risk Manager Insurance 10,835,000 XAF
Risk Modeling Manager Insurance 10,475,000 XAF
Title Insurance Typist Insurance 4,981,700 XAF
Training Manager Insurance 6,360,600 XAF

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