Average Insurance Program Manager Salary in Turks and Caicos Islands for 2024

In this article, we will look at the average Insurance Program Manager salary for 2024 in Turks and Caicos 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 United States dollar. To keep things simple, we are using the USD currency code instead of the currency symbol $.

How Much Does an Insurance Program Manager Make in Turks and Caicos Islands?

An Insurance Program Manager working in Turks and Caicos Islands will typically earn around 23,660 USD per year, and this can range from the lowest average salary of about 13,060 USD to the highest average salary of 35,260 USD.

Average Annual Salary
23,660 USD
Average Monthly Salary
1,971 USD

Lowest Annual Salary
13,060 USD
Lowest Monthly Salary
1,088 USD

Highest Annual Salary
35,260 USD
Highest Monthly Salary
2,938 USD

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

Insurance Program 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 Program Manager Salaries in Turks and Caicos Islands

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

Salary ranges

We already know that an Insurance Program Manager can earn between 13,060 USD and 35,260 USD on average in Turks and Caicos 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 Program Manager in Turks and Caicos Islands is 21,300 USD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 21,300 USD, and 50% of the population earn more than 21,300 USD.

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 Program Manager salary in Turks and Caicos Islands, 25% of the population are earning less than 14,140 USD while 75% of the population earn more than 14,140 USD.

75% of the population earn less than 29,840 USD, and 25% of the population earn more than 29,840 USD.

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 Program Manager Salary by Experience Level in Turks and Caicos 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 program 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 Program Manager in Turks and Caicos Islands that has less than two years of experience can expect to earn somewhere in the region of 12,240 USD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Program Manager salary would increase to 17,740 USD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Program Manager, the average salary would be 23,080 USD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 31,540 USD.
  • 15 - 20 Years Experience. An Insurance Program Manager with 15 to 20 years of experience can earn an average of 30,700 USD.
  • 20+ Years Experience. For an Insurance Program Manager with more than 20 years, the expected average salary increases to 34,480 USD.

Average Salary by Experience Chart

0-2 Years
12,240 USD
2-5 Years +34%
17,740 USD
5-10 Years +30%
23,080 USD
10-15 Years +21%
31,540 USD
15-20 Years +9%
30,700 USD
20+ Years +5%
34,480 USD

Insurance Program Manager Salary by Education Level in Turks and Caicos 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 Program Manager in Turks and Caicos Islands 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 Program Manager in Turks and Caicos Islands with a bachelor's degree education can earn an average salary of 20,500 USD.

  • Master's Degree. An Insurance Program Manager in Turks and Caicos Islands with a master's degree education can earn an average salary of 28,180 USD.

Average Salary by Education Chart

Bachelor's Degree
20,500 USD
Master's Degree +39%
28,180 USD

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 Turks and Caicos Islands is around 7,430 to 22,300 USD 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 Program 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 Turks and Caicos Islands, a male insurance program manager will earn an average of 27,020 USD, while a female insurance program manager will earn around 21,300 USD.

This means that a male insurance program manager earns approximately 27% more than a female insurance program manager for performing the same job.

Average Salary by Gender Chart in Turks and Caicos Islands

Male
27,020 USD
Female -27%
21,300 USD

Insurance Program Manager Average Pay Raise in Turks and Caicos 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 Program Manager in Turks and Caicos Islands is around 7% every 30 months.

The national average pay raise across all professions and industries in Turks and Caicos 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 = ( 7 ÷ 30 ) × 12  = 3%

What this means is that an Insurance Program Manager in Turks and Caicos Islands can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Turks and Caicos Islands for 2024

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

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

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Insurance Program Manager Bonus and Incentive Rates in Turks and Caicos 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 Program Manager is a low bonus based job, with 36% of employees reporting at least one bonus in the last 12 months.

64% 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 3% to 5%.

Received Bonus
36%
No Bonus
64%

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 Turks and Caicos Islands earn approximately 3% less than private sector employees in the same role.

Public Sector
18,280 USD
Private Sector +3%
18,780 USD

Salaries for Jobs Similar to an Insurance Program Manager

In the table below, we have salary information for jobs that are similar to an Insurance Program Manager in Turks and Caicos Islands.

Job Title Category Salary
Actuarial Analyst Insurance 23,500 USD
Actuarial Assistant Insurance 16,720 USD
Actuarial Specialist Insurance 15,920 USD
Actuary Insurance 23,360 USD
Adjustment Insurance Clerk Insurance 6,080 USD
Assistant Broker Insurance 12,200 USD
Assistant Claims Manager Insurance 19,160 USD
Associate Insurance Representative Insurance 9,460 USD
Auditing Insurance Manager Insurance 27,040 USD
Broker Insurance 19,200 USD
Claim Advocacy Professional Insurance 18,900 USD
Claims Adjuster Insurance 5,200 USD
Claims Analyst Insurance 8,100 USD
Claims Examiner Insurance 7,820 USD
Claims Manager Insurance 28,820 USD
Claims Processor Insurance 5,200 USD
Claims Representative Insurance 8,780 USD
Claims Resolution Specialist Insurance 18,280 USD
Claims Supervisor Insurance 19,200 USD
Complaints Specialist Insurance 16,340 USD
Compliance Examiner Insurance 15,300 USD
Compliance Officer Insurance 15,580 USD
Compliance Reviewer Insurance 16,720 USD
Consultant Insurance 16,140 USD
Eligibility Interviewer Insurance 19,360 USD
Eligibility Specialist Insurance 20,120 USD
Insurance Account Manager Insurance 22,420 USD
Insurance Accounts Executive Insurance 19,380 USD
Insurance Adjuster Insurance 15,700 USD
Insurance Agent Insurance 9,960 USD
Insurance Analyst Insurance 20,300 USD
Insurance Appraiser Insurance 19,200 USD
Insurance Claims Clerk Insurance 8,440 USD
Insurance Examiner Insurance 17,560 USD
Insurance Investigator Insurance 19,220 USD
Insurance Manager Insurance 31,380 USD
Insurance Operations Manager Insurance 32,620 USD
Insurance Policy Processing Clerk Insurance 5,200 USD
Insurance Pricing Assistant Insurance 15,880 USD
Insurance Project Manager Insurance 20,760 USD
Insurance Quality Assurance Agent Insurance 18,260 USD
Insurance Sales Agent Insurance 12,300 USD
Insurance Sales Director Insurance 27,480 USD
Insurance Sales Manager Insurance 24,840 USD
Insurance Sales Representative Insurance 7,820 USD
Insurance Team Leader Insurance 20,500 USD
Insurance Underwriter Insurance 12,580 USD
Loss Control Specialist Insurance 17,860 USD
Loss Prevention Investigator Insurance 19,860 USD
Loss Prevention Manager Insurance 25,940 USD
Loss Prevention Specialist Insurance 18,280 USD
Marine Underwriter Insurance 13,960 USD
Medical Auditor Insurance 17,760 USD
Monitoring and Performance Officer Insurance 14,620 USD
Payment Services Specialist Insurance 19,360 USD
Policy Change Director Insurance 28,180 USD
Policy Change Supervisor Insurance 18,940 USD
Policy Change Technician Insurance 7,080 USD
Risk Analyst Insurance 18,940 USD
Risk Management Director Insurance 34,960 USD
Risk Management Supervisor Insurance 22,420 USD
Risk Manager Insurance 35,300 USD
Risk Modeling Manager Insurance 35,340 USD
Title Insurance Typist Insurance 15,760 USD
Training Manager Insurance 21,400 USD

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