Average Insurance Project Manager Salary in Grenada for 2024

In this article, we will look at the average Insurance Project Manager salary for 2024 in Grenada 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 Eastern Caribbean dollar. To keep things simple, we are using the XCD currency code instead of the currency symbol $.

How Much Does an Insurance Project Manager Make in Grenada?

An Insurance Project Manager working in Grenada will typically earn around 88,480 XCD per year, and this can range from the lowest average salary of about 44,540 XCD to the highest average salary of 139,100 XCD.

Average Annual Salary
88,480 XCD
Average Monthly Salary
7,373 XCD

Lowest Annual Salary
44,540 XCD
Lowest Monthly Salary
3,711 XCD

Highest Annual Salary
139,100 XCD
Highest Monthly Salary
11,591 XCD

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

Insurance Project 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 Project Manager Salaries in Grenada

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

Salary ranges

We already know that an Insurance Project Manager can earn between 44,540 XCD and 139,100 XCD on average in Grenada. 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 Project Manager in Grenada is 88,480 XCD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 88,480 XCD, and 50% of the population earn more than 88,480 XCD.

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 Project Manager salary in Grenada, 25% of the population are earning less than 58,440 XCD while 75% of the population earn more than 58,440 XCD.

75% of the population earn less than 115,560 XCD, and 25% of the population earn more than 115,560 XCD.

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 Project Manager Salary by Experience Level in Grenada

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 project 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 Project Manager in Grenada that has less than two years of experience can expect to earn somewhere in the region of 52,820 XCD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Project Manager salary would increase to 69,400 XCD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Project Manager, the average salary would be 93,600 XCD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 114,940 XCD.
  • 15 - 20 Years Experience. An Insurance Project Manager with 15 to 20 years of experience can earn an average of 123,400 XCD.
  • 20+ Years Experience. For an Insurance Project Manager with more than 20 years, the expected average salary increases to 128,900 XCD.

Average Salary by Experience Chart

0-2 Years
52,820 XCD
2-5 Years +32%
69,400 XCD
5-10 Years +34%
93,600 XCD
10-15 Years +19%
114,940 XCD
15-20 Years +8%
123,400 XCD
20+ Years +7%
128,900 XCD

Insurance Project Manager Salary by Education Level in Grenada

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 Project Manager in Grenada 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 Project Manager in Grenada with a bachelor's degree education can earn an average salary of 77,640 XCD.

  • Master's Degree. An Insurance Project Manager in Grenada with a master's degree education can earn an average salary of 119,700 XCD.

Average Salary by Education Chart

Bachelor's Degree
77,640 XCD
Master's Degree +58%
119,700 XCD

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 Grenada is around 31,300 to 94,000 XCD 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 Project 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 Grenada, a male insurance project manager will earn an average of 89,980 XCD, while a female insurance project manager will earn around 84,560 XCD.

This means that a male insurance project manager earns approximately 6% more than a female insurance project manager for performing the same job.

Average Salary by Gender Chart in Grenada

Male
89,980 XCD
Female -6%
84,560 XCD

Insurance Project Manager Average Pay Raise in Grenada

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 Project Manager in Grenada is around 8% every 29 months.

The national average pay raise across all professions and industries in Grenada 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 = ( 8 ÷ 29 ) × 12  = 3%

What this means is that an Insurance Project Manager in Grenada can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Grenada for 2024

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

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

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Insurance Project Manager Bonus and Incentive Rates in Grenada

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 Project Manager is a low bonus based job, with 38% of employees reporting at least one bonus in the last 12 months.

62% 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 6%.

Received Bonus
38%
No Bonus
62%

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 Grenada earn approximately 11% more than private sector employees in the same role.

Public Sector
78,500 XCD
Private Sector -11%
70,840 XCD

Salaries for Jobs Similar to an Insurance Project Manager

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

Job Title Category Salary
Actuarial Analyst Insurance 98,140 XCD
Actuarial Assistant Insurance 67,900 XCD
Actuarial Specialist Insurance 66,680 XCD
Actuary Insurance 96,980 XCD
Adjustment Insurance Clerk Insurance 29,040 XCD
Assistant Broker Insurance 48,200 XCD
Assistant Claims Manager Insurance 80,480 XCD
Associate Insurance Representative Insurance 39,160 XCD
Auditing Insurance Manager Insurance 107,320 XCD
Broker Insurance 73,880 XCD
Claim Advocacy Professional Insurance 72,360 XCD
Claims Adjuster Insurance 25,720 XCD
Claims Analyst Insurance 36,800 XCD
Claims Examiner Insurance 37,620 XCD
Claims Manager Insurance 106,780 XCD
Claims Processor Insurance 27,620 XCD
Claims Representative Insurance 31,340 XCD
Claims Resolution Specialist Insurance 77,060 XCD
Claims Supervisor Insurance 74,540 XCD
Complaints Specialist Insurance 61,760 XCD
Compliance Examiner Insurance 65,080 XCD
Compliance Officer Insurance 58,440 XCD
Compliance Reviewer Insurance 64,180 XCD
Consultant Insurance 69,060 XCD
Eligibility Interviewer Insurance 73,100 XCD
Eligibility Specialist Insurance 73,820 XCD
Insurance Account Manager Insurance 91,560 XCD
Insurance Accounts Executive Insurance 78,420 XCD
Insurance Adjuster Insurance 69,040 XCD
Insurance Agent Insurance 43,360 XCD
Insurance Analyst Insurance 69,060 XCD
Insurance Appraiser Insurance 71,020 XCD
Insurance Claims Clerk Insurance 27,380 XCD
Insurance Examiner Insurance 68,400 XCD
Insurance Investigator Insurance 69,060 XCD
Insurance Manager Insurance 125,100 XCD
Insurance Operations Manager Insurance 123,400 XCD
Insurance Policy Processing Clerk Insurance 29,040 XCD
Insurance Pricing Assistant Insurance 60,400 XCD
Insurance Program Manager Insurance 97,900 XCD
Insurance Quality Assurance Agent Insurance 65,760 XCD
Insurance Sales Agent Insurance 43,260 XCD
Insurance Sales Director Insurance 115,740 XCD
Insurance Sales Manager Insurance 99,340 XCD
Insurance Sales Representative Insurance 36,580 XCD
Insurance Team Leader Insurance 79,280 XCD
Insurance Underwriter Insurance 52,380 XCD
Loss Control Specialist Insurance 66,840 XCD
Loss Prevention Investigator Insurance 74,540 XCD
Loss Prevention Manager Insurance 98,960 XCD
Loss Prevention Specialist Insurance 78,260 XCD
Marine Underwriter Insurance 54,700 XCD
Medical Auditor Insurance 73,820 XCD
Monitoring and Performance Officer Insurance 50,660 XCD
Payment Services Specialist Insurance 71,020 XCD
Policy Change Director Insurance 108,340 XCD
Policy Change Supervisor Insurance 73,980 XCD
Policy Change Technician Insurance 36,800 XCD
Risk Analyst Insurance 80,280 XCD
Risk Management Director Insurance 138,800 XCD
Risk Management Supervisor Insurance 88,300 XCD
Risk Manager Insurance 128,900 XCD
Risk Modeling Manager Insurance 128,500 XCD
Title Insurance Typist Insurance 59,660 XCD
Training Manager Insurance 80,520 XCD

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