Average Insurance Project Manager Salary in Palau for 2024

In this article, we will look at the average Insurance Project Manager salary for 2024 in Palau 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 Project Manager Make in Palau?

An Insurance Project Manager working in Palau will typically earn around 40,040 USD per year, and this can range from the lowest average salary of about 21,560 USD to the highest average salary of 62,460 USD.

Average Annual Salary
40,040 USD
Average Monthly Salary
3,336 USD

Lowest Annual Salary
21,560 USD
Lowest Monthly Salary
1,796 USD

Highest Annual Salary
62,460 USD
Highest Monthly Salary
5,205 USD

These are average salaries for an Insurance Project Manager in Palau 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 Palau

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

Salary ranges

We already know that an Insurance Project Manager can earn between 21,560 USD and 62,460 USD on average in Palau. 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 Palau is 40,560 USD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 40,560 USD, and 50% of the population earn more than 40,560 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 Project Manager salary in Palau, 25% of the population are earning less than 26,660 USD while 75% of the population earn more than 26,660 USD.

75% of the population earn less than 48,560 USD, and 25% of the population earn more than 48,560 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 Project Manager Salary by Experience Level in Palau

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 Palau that has less than two years of experience can expect to earn somewhere in the region of 23,140 USD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Project Manager salary would increase to 31,520 USD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Project Manager, the average salary would be 42,040 USD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 50,520 USD.
  • 15 - 20 Years Experience. An Insurance Project Manager with 15 to 20 years of experience can earn an average of 55,320 USD.
  • 20+ Years Experience. For an Insurance Project Manager with more than 20 years, the expected average salary increases to 60,400 USD.

Average Salary by Experience Chart

0-2 Years
23,140 USD
2-5 Years +34%
31,520 USD
5-10 Years +30%
42,040 USD
10-15 Years +21%
50,520 USD
15-20 Years +9%
55,320 USD
20+ Years +5%
60,400 USD

Insurance Project Manager Salary by Education Level in Palau

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 Palau 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 Palau with a bachelor's degree education can earn an average salary of 35,300 USD.

  • Master's Degree. An Insurance Project Manager in Palau with a master's degree education can earn an average salary of 45,600 USD.

Average Salary by Education Chart

Bachelor's Degree
35,300 USD
Master's Degree +39%
45,600 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 Palau is around 13,600 to 40,900 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 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 Palau, a male insurance project manager will earn an average of 43,080 USD, while a female insurance project manager will earn around 40,240 USD.

This means that a male insurance project manager earns approximately 7% more than a female insurance project manager for performing the same job.

Average Salary by Gender Chart in Palau

Male
43,080 USD
Female -7%
40,240 USD

Insurance Project Manager Average Pay Raise in Palau

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 Palau is around 7% every 30 months.

The national average pay raise across all professions and industries in Palau 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 Project Manager in Palau can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Palau for 2024

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

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 Project Manager Bonus and Incentive Rates in Palau

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 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 Palau earn approximately 19% more than private sector employees in the same role.

Public Sector
37,200 USD
Private Sector -19%
31,380 USD

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 Palau.

Job Title Category Salary
Actuarial Analyst Insurance 45,200 USD
Actuarial Assistant Insurance 28,860 USD
Actuarial Specialist Insurance 32,960 USD
Actuary Insurance 45,580 USD
Adjustment Insurance Clerk Insurance 10,000 USD
Assistant Broker Insurance 21,380 USD
Assistant Claims Manager Insurance 35,340 USD
Associate Insurance Representative Insurance 16,720 USD
Auditing Insurance Manager Insurance 48,920 USD
Broker Insurance 30,700 USD
Claim Advocacy Professional Insurance 32,620 USD
Claims Adjuster Insurance 13,660 USD
Claims Analyst Insurance 15,920 USD
Claims Examiner Insurance 16,720 USD
Claims Manager Insurance 44,720 USD
Claims Processor Insurance 10,980 USD
Claims Representative Insurance 11,880 USD
Claims Resolution Specialist Insurance 34,380 USD
Claims Supervisor Insurance 32,960 USD
Complaints Specialist Insurance 28,860 USD
Compliance Examiner Insurance 31,400 USD
Compliance Officer Insurance 24,720 USD
Compliance Reviewer Insurance 27,560 USD
Consultant Insurance 32,960 USD
Eligibility Interviewer Insurance 32,900 USD
Eligibility Specialist Insurance 31,340 USD
Insurance Account Manager Insurance 42,400 USD
Insurance Accounts Executive Insurance 34,380 USD
Insurance Adjuster Insurance 31,380 USD
Insurance Agent Insurance 20,120 USD
Insurance Analyst Insurance 33,960 USD
Insurance Appraiser Insurance 34,980 USD
Insurance Claims Clerk Insurance 12,200 USD
Insurance Examiner Insurance 26,860 USD
Insurance Investigator Insurance 32,620 USD
Insurance Manager Insurance 53,320 USD
Insurance Operations Manager Insurance 54,700 USD
Insurance Policy Processing Clerk Insurance 12,200 USD
Insurance Pricing Assistant Insurance 27,020 USD
Insurance Program Manager Insurance 40,600 USD
Insurance Quality Assurance Agent Insurance 28,820 USD
Insurance Sales Agent Insurance 16,980 USD
Insurance Sales Director Insurance 53,120 USD
Insurance Sales Manager Insurance 42,400 USD
Insurance Sales Representative Insurance 18,780 USD
Insurance Team Leader Insurance 33,980 USD
Insurance Underwriter Insurance 22,660 USD
Loss Control Specialist Insurance 32,200 USD
Loss Prevention Investigator Insurance 31,520 USD
Loss Prevention Manager Insurance 44,540 USD
Loss Prevention Specialist Insurance 35,520 USD
Marine Underwriter Insurance 25,220 USD
Medical Auditor Insurance 34,080 USD
Monitoring and Performance Officer Insurance 23,400 USD
Payment Services Specialist Insurance 33,120 USD
Policy Change Director Insurance 49,200 USD
Policy Change Supervisor Insurance 35,500 USD
Policy Change Technician Insurance 16,880 USD
Risk Analyst Insurance 34,960 USD
Risk Management Director Insurance 64,560 USD
Risk Management Supervisor Insurance 39,560 USD
Risk Manager Insurance 56,460 USD
Risk Modeling Manager Insurance 62,100 USD
Title Insurance Typist Insurance 27,300 USD
Training Manager Insurance 38,180 USD

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