Average Insurance Sales Representative Salary in Panama for 2024

In this article, we will look at the average Insurance Sales Representative salary for 2024 in Panama 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 Panamanian balboa. To keep things simple, we are using the PAB currency code instead of the currency symbol B/..

How Much Does an Insurance Sales Representative Make in Panama?

An Insurance Sales Representative working in Panama will typically earn around 14,540 PAB per year, and this can range from the lowest average salary of about 8,440 PAB to the highest average salary of 19,060 PAB.

Average Annual Salary
14,540 PAB
Average Monthly Salary
1,211 PAB

Lowest Annual Salary
8,440 PAB
Lowest Monthly Salary
703 PAB

Highest Annual Salary
19,060 PAB
Highest Monthly Salary
1,588 PAB

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

Insurance Sales Representative 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 Sales Representative Salaries in Panama

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

Salary ranges

We already know that an Insurance Sales Representative can earn between 8,440 PAB and 19,060 PAB on average in Panama. 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 Sales Representative in Panama is 13,900 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 13,900 PAB, and 50% of the population earn more than 13,900 PAB.

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 Sales Representative salary in Panama, 25% of the population are earning less than 7,800 PAB while 75% of the population earn more than 7,800 PAB.

75% of the population earn less than 15,380 PAB, and 25% of the population earn more than 15,380 PAB.

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 Sales Representative Salary by Experience Level in Panama

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 sales representative 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 Sales Representative in Panama that has less than two years of experience can expect to earn somewhere in the region of 6,280 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Sales Representative salary would increase to 9,980 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Sales Representative, the average salary would be 12,240 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 16,720 PAB.
  • 15 - 20 Years Experience. An Insurance Sales Representative with 15 to 20 years of experience can earn an average of 17,760 PAB.
  • 20+ Years Experience. For an Insurance Sales Representative with more than 20 years, the expected average salary increases to 20,500 PAB.

Average Salary by Experience Chart

0-2 Years
6,280 PAB
2-5 Years +31%
9,980 PAB
5-10 Years +40%
12,240 PAB
10-15 Years +20%
16,720 PAB
15-20 Years +9%
17,760 PAB
20+ Years +8%
20,500 PAB

Insurance Sales Representative Salary by Education Level in Panama

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 Sales Representative in Panama based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. An Insurance Sales Representative in Panama with a certificate or diploma education can earn an average salary of 7,080 PAB.

  • Bachelor's Degree. An Insurance Sales Representative in Panama with a bachelor's degree education can earn an average salary of 14,620 PAB.

  • Master's Degree. An Insurance Sales Representative in Panama with a master's degree education can earn an average salary of 19,480 PAB.

Average Salary by Education Chart

Certificate or Diploma
7,080 PAB
Bachelor's Degree +50%
14,620 PAB
Master's Degree +48%
19,480 PAB

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 Panama is around 10,600 to 31,800 PAB 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 Sales Representative 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 Panama, a male insurance sales representative will earn an average of 13,560 PAB, while a female insurance sales representative will earn around 13,540 PAB.

This means that a male insurance sales representative earns approximately 0% more than a female insurance sales representative for performing the same job.

Average Salary by Gender Chart in Panama

Male
13,560 PAB
Female -0%
13,540 PAB

Insurance Sales Representative Average Pay Raise in Panama

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 Sales Representative in Panama is around 9% every 19 months.

The national average pay raise across all professions and industries in Panama is around 7% every 19 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 ÷ 19 ) × 12  = 6%

What this means is that an Insurance Sales Representative in Panama can expect to receive an average pay raise of around 6% every 12 months.

Annual Pay Raise by Industry in Panama for 2024

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

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 Sales Representative Bonus and Incentive Rates in Panama

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 Sales Representative is a high bonus based job, with 76% of employees reporting at least one bonus in the last 12 months.

24% 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
76%
No Bonus
24%

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 Panama earn approximately 4% more than private sector employees in the same role.

Public Sector
27,040 PAB
Private Sector -4%
26,020 PAB

Salaries for Jobs Similar to an Insurance Sales Representative

In the table below, we have salary information for jobs that are similar to an Insurance Sales Representative in Panama.

Job Title Category Salary
Actuarial Analyst Insurance 33,980 PAB
Actuarial Assistant Insurance 22,340 PAB
Actuarial Specialist Insurance 22,660 PAB
Actuary Insurance 33,980 PAB
Adjustment Insurance Clerk Insurance 7,800 PAB
Assistant Broker Insurance 16,880 PAB
Assistant Claims Manager Insurance 26,100 PAB
Associate Insurance Representative Insurance 13,900 PAB
Auditing Insurance Manager Insurance 36,720 PAB
Broker Insurance 24,860 PAB
Claim Advocacy Professional Insurance 26,080 PAB
Claims Adjuster Insurance 8,560 PAB
Claims Analyst Insurance 13,700 PAB
Claims Examiner Insurance 13,960 PAB
Claims Manager Insurance 34,120 PAB
Claims Processor Insurance 7,800 PAB
Claims Representative Insurance 12,840 PAB
Claims Resolution Specialist Insurance 26,660 PAB
Claims Supervisor Insurance 24,200 PAB
Complaints Specialist Insurance 23,500 PAB
Compliance Examiner Insurance 20,760 PAB
Compliance Officer Insurance 21,020 PAB
Compliance Reviewer Insurance 23,480 PAB
Consultant Insurance 23,660 PAB
Eligibility Interviewer Insurance 27,300 PAB
Eligibility Specialist Insurance 27,020 PAB
Insurance Account Manager Insurance 27,560 PAB
Insurance Accounts Executive Insurance 27,380 PAB
Insurance Adjuster Insurance 24,840 PAB
Insurance Agent Insurance 14,840 PAB
Insurance Analyst Insurance 23,480 PAB
Insurance Appraiser Insurance 24,720 PAB
Insurance Claims Clerk Insurance 8,560 PAB
Insurance Examiner Insurance 23,400 PAB
Insurance Investigator Insurance 23,260 PAB
Insurance Manager Insurance 43,360 PAB
Insurance Operations Manager Insurance 44,720 PAB
Insurance Policy Processing Clerk Insurance 8,560 PAB
Insurance Pricing Assistant Insurance 21,020 PAB
Insurance Program Manager Insurance 32,960 PAB
Insurance Project Manager Insurance 31,660 PAB
Insurance Quality Assurance Agent Insurance 23,520 PAB
Insurance Sales Agent Insurance 14,200 PAB
Insurance Sales Director Insurance 40,040 PAB
Insurance Sales Manager Insurance 35,560 PAB
Insurance Team Leader Insurance 26,080 PAB
Insurance Underwriter Insurance 18,940 PAB
Loss Control Specialist Insurance 24,800 PAB
Loss Prevention Investigator Insurance 24,860 PAB
Loss Prevention Manager Insurance 33,980 PAB
Loss Prevention Specialist Insurance 28,820 PAB
Marine Underwriter Insurance 19,020 PAB
Medical Auditor Insurance 25,680 PAB
Monitoring and Performance Officer Insurance 19,220 PAB
Payment Services Specialist Insurance 26,020 PAB
Policy Change Director Insurance 38,780 PAB
Policy Change Supervisor Insurance 28,820 PAB
Policy Change Technician Insurance 13,660 PAB
Risk Analyst Insurance 26,280 PAB
Risk Management Director Insurance 45,260 PAB
Risk Management Supervisor Insurance 31,520 PAB
Risk Manager Insurance 48,820 PAB
Risk Modeling Manager Insurance 43,760 PAB
Title Insurance Typist Insurance 20,000 PAB
Training Manager Insurance 28,660 PAB

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