Average Insurance Team Leader Salary in Jamaica for 2024

In this article, we will look at the average Insurance Team Leader salary for 2024 in Jamaica 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 Jamaican dollar. To keep things simple, we are using the JMD currency code instead of the currency symbol $.

How Much Does an Insurance Team Leader Make in Jamaica?

An Insurance Team Leader working in Jamaica will typically earn around 1,249,900 JMD per year, and this can range from the lowest average salary of about 637,500 JMD to the highest average salary of 1,921,500 JMD.

Average Annual Salary
1,249,900 JMD
Average Monthly Salary
104,158 JMD

Lowest Annual Salary
637,500 JMD
Lowest Monthly Salary
53,125 JMD

Highest Annual Salary
1,921,500 JMD
Highest Monthly Salary
160,125 JMD

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

Insurance Team Leader 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 Team Leader Salaries in Jamaica

So we've looked at the average salaries an Insurance Team Leader will earn in Jamaica. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Insurance Team Leader can earn between 637,500 JMD and 1,921,500 JMD on average in Jamaica. 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 Team Leader in Jamaica is 1,224,800 JMD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 1,224,800 JMD, and 50% of the population earn more than 1,224,800 JMD.

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 Team Leader salary in Jamaica, 25% of the population are earning less than 836,500 JMD while 75% of the population earn more than 836,500 JMD.

75% of the population earn less than 1,537,500 JMD, and 25% of the population earn more than 1,537,500 JMD.

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 Team Leader Salary by Experience Level in Jamaica

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 team leader 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 Team Leader in Jamaica that has less than two years of experience can expect to earn somewhere in the region of 714,600 JMD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Team Leader salary would increase to 931,700 JMD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Team Leader, the average salary would be 1,306,100 JMD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 1,570,900 JMD.
  • 15 - 20 Years Experience. An Insurance Team Leader with 15 to 20 years of experience can earn an average of 1,703,200 JMD.
  • 20+ Years Experience. For an Insurance Team Leader with more than 20 years, the expected average salary increases to 1,835,700 JMD.

Average Salary by Experience Chart

0-2 Years
714,600 JMD
2-5 Years +31%
931,700 JMD
5-10 Years +40%
1,306,100 JMD
10-15 Years +20%
1,570,900 JMD
15-20 Years +9%
1,703,200 JMD
20+ Years +8%
1,835,700 JMD

Insurance Team Leader Salary by Education Level in Jamaica

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 Team Leader in Jamaica 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 Team Leader in Jamaica with a certificate or diploma education can earn an average salary of 817,800 JMD.

  • Bachelor's Degree. An Insurance Team Leader in Jamaica with a bachelor's degree education can earn an average salary of 1,224,800 JMD.

  • Master's Degree. An Insurance Team Leader in Jamaica with a master's degree education can earn an average salary of 1,811,000 JMD.

Average Salary by Education Chart

Certificate or Diploma
817,800 JMD
Bachelor's Degree +50%
1,224,800 JMD
Master's Degree +48%
1,811,000 JMD

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 Jamaica is around 482,000 to 1,450,000 JMD 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 Team Leader 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 Jamaica, a male insurance team leader will earn an average of 1,296,900 JMD, while a female insurance team leader will earn around 1,198,300 JMD.

This means that a male insurance team leader earns approximately 8% more than a female insurance team leader for performing the same job.

Average Salary by Gender Chart in Jamaica

Male
1,296,900 JMD
Female -8%
1,198,300 JMD

Insurance Team Leader Average Pay Raise in Jamaica

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 Team Leader in Jamaica is around 8% every 29 months.

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

Annual Pay Raise by Industry in Jamaica for 2024

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

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 Team Leader Bonus and Incentive Rates in Jamaica

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 Team Leader 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 6%.

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 Jamaica earn approximately 10% more than private sector employees in the same role.

Public Sector
1,235,600 JMD
Private Sector -10%
1,122,900 JMD

Salaries for Jobs Similar to an Insurance Team Leader

In the table below, we have salary information for jobs that are similar to an Insurance Team Leader in Jamaica.

Job Title Category Salary
Actuarial Analyst Insurance 1,645,600 JMD
Actuarial Assistant Insurance 1,165,300 JMD
Actuarial Specialist Insurance 1,187,900 JMD
Actuary Insurance 1,583,700 JMD
Adjustment Insurance Clerk Insurance 455,400 JMD
Assistant Broker Insurance 780,700 JMD
Assistant Claims Manager Insurance 1,369,700 JMD
Associate Insurance Representative Insurance 615,000 JMD
Auditing Insurance Manager Insurance 1,825,000 JMD
Broker Insurance 1,224,800 JMD
Claim Advocacy Professional Insurance 1,212,800 JMD
Claims Adjuster Insurance 459,300 JMD
Claims Analyst Insurance 646,600 JMD
Claims Examiner Insurance 650,700 JMD
Claims Manager Insurance 1,777,700 JMD
Claims Processor Insurance 471,700 JMD
Claims Representative Insurance 524,700 JMD
Claims Resolution Specialist Insurance 1,306,100 JMD
Claims Supervisor Insurance 1,141,000 JMD
Complaints Specialist Insurance 1,102,900 JMD
Compliance Examiner Insurance 1,154,300 JMD
Compliance Officer Insurance 1,003,800 JMD
Compliance Reviewer Insurance 1,145,100 JMD
Consultant Insurance 1,212,800 JMD
Eligibility Interviewer Insurance 1,333,900 JMD
Eligibility Specialist Insurance 1,162,300 JMD
Insurance Account Manager Insurance 1,440,700 JMD
Insurance Accounts Executive Insurance 1,333,900 JMD
Insurance Adjuster Insurance 1,152,700 JMD
Insurance Agent Insurance 706,200 JMD
Insurance Analyst Insurance 1,141,000 JMD
Insurance Appraiser Insurance 1,273,300 JMD
Insurance Claims Clerk Insurance 428,400 JMD
Insurance Examiner Insurance 1,059,800 JMD
Insurance Investigator Insurance 1,095,900 JMD
Insurance Manager Insurance 2,052,200 JMD
Insurance Operations Manager Insurance 2,086,500 JMD
Insurance Policy Processing Clerk Insurance 433,800 JMD
Insurance Pricing Assistant Insurance 943,800 JMD
Insurance Program Manager Insurance 1,594,500 JMD
Insurance Project Manager Insurance 1,547,500 JMD
Insurance Quality Assurance Agent Insurance 1,087,500 JMD
Insurance Sales Agent Insurance 701,400 JMD
Insurance Sales Director Insurance 2,026,800 JMD
Insurance Sales Manager Insurance 1,606,100 JMD
Insurance Sales Representative Insurance 618,800 JMD
Insurance Underwriter Insurance 896,700 JMD
Loss Control Specialist Insurance 1,212,800 JMD
Loss Prevention Investigator Insurance 1,320,500 JMD
Loss Prevention Manager Insurance 1,678,300 JMD
Loss Prevention Specialist Insurance 1,235,600 JMD
Marine Underwriter Insurance 858,100 JMD
Medical Auditor Insurance 1,212,800 JMD
Monitoring and Performance Officer Insurance 854,300 JMD
Payment Services Specialist Insurance 1,273,300 JMD
Policy Change Director Insurance 1,835,700 JMD
Policy Change Supervisor Insurance 1,273,300 JMD
Policy Change Technician Insurance 575,100 JMD
Risk Analyst Insurance 1,345,400 JMD
Risk Management Director Insurance 2,339,200 JMD
Risk Management Supervisor Insurance 1,524,300 JMD
Risk Manager Insurance 2,281,800 JMD
Risk Modeling Manager Insurance 2,290,300 JMD
Title Insurance Typist Insurance 1,047,900 JMD
Training Manager Insurance 1,357,900 JMD

Salary Comparison by City

If you want to compare salaries with different cities in Jamaica, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Kingston 1,428,800 JMD

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