Average Insurance Team Leader Salary in Saint Vincent and the Grenadines for 2024

In this article, we will look at the average Insurance Team Leader salary for 2024 in Saint Vincent and the Grenadines 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 Team Leader Make in Saint Vincent and the Grenadines?

An Insurance Team Leader working in Saint Vincent and the Grenadines will typically earn around 38,700 XCD per year, and this can range from the lowest average salary of about 19,160 XCD to the highest average salary of 60,160 XCD.

Average Annual Salary
38,700 XCD
Average Monthly Salary
3,225 XCD

Lowest Annual Salary
19,160 XCD
Lowest Monthly Salary
1,596 XCD

Highest Annual Salary
60,160 XCD
Highest Monthly Salary
5,013 XCD

These are average salaries for an Insurance Team Leader in Saint Vincent and the Grenadines 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 Saint Vincent and the Grenadines

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

Salary ranges

We already know that an Insurance Team Leader can earn between 19,160 XCD and 60,160 XCD on average in Saint Vincent and the Grenadines. 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 Saint Vincent and the Grenadines is 39,960 XCD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 39,960 XCD, and 50% of the population earn more than 39,960 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 Team Leader salary in Saint Vincent and the Grenadines, 25% of the population are earning less than 25,720 XCD while 75% of the population earn more than 25,720 XCD.

75% of the population earn less than 48,640 XCD, and 25% of the population earn more than 48,640 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 Team Leader Salary by Experience Level in Saint Vincent and the Grenadines

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 Saint Vincent and the Grenadines that has less than two years of experience can expect to earn somewhere in the region of 21,980 XCD.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Team Leader salary would increase to 31,540 XCD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Team Leader, the average salary would be 42,400 XCD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 48,300 XCD.
  • 15 - 20 Years Experience. An Insurance Team Leader with 15 to 20 years of experience can earn an average of 52,300 XCD.
  • 20+ Years Experience. For an Insurance Team Leader with more than 20 years, the expected average salary increases to 57,620 XCD.

Average Salary by Experience Chart

0-2 Years
21,980 XCD
2-5 Years +31%
31,540 XCD
5-10 Years +40%
42,400 XCD
10-15 Years +20%
48,300 XCD
15-20 Years +9%
52,300 XCD
20+ Years +8%
57,620 XCD

Insurance Team Leader Salary by Education Level in Saint Vincent and the Grenadines

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 Saint Vincent and the Grenadines 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 Saint Vincent and the Grenadines with a certificate or diploma education can earn an average salary of 24,720 XCD.

  • Bachelor's Degree. An Insurance Team Leader in Saint Vincent and the Grenadines with a bachelor's degree education can earn an average salary of 39,800 XCD.

  • Master's Degree. An Insurance Team Leader in Saint Vincent and the Grenadines with a master's degree education can earn an average salary of 57,320 XCD.

Average Salary by Education Chart

Certificate or Diploma
24,720 XCD
Bachelor's Degree +50%
39,800 XCD
Master's Degree +48%
57,320 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 Saint Vincent and the Grenadines is around 17,000 to 50,900 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 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 Saint Vincent and the Grenadines, a male insurance team leader will earn an average of 43,220 XCD, while a female insurance team leader will earn around 36,020 XCD.

This means that a male insurance team leader earns approximately 20% more than a female insurance team leader for performing the same job.

Average Salary by Gender Chart in Saint Vincent and the Grenadines

Male
43,220 XCD
Female -20%
36,020 XCD

Insurance Team Leader Average Pay Raise in Saint Vincent and the Grenadines

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 Saint Vincent and the Grenadines is around 7% every 29 months.

The national average pay raise across all professions and industries in Saint Vincent and the Grenadines 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 ÷ 29 ) × 12  = 3%

What this means is that an Insurance Team Leader in Saint Vincent and the Grenadines can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Saint Vincent and the Grenadines for 2024

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

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 Saint Vincent and the Grenadines

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 Saint Vincent and the Grenadines earn approximately 19% more than private sector employees in the same role.

Public Sector
45,060 XCD
Private Sector -19%
37,880 XCD

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 Saint Vincent and the Grenadines.

Job Title Category Salary
Actuarial Analyst Insurance 49,200 XCD
Actuarial Assistant Insurance 40,140 XCD
Actuarial Specialist Insurance 40,140 XCD
Actuary Insurance 52,880 XCD
Adjustment Insurance Clerk Insurance 13,560 XCD
Assistant Broker Insurance 23,700 XCD
Assistant Claims Manager Insurance 45,560 XCD
Associate Insurance Representative Insurance 21,100 XCD
Auditing Insurance Manager Insurance 55,320 XCD
Broker Insurance 41,700 XCD
Claim Advocacy Professional Insurance 38,060 XCD
Claims Adjuster Insurance 14,540 XCD
Claims Analyst Insurance 21,020 XCD
Claims Examiner Insurance 21,380 XCD
Claims Manager Insurance 54,500 XCD
Claims Processor Insurance 14,920 XCD
Claims Representative Insurance 15,700 XCD
Claims Resolution Specialist Insurance 42,040 XCD
Claims Supervisor Insurance 38,060 XCD
Complaints Specialist Insurance 34,960 XCD
Compliance Examiner Insurance 38,260 XCD
Compliance Officer Insurance 31,380 XCD
Compliance Reviewer Insurance 35,000 XCD
Consultant Insurance 39,800 XCD
Eligibility Interviewer Insurance 41,660 XCD
Eligibility Specialist Insurance 38,060 XCD
Insurance Account Manager Insurance 48,920 XCD
Insurance Accounts Executive Insurance 42,320 XCD
Insurance Adjuster Insurance 34,120 XCD
Insurance Agent Insurance 24,840 XCD
Insurance Analyst Insurance 36,020 XCD
Insurance Appraiser Insurance 39,560 XCD
Insurance Claims Clerk Insurance 14,840 XCD
Insurance Examiner Insurance 35,340 XCD
Insurance Investigator Insurance 37,620 XCD
Insurance Manager Insurance 66,100 XCD
Insurance Operations Manager Insurance 64,180 XCD
Insurance Policy Processing Clerk Insurance 12,240 XCD
Insurance Pricing Assistant Insurance 31,380 XCD
Insurance Program Manager Insurance 52,820 XCD
Insurance Project Manager Insurance 50,080 XCD
Insurance Quality Assurance Agent Insurance 34,480 XCD
Insurance Sales Agent Insurance 23,080 XCD
Insurance Sales Director Insurance 67,900 XCD
Insurance Sales Manager Insurance 50,620 XCD
Insurance Sales Representative Insurance 21,640 XCD
Insurance Underwriter Insurance 28,720 XCD
Loss Control Specialist Insurance 36,580 XCD
Loss Prevention Investigator Insurance 40,560 XCD
Loss Prevention Manager Insurance 52,880 XCD
Loss Prevention Specialist Insurance 44,140 XCD
Marine Underwriter Insurance 27,480 XCD
Medical Auditor Insurance 40,560 XCD
Monitoring and Performance Officer Insurance 29,840 XCD
Payment Services Specialist Insurance 39,640 XCD
Policy Change Director Insurance 64,640 XCD
Policy Change Supervisor Insurance 45,060 XCD
Policy Change Technician Insurance 19,020 XCD
Risk Analyst Insurance 41,820 XCD
Risk Management Director Insurance 73,760 XCD
Risk Management Supervisor Insurance 45,580 XCD
Risk Manager Insurance 75,980 XCD
Risk Modeling Manager Insurance 73,820 XCD
Title Insurance Typist Insurance 34,280 XCD
Training Manager Insurance 43,340 XCD

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