Average Insurance Underwriter Salary in Chile for 2024

In this article, we will look at the average Insurance Underwriter salary for 2024 in Chile 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 Chilean peso. To keep things simple, we are using the CLP currency code instead of the currency symbol $.

How Much Does an Insurance Underwriter Make in Chile?

An Insurance Underwriter working in Chile will typically earn around 16,198,300 CLP per year, and this can range from the lowest average salary of about 8,578,600 CLP to the highest average salary of 24,599,500 CLP.

Average Annual Salary
16,198,300 CLP
Average Monthly Salary
1,349,858 CLP

Lowest Annual Salary
8,578,600 CLP
Lowest Monthly Salary
714,883 CLP

Highest Annual Salary
24,599,500 CLP
Highest Monthly Salary
2,049,958 CLP

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

Insurance Underwriter 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 Underwriter Salaries in Chile

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

Salary ranges

We already know that an Insurance Underwriter can earn between 8,578,600 CLP and 24,599,500 CLP on average in Chile. 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 Underwriter in Chile is 15,238,200 CLP. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 15,238,200 CLP, and 50% of the population earn more than 15,238,200 CLP.

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 Underwriter salary in Chile, 25% of the population are earning less than 10,704,700 CLP while 75% of the population earn more than 10,704,700 CLP.

75% of the population earn less than 18,720,200 CLP, and 25% of the population earn more than 18,720,200 CLP.

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 Underwriter Salary by Experience Level in Chile

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 underwriter 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 Underwriter in Chile that has less than two years of experience can expect to earn somewhere in the region of 9,850,400 CLP.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Underwriter salary would increase to 12,121,000 CLP.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Underwriter, the average salary would be 17,159,700 CLP.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 20,038,100 CLP.
  • 15 - 20 Years Experience. An Insurance Underwriter with 15 to 20 years of experience can earn an average of 22,081,800 CLP.
  • 20+ Years Experience. For an Insurance Underwriter with more than 20 years, the expected average salary increases to 23,280,700 CLP.

Average Salary by Experience Chart

0-2 Years
9,850,400 CLP
2-5 Years +23%
12,121,000 CLP
5-10 Years +42%
17,159,700 CLP
10-15 Years +17%
20,038,100 CLP
15-20 Years +10%
22,081,800 CLP
20+ Years +6%
23,280,700 CLP

Insurance Underwriter Salary by Education Level in Chile

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 Underwriter in Chile 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 Underwriter in Chile with a certificate or diploma education can earn an average salary of 13,079,500 CLP.

  • Bachelor's Degree. An Insurance Underwriter in Chile with a bachelor's degree education can earn an average salary of 19,200,400 CLP.

Average Salary by Education Chart

Certificate or Diploma
13,079,500 CLP
Bachelor's Degree +47%
19,200,400 CLP

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 Chile is around 9,340,000 to 28,000,000 CLP 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 Underwriter 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 Chile, a male insurance underwriter will earn an average of 16,679,800 CLP, while a female insurance underwriter will earn around 15,480,300 CLP.

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

Average Salary by Gender Chart in Chile

Male
16,679,800 CLP
Female -8%
15,480,300 CLP

Insurance Underwriter Average Pay Raise in Chile

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 Underwriter in Chile is around 9% every 19 months.

The national average pay raise across all professions and industries in Chile 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 Underwriter in Chile can expect to receive an average pay raise of around 6% every 12 months.

Annual Pay Raise by Industry in Chile for 2024

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

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 Underwriter Bonus and Incentive Rates in Chile

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 Underwriter is a low bonus based job, with 25% of employees reporting at least one bonus in the last 12 months.

75% 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 1% to 3%.

Received Bonus
25%
No Bonus
75%

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 Chile earn approximately 7% more than private sector employees in the same role.

Public Sector
23,399,000 CLP
Private Sector -7%
21,841,900 CLP

Salaries for Jobs Similar to an Insurance Underwriter

In the table below, we have salary information for jobs that are similar to an Insurance Underwriter in Chile.

Job Title Category Salary
Actuarial Analyst Insurance 29,399,100 CLP
Actuarial Assistant Insurance 21,599,000 CLP
Actuarial Specialist Insurance 20,639,100 CLP
Actuary Insurance 30,721,900 CLP
Adjustment Insurance Clerk Insurance 8,650,700 CLP
Assistant Broker Insurance 14,760,200 CLP
Assistant Claims Manager Insurance 25,321,400 CLP
Associate Insurance Representative Insurance 11,998,600 CLP
Auditing Insurance Manager Insurance 32,639,300 CLP
Broker Insurance 22,198,500 CLP
Claim Advocacy Professional Insurance 21,841,900 CLP
Claims Adjuster Insurance 8,533,800 CLP
Claims Analyst Insurance 11,281,100 CLP
Claims Examiner Insurance 11,782,700 CLP
Claims Manager Insurance 33,360,800 CLP
Claims Processor Insurance 8,305,400 CLP
Claims Representative Insurance 10,177,900 CLP
Claims Resolution Specialist Insurance 24,478,500 CLP
Claims Supervisor Insurance 23,040,200 CLP
Complaints Specialist Insurance 19,678,200 CLP
Compliance Examiner Insurance 21,478,100 CLP
Compliance Officer Insurance 18,359,600 CLP
Compliance Reviewer Insurance 20,038,100 CLP
Consultant Insurance 22,681,800 CLP
Eligibility Interviewer Insurance 22,918,100 CLP
Eligibility Specialist Insurance 22,081,800 CLP
Insurance Account Manager Insurance 27,118,300 CLP
Insurance Accounts Executive Insurance 23,520,800 CLP
Insurance Adjuster Insurance 20,878,800 CLP
Insurance Agent Insurance 12,958,200 CLP
Insurance Analyst Insurance 22,441,700 CLP
Insurance Appraiser Insurance 21,719,900 CLP
Insurance Claims Clerk Insurance 8,401,800 CLP
Insurance Examiner Insurance 21,599,000 CLP
Insurance Investigator Insurance 20,999,200 CLP
Insurance Manager Insurance 38,281,500 CLP
Insurance Operations Manager Insurance 39,358,400 CLP
Insurance Policy Processing Clerk Insurance 8,638,900 CLP
Insurance Pricing Assistant Insurance 17,640,500 CLP
Insurance Program Manager Insurance 30,961,800 CLP
Insurance Project Manager Insurance 28,919,800 CLP
Insurance Quality Assurance Agent Insurance 20,400,600 CLP
Insurance Sales Agent Insurance 13,079,500 CLP
Insurance Sales Director Insurance 37,561,000 CLP
Insurance Sales Manager Insurance 30,841,400 CLP
Insurance Sales Representative Insurance 11,941,500 CLP
Insurance Team Leader Insurance 23,399,000 CLP
Loss Control Specialist Insurance 20,999,200 CLP
Loss Prevention Investigator Insurance 23,638,700 CLP
Loss Prevention Manager Insurance 31,320,700 CLP
Loss Prevention Specialist Insurance 23,878,400 CLP
Marine Underwriter Insurance 17,278,100 CLP
Medical Auditor Insurance 22,558,900 CLP
Monitoring and Performance Officer Insurance 16,320,700 CLP
Payment Services Specialist Insurance 22,799,000 CLP
Policy Change Director Insurance 33,841,700 CLP
Policy Change Supervisor Insurance 24,478,500 CLP
Policy Change Technician Insurance 11,425,300 CLP
Risk Analyst Insurance 26,040,800 CLP
Risk Management Director Insurance 42,601,100 CLP
Risk Management Supervisor Insurance 28,679,900 CLP
Risk Manager Insurance 40,321,500 CLP
Risk Modeling Manager Insurance 42,119,100 CLP
Title Insurance Typist Insurance 18,598,500 CLP
Training Manager Insurance 25,801,200 CLP

Salary Comparison by City

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

City Average Salary
Antofagasta 16,439,200 CLP
Concepcion 14,760,200 CLP
La Florida 17,039,100 CLP
Las Condes 17,278,100 CLP
Maipu 17,519,700 CLP
Penalolen 15,960,700 CLP
Puente Alto 18,001,100 CLP
Rancagua 15,360,400 CLP
San Bernardo 16,799,900 CLP
Santiago 19,200,400 CLP
Temuco 16,561,800 CLP
Valparaiso 16,561,800 CLP
Vina del Mar 17,399,400 CLP

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  • "Average Insurance Underwriter Salary in Chile for 2024". World Salaries. Accessed on March 29, 2024. https://worldsalaries.com/average-insurance-underwriter-salary-in-chile/.

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