Average Insurance Underwriter Salary in Rwanda for 2024

In this article, we will look at the average Insurance Underwriter salary for 2024 in Rwanda 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 Rwandan franc. To keep things simple, we are using the RWF currency code instead of the currency symbol Fr.

How Much Does an Insurance Underwriter Make in Rwanda?

An Insurance Underwriter working in Rwanda will typically earn around 6,179,700 RWF per year, and this can range from the lowest average salary of about 2,844,200 RWF to the highest average salary of 9,828,800 RWF.

Average Annual Salary
6,179,700 RWF
Average Monthly Salary
514,975 RWF

Lowest Annual Salary
2,844,200 RWF
Lowest Monthly Salary
237,016 RWF

Highest Annual Salary
9,828,800 RWF
Highest Monthly Salary
819,066 RWF

These are average salaries for an Insurance Underwriter in Rwanda 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 Rwanda

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

Salary ranges

We already know that an Insurance Underwriter can earn between 2,844,200 RWF and 9,828,800 RWF on average in Rwanda. 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 Rwanda is 6,670,600 RWF. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 6,670,600 RWF, and 50% of the population earn more than 6,670,600 RWF.

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 Rwanda, 25% of the population are earning less than 4,282,500 RWF while 75% of the population earn more than 4,282,500 RWF.

75% of the population earn less than 8,915,100 RWF, and 25% of the population earn more than 8,915,100 RWF.

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 Rwanda

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 Rwanda that has less than two years of experience can expect to earn somewhere in the region of 3,229,900 RWF.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Underwriter salary would increase to 4,309,300 RWF.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Underwriter, the average salary would be 6,371,500 RWF.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 7,763,600 RWF.
  • 15 - 20 Years Experience. An Insurance Underwriter with 15 to 20 years of experience can earn an average of 8,460,900 RWF.
  • 20+ Years Experience. For an Insurance Underwriter with more than 20 years, the expected average salary increases to 9,166,100 RWF.

Average Salary by Experience Chart

0-2 Years
3,229,900 RWF
2-5 Years +34%
4,309,300 RWF
5-10 Years +48%
6,371,500 RWF
10-15 Years +22%
7,763,600 RWF
15-20 Years +9%
8,460,900 RWF
20+ Years +8%
9,166,100 RWF

Insurance Underwriter Salary by Education Level in Rwanda

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 Rwanda 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 Rwanda with a certificate or diploma education can earn an average salary of 3,755,300 RWF.

  • Bachelor's Degree. An Insurance Underwriter in Rwanda with a bachelor's degree education can earn an average salary of 7,246,500 RWF.

Average Salary by Education Chart

Certificate or Diploma
3,755,300 RWF
Bachelor's Degree +93%
7,246,500 RWF

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 Rwanda is around 3,460,000 to 10,400,000 RWF 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 Rwanda, a male insurance underwriter will earn an average of 6,514,800 RWF, while a female insurance underwriter will earn around 5,843,600 RWF.

This means that a male insurance underwriter earns approximately 11% more than a female insurance underwriter for performing the same job.

Average Salary by Gender Chart in Rwanda

Male
6,514,800 RWF
Female -11%
5,843,600 RWF

Insurance Underwriter Average Pay Raise in Rwanda

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 Rwanda is around 7% every 28 months.

The national average pay raise across all professions and industries in Rwanda 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 = ( 7 ÷ 28 ) × 12  = 3%

What this means is that an Insurance Underwriter in Rwanda can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Rwanda for 2024

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

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Insurance Underwriter Bonus and Incentive Rates in Rwanda

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 16% of employees reporting at least one bonus in the last 12 months.

84% 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 0% to 4%.

Received Bonus
16%
No Bonus
84%

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 Rwanda earn approximately 25% more than private sector employees in the same role.

Public Sector
9,215,300 RWF
Private Sector -25%
7,393,200 RWF

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 Rwanda.

Job Title Category Salary
Actuarial Analyst Insurance 11,123,200 RWF
Actuarial Assistant Insurance 7,680,400 RWF
Actuarial Specialist Insurance 7,618,900 RWF
Actuary Insurance 10,258,100 RWF
Adjustment Insurance Clerk Insurance 2,854,700 RWF
Assistant Broker Insurance 4,846,300 RWF
Assistant Claims Manager Insurance 8,962,200 RWF
Associate Insurance Representative Insurance 4,079,300 RWF
Auditing Insurance Manager Insurance 12,361,500 RWF
Broker Insurance 7,693,200 RWF
Claim Advocacy Professional Insurance 8,339,300 RWF
Claims Adjuster Insurance 3,035,200 RWF
Claims Analyst Insurance 4,162,800 RWF
Claims Examiner Insurance 4,079,300 RWF
Claims Manager Insurance 10,835,000 RWF
Claims Processor Insurance 3,094,100 RWF
Claims Representative Insurance 3,421,600 RWF
Claims Resolution Specialist Insurance 8,785,800 RWF
Claims Supervisor Insurance 8,075,200 RWF
Complaints Specialist Insurance 7,477,100 RWF
Compliance Examiner Insurance 7,680,400 RWF
Compliance Officer Insurance 6,433,500 RWF
Compliance Reviewer Insurance 7,428,600 RWF
Consultant Insurance 8,075,200 RWF
Eligibility Interviewer Insurance 8,339,300 RWF
Eligibility Specialist Insurance 8,017,000 RWF
Insurance Account Manager Insurance 9,804,400 RWF
Insurance Accounts Executive Insurance 8,785,800 RWF
Insurance Adjuster Insurance 7,271,300 RWF
Insurance Agent Insurance 4,558,700 RWF
Insurance Analyst Insurance 7,669,900 RWF
Insurance Appraiser Insurance 7,860,600 RWF
Insurance Claims Clerk Insurance 2,854,700 RWF
Insurance Examiner Insurance 7,618,900 RWF
Insurance Investigator Insurance 7,680,400 RWF
Insurance Manager Insurance 13,679,300 RWF
Insurance Operations Manager Insurance 14,158,800 RWF
Insurance Policy Processing Clerk Insurance 2,976,900 RWF
Insurance Pricing Assistant Insurance 6,300,400 RWF
Insurance Program Manager Insurance 10,450,100 RWF
Insurance Project Manager Insurance 10,306,800 RWF
Insurance Quality Assurance Agent Insurance 6,613,100 RWF
Insurance Sales Agent Insurance 4,654,300 RWF
Insurance Sales Director Insurance 13,319,300 RWF
Insurance Sales Manager Insurance 10,187,500 RWF
Insurance Sales Representative Insurance 3,996,300 RWF
Insurance Team Leader Insurance 8,411,800 RWF
Loss Control Specialist Insurance 7,726,700 RWF
Loss Prevention Investigator Insurance 8,149,100 RWF
Loss Prevention Manager Insurance 11,173,600 RWF
Loss Prevention Specialist Insurance 8,856,100 RWF
Marine Underwriter Insurance 6,058,300 RWF
Medical Auditor Insurance 8,075,200 RWF
Monitoring and Performance Officer Insurance 5,412,700 RWF
Payment Services Specialist Insurance 7,860,600 RWF
Policy Change Director Insurance 11,974,500 RWF
Policy Change Supervisor Insurance 8,962,200 RWF
Policy Change Technician Insurance 3,934,900 RWF
Risk Analyst Insurance 8,737,100 RWF
Risk Management Director Insurance 14,880,300 RWF
Risk Management Supervisor Insurance 10,378,100 RWF
Risk Manager Insurance 15,118,700 RWF
Risk Modeling Manager Insurance 14,880,300 RWF
Title Insurance Typist Insurance 6,971,100 RWF
Training Manager Insurance 8,460,900 RWF

Salary Comparison by City

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

City Average Salary
Kigali 6,577,500 RWF

Link To or Reference This Page

We spend a lot of time collecting, cleaning, merging, and formatting the data that is shown on the site to be as useful to you as possible.

If you found the data or information on this page useful in your research, please use the tool below to properly cite or reference World Salaries as the source. We appreciate your support!

  • "Average Insurance Underwriter Salary in Rwanda for 2024". World Salaries. Accessed on March 28, 2024. https://worldsalaries.com/average-insurance-underwriter-salary-in-rwanda/.

  • "Average Insurance Underwriter Salary in Rwanda for 2024". World Salaries, https://worldsalaries.com/average-insurance-underwriter-salary-in-rwanda/. Accessed 28 March, 2024

  • Average Insurance Underwriter Salary in Rwanda for 2024. World Salaries. Retrieved from https://worldsalaries.com/average-insurance-underwriter-salary-in-rwanda/.