Average Marine Underwriter Salary in South Korea for 2024

In this article, we will look at the average Marine Underwriter salary for 2024 in South Korea 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 South Korean won. To keep things simple, we are using the KRW currency code instead of the currency symbol โ‚ฉ.

How Much Does a Marine Underwriter Make in South Korea?

A Marine Underwriter working in South Korea will typically earn around 35,521,100 KRW per year, and this can range from the lowest average salary of about 18,479,600 KRW to the highest average salary of 54,358,300 KRW.

Average Annual Salary
35,521,100 KRW
Average Monthly Salary
2,960,091 KRW

Lowest Annual Salary
18,479,600 KRW
Lowest Monthly Salary
1,539,966 KRW

Highest Annual Salary
54,358,300 KRW
Highest Monthly Salary
4,529,858 KRW

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

Marine 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 Marine Underwriter Salaries in South Korea

So we've looked at the average salaries a Marine Underwriter will earn in South Korea. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Marine Underwriter can earn between 18,479,600 KRW and 54,358,300 KRW on average in South Korea. 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 a Marine Underwriter in South Korea is 34,198,600 KRW. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 34,198,600 KRW, and 50% of the population earn more than 34,198,600 KRW.

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 Marine Underwriter salary in South Korea, 25% of the population are earning less than 23,638,700 KRW while 75% of the population earn more than 23,638,700 KRW.

75% of the population earn less than 42,479,000 KRW, and 25% of the population earn more than 42,479,000 KRW.

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.

Marine Underwriter Salary by Experience Level in South Korea

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 marine 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. A Marine Underwriter in South Korea that has less than two years of experience can expect to earn somewhere in the region of 20,999,200 KRW.
  • 2 - 5 Years Experience. With two to five years of experience the average Marine Underwriter salary would increase to 28,200,200 KRW.
  • 5 - 10 Years Experience. From five to ten years of experience as a Marine Underwriter, the average salary would be 36,601,600 KRW.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 44,398,300 KRW.
  • 15 - 20 Years Experience. A Marine Underwriter with 15 to 20 years of experience can earn an average of 48,480,700 KRW.
  • 20+ Years Experience. For a Marine Underwriter with more than 20 years, the expected average salary increases to 50,998,800 KRW.

Average Salary by Experience Chart

0-2 Years
20,999,200 KRW
2-5 Years +34%
28,200,200 KRW
5-10 Years +30%
36,601,600 KRW
10-15 Years +21%
44,398,300 KRW
15-20 Years +9%
48,480,700 KRW
20+ Years +5%
50,998,800 KRW

Marine Underwriter Salary by Education Level in South Korea

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 a Marine Underwriter in South Korea 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. A Marine Underwriter in South Korea with a certificate or diploma education can earn an average salary of 26,399,200 KRW.

  • Bachelor's Degree. A Marine Underwriter in South Korea with a bachelor's degree education can earn an average salary of 47,640,400 KRW.

Average Salary by Education Chart

Certificate or Diploma
26,399,200 KRW
Bachelor's Degree +80%
47,640,400 KRW

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 South Korea is around 19,400,000 to 58,300,000 KRW 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.

Marine 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 South Korea, a male marine underwriter will earn an average of 36,718,100 KRW, while a female marine underwriter will earn around 34,679,400 KRW.

This means that a male marine underwriter earns approximately 6% more than a female marine underwriter for performing the same job.

Average Salary by Gender Chart in South Korea

Male
36,718,100 KRW
Female -6%
34,679,400 KRW

Marine Underwriter Average Pay Raise in South Korea

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 a Marine Underwriter in South Korea is around 11% every 16 months.

The national average pay raise across all professions and industries in South Korea is around 9% every 16 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 = ( 11 ÷ 16 ) × 12  = 8%

What this means is that a Marine Underwriter in South Korea can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in South Korea for 2024

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

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

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

Marine Underwriter Bonus and Incentive Rates in South Korea

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.

A Marine Underwriter is a low bonus based job, with 28% of employees reporting at least one bonus in the last 12 months.

72% 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
28%
No Bonus
72%

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 South Korea earn approximately 6% more than private sector employees in the same role.

Public Sector
47,880,300 KRW
Private Sector -6%
45,239,100 KRW

Salaries for Jobs Similar to a Marine Underwriter

In the table below, we have salary information for jobs that are similar to a Marine Underwriter in South Korea.

Job Title Category Salary
Actuarial Analyst Insurance 65,041,800 KRW
Actuarial Assistant Insurance 46,438,700 KRW
Actuarial Specialist Insurance 47,640,400 KRW
Actuary Insurance 66,119,000 KRW
Adjustment Insurance Clerk Insurance 17,879,000 KRW
Assistant Broker Insurance 30,001,600 KRW
Assistant Claims Manager Insurance 50,878,500 KRW
Associate Insurance Representative Insurance 25,321,400 KRW
Auditing Insurance Manager Insurance 72,240,100 KRW
Broker Insurance 48,119,900 KRW
Claim Advocacy Professional Insurance 49,801,000 KRW
Claims Adjuster Insurance 18,359,600 KRW
Claims Analyst Insurance 26,040,800 KRW
Claims Examiner Insurance 26,399,200 KRW
Claims Manager Insurance 65,641,400 KRW
Claims Processor Insurance 17,519,700 KRW
Claims Representative Insurance 22,198,500 KRW
Claims Resolution Specialist Insurance 54,239,900 KRW
Claims Supervisor Insurance 47,401,700 KRW
Complaints Specialist Insurance 46,560,900 KRW
Compliance Examiner Insurance 46,921,300 KRW
Compliance Officer Insurance 40,199,100 KRW
Compliance Reviewer Insurance 46,921,300 KRW
Consultant Insurance 49,318,100 KRW
Eligibility Interviewer Insurance 54,000,800 KRW
Eligibility Specialist Insurance 48,721,100 KRW
Insurance Account Manager Insurance 58,919,600 KRW
Insurance Accounts Executive Insurance 53,158,700 KRW
Insurance Adjuster Insurance 43,081,400 KRW
Insurance Agent Insurance 29,399,100 KRW
Insurance Analyst Insurance 48,119,900 KRW
Insurance Appraiser Insurance 50,398,300 KRW
Insurance Claims Clerk Insurance 17,159,700 KRW
Insurance Examiner Insurance 42,839,200 KRW
Insurance Investigator Insurance 44,641,600 KRW
Insurance Manager Insurance 82,080,500 KRW
Insurance Operations Manager Insurance 84,001,900 KRW
Insurance Policy Processing Clerk Insurance 17,879,000 KRW
Insurance Pricing Assistant Insurance 37,078,800 KRW
Insurance Program Manager Insurance 60,361,600 KRW
Insurance Project Manager Insurance 62,879,900 KRW
Insurance Quality Assurance Agent Insurance 40,079,600 KRW
Insurance Sales Agent Insurance 28,919,800 KRW
Insurance Sales Director Insurance 80,640,500 KRW
Insurance Sales Manager Insurance 60,239,600 KRW
Insurance Sales Representative Insurance 25,679,100 KRW
Insurance Team Leader Insurance 50,039,800 KRW
Insurance Underwriter Insurance 36,841,600 KRW
Loss Control Specialist Insurance 47,880,300 KRW
Loss Prevention Investigator Insurance 52,201,800 KRW
Loss Prevention Manager Insurance 67,079,700 KRW
Loss Prevention Specialist Insurance 49,801,000 KRW
Medical Auditor Insurance 48,480,700 KRW
Monitoring and Performance Officer Insurance 34,198,600 KRW
Payment Services Specialist Insurance 50,398,300 KRW
Policy Change Director Insurance 77,881,500 KRW
Policy Change Supervisor Insurance 54,479,300 KRW
Policy Change Technician Insurance 22,441,700 KRW
Risk Analyst Insurance 53,278,500 KRW
Risk Management Director Insurance 93,601,400 KRW
Risk Management Supervisor Insurance 61,321,600 KRW
Risk Manager Insurance 92,518,400 KRW
Risk Modeling Manager Insurance 93,838,400 KRW
Title Insurance Typist Insurance 42,601,100 KRW
Training Manager Insurance 52,319,400 KRW

Salary Comparison by City

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

City Average Salary
Bucheon 33,360,800 KRW
Busan 39,960,800 KRW
Daegu 36,001,200 KRW
Daejeon 37,800,500 KRW
Goyang 32,639,300 KRW
Gwangju 35,878,200 KRW
Incheon 37,919,200 KRW
Seongnam 34,078,800 KRW
Seoul 38,039,000 KRW
Suweon 33,961,700 KRW
Ulsan 34,441,600 KRW

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  • "Average Marine Underwriter Salary in South Korea for 2024". World Salaries. Accessed on March 28, 2024. https://worldsalaries.com/average-marine-underwriter-salary-in-south-korea/.

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