Average Property and Claims Specialist Salary in Panama for 2024

In this article, we will look at the average Property and Claims Specialist salary for 2024 in Panama 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 Panamanian balboa. To keep things simple, we are using the PAB currency code instead of the currency symbol B/..

How Much Does a Property and Claims Specialist Make in Panama?

A Property and Claims Specialist working in Panama will typically earn around 25,680 PAB per year, and this can range from the lowest average salary of about 13,540 PAB to the highest average salary of 39,960 PAB.

Average Annual Salary
25,680 PAB
Average Monthly Salary
2,140 PAB

Lowest Annual Salary
13,540 PAB
Lowest Monthly Salary
1,128 PAB

Highest Annual Salary
39,960 PAB
Highest Monthly Salary
3,330 PAB

These are average salaries for a Property and Claims Specialist in Panama and include benefits such as housing and transport. It's also possible for a Property and Claims Specialist to earn more or less than the average salaries shown above.

Property and Claims Specialist 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 Property and Claims Specialist Salaries in Panama

So we've looked at the average salaries a Property and Claims Specialist will earn in Panama. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Property and Claims Specialist can earn between 13,540 PAB and 39,960 PAB on average in Panama. 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 Property and Claims Specialist in Panama is 24,800 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 24,800 PAB, and 50% of the population earn more than 24,800 PAB.

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 Property and Claims Specialist salary in Panama, 25% of the population are earning less than 15,300 PAB while 75% of the population earn more than 15,300 PAB.

75% of the population earn less than 31,380 PAB, and 25% of the population earn more than 31,380 PAB.

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.

Property and Claims Specialist Salary by Experience Level in Panama

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 property and claims specialist 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 Property and Claims Specialist in Panama that has less than two years of experience can expect to earn somewhere in the region of 14,200 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Property and Claims Specialist salary would increase to 20,120 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as a Property and Claims Specialist, the average salary would be 26,080 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 31,960 PAB.
  • 15 - 20 Years Experience. A Property and Claims Specialist with 15 to 20 years of experience can earn an average of 33,520 PAB.
  • 20+ Years Experience. For a Property and Claims Specialist with more than 20 years, the expected average salary increases to 36,580 PAB.

Average Salary by Experience Chart

0-2 Years
14,200 PAB
2-5 Years +31%
20,120 PAB
5-10 Years +40%
26,080 PAB
10-15 Years +20%
31,960 PAB
15-20 Years +9%
33,520 PAB
20+ Years +8%
36,580 PAB

Property and Claims Specialist Salary by Education Level in Panama

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 Property and Claims Specialist in Panama based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Property and Claims Specialist in Panama with a high school education can earn an average salary of 17,540 PAB.

  • Certificate or Diploma. A Property and Claims Specialist in Panama with a certificate or diploma education can earn an average salary of 23,140 PAB.

  • Bachelor's Degree. A Property and Claims Specialist in Panama with a bachelor's degree education can earn an average salary of 36,700 PAB.

Average Salary by Education Chart

High School
17,540 PAB
Certificate or Diploma +47%
23,140 PAB
Bachelor's Degree +53%
36,700 PAB

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 Panama is around 10,600 to 31,800 PAB 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.

Property and Claims Specialist 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 Panama, a male property and claims specialist will earn an average of 25,720 PAB, while a female property and claims specialist will earn around 23,480 PAB.

This means that a male property and claims specialist earns approximately 10% more than a female property and claims specialist for performing the same job.

Average Salary by Gender Chart in Panama

Male
25,720 PAB
Female -10%
23,480 PAB

Property and Claims Specialist Average Pay Raise in Panama

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 Property and Claims Specialist in Panama is around 10% every 19 months.

The national average pay raise across all professions and industries in Panama 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 = ( 10 ÷ 19 ) × 12  = 6%

What this means is that a Property and Claims Specialist in Panama can expect to receive an average pay raise of around 6% every 12 months.

Annual Pay Raise by Industry in Panama for 2024

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

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

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Property and Claims Specialist Bonus and Incentive Rates in Panama

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 Property and Claims Specialist is a moderate bonus based job, with 52% of employees reporting at least one bonus in the last 12 months.

48% 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
52%
No Bonus
48%

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 Panama earn approximately 4% more than private sector employees in the same role.

Public Sector
27,040 PAB
Private Sector -4%
26,020 PAB

Salaries for Jobs Similar to a Property and Claims Specialist

In the table below, we have salary information for jobs that are similar to a Property and Claims Specialist in Panama.

Job Title Category Salary
Acquisition Associate Real Estate 21,540 PAB
Assistant Leasing Manager Real Estate 24,860 PAB
Assistant Property Manager Real Estate 25,160 PAB
Brokerage Real Estate 21,020 PAB
Brokerage Clerk Real Estate 12,760 PAB
Commercial Leasing Manager Real Estate 42,320 PAB
Commercial Real Estate Manager Real Estate 41,480 PAB
Community Development Manager Real Estate 39,420 PAB
Compliance Specialist Real Estate 21,540 PAB
Development Coordinator Real Estate 18,940 PAB
Director of Real Estate Real Estate 47,760 PAB
Lease Administrator Real Estate 27,300 PAB
Leasing Agent Real Estate 19,060 PAB
Leasing Consultant Real Estate 24,720 PAB
Leasing Manager Real Estate 27,560 PAB
Lettings Assistant Real Estate 9,460 PAB
Portfolio Analyst Real Estate 35,560 PAB
Portfolio Manager Real Estate 48,300 PAB
Property Acquisition Agent Real Estate 19,360 PAB
Property Manager Real Estate 28,680 PAB
Property Operations Manager Real Estate 44,140 PAB
Property Tax Assistant Real Estate 20,500 PAB
Real Estate Administrator Real Estate 23,500 PAB
Real Estate Agent Real Estate 21,400 PAB
Real Estate Analyst Real Estate 29,540 PAB
Real Estate Appraiser Real Estate 19,980 PAB
Real Estate Appraiser Real Estate 20,760 PAB
Real Estate Appraiser Real Estate 23,500 PAB
Real Estate Assistant Real Estate 19,480 PAB
Real Estate Association Manager Real Estate 30,800 PAB
Real Estate Broker Real Estate 21,020 PAB
Real Estate General Manager Real Estate 42,040 PAB
Real Estate Project Director Real Estate 43,480 PAB
Real Estate Project Manager Real Estate 39,960 PAB
Real Estate Sales Agent Real Estate 20,000 PAB
Real Estate Valuer Real Estate 21,300 PAB
Research Analyst Real Estate 18,900 PAB
Residential Advisor Real Estate 24,720 PAB
Residential Property Manager Real Estate 28,900 PAB
Shopping Center Manager Real Estate 43,340 PAB
Town Planner Real Estate 45,560 PAB

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