Insurance Workers Salary In Nigeria: How Much Nigerian Insurance Companies Pay Their Staff

This page features the salary of insurance company workers in Nigeria. Check it out.

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An insurance company is a company that provides some sort of coverage or compensation that may result from loss or damage of lives and properties. An entity which provides insurance is known as an insurer.

Anyone that buys an insurance is known as an insured or as a policyholder.
Any risk that can be quantified can potentially be insured.

• AXA Mansard Insurance Company: everything you need to know
• Top 10 best insurance companies in Nigeria
• Nigerian Army Salary and Ranks

There are different types of insurance. These include:

Auto insurance

Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.

Gap insurance

Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan.

Health insurance

Health insurance policies cover the cost of medical treatments.

Income protection insurance/Disability insurance

Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury.

Casualty insurance

Casualty insurance insures against accidents, not necessarily tied to any specific property

Life insurance

Life insurance provides a monetary benefit to a decedent’s family or other designated beneficiary.

Burial insurance

Burial insurance is a very old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral.

Property insurance

Property insurance provides protection against risks to property, such as fire, theft or weather damage

Liability insurance

Liability insurance is a very broad superset that covers legal claims against the insured.

Credit insurance

Credit insurance repays some or all of a loan when the borrower is insolvent.

Livestock insurance

Livestock insurance is a specialist policy provided to commercial or hobby farms, aquariums, fish farms or any other animal holding.

Here Is The Average Salary Of Insurance Company Workers In Nigeria

A person working in an insurance company earns within the range of ₦126,000 – ₦655,000. This is the average monthly salary including housing, transport, and other benefits. Salary varies drastically between different insurance carriers.

Your salary is according to your position or job title, different job titles have their different job description hence different salaries.

Below is a full breakdown of the salary scale based on job title.

Job Title & Average Salary

1. Actuarial Analyst – ₦445,000
2. Actuarial Assistant – ₦331,000
3. Actuary – ₦468,000
4. Adjustment Insurance Clerk – ₦129,000
5. Assistant Broker – ₦204,000
6. Assistant Claims Manager – ₦355,000
7. Associate Insurance Rep – ₦172,000
8. Auditing Insurance Manager – ₦494,000
9. Broker – ₦348,000
10. Claim Advocacy Professional – ₦347,000
11. Claims Adjuster – ₦131,000
12. Claims Analyst – ₦176,000
13. Claims Examiner – ₦168,000
14. Claims Manager – ₦485,000
15. Claims Processor – ₦122,000
16. Claims Representative – ₦152,000
17. Claims Resolution Specialist – ₦357,000
18. Claims Supervisor – ₦345,000
19. Complaints Specialist – ₦295,000
20. Compliance Officer – ₦272,000
21. Consultant – ₦339,000
22. Eligibility Specialist – ₦335,000
23. Insurance Account Manager – ₦422,000
24. Insurance Accounts Executive – ₦379,000
25. Insurance Agent – ₦208,000
26. Insurance Analyst – ₦313,000
27. Insurance Appraiser – ₦335,000
28. Insurance Claims Clerk – ₦119,000
29. Insurance Examiner – ₦311,000
30. Insurance Investigator – ₦306,000
31. Insurance Manager – ₦570,000
32. Insurance Operations Manager – ₦551,000
33. Insurance Policy Processing Clerk – ₦128,000
34. Insurance Pricing Assistant – ₦261,000
35. Insurance Program Manager – ₦459,000
36. Insurance Project Manager – ₦432,000
37. Insurance Quality Assurance Agent – ₦296,000
38. Insurance Sales Agent – ₦196,000
39. Insurance Sales Director – ₦575,000
40. Insurance Team Leader – ₦338,000
41. Insurance Underwriter – ₦257,000

In Summary

Have you been searching online for the salary of a person working in an insurance company in Nigeria?

This article reveals the salary scale of insurance company workers in Nigeria according to their job positions.

I hope you find this information useful. Feel free to share it with your family and friends.