Insurance Agent Average Salary in Malaysia 2024
How much money does a person working as Insurance Agent make in Malaysia?
LOW
2,000
MYR AVERAGE
4,000
MYR HIGH
6,200
MYR
A person working as Insurance Agent in Malaysia typically earns around 4,000 MYR. Salaries range from 2,000 MYR (lowest) to 6,200 MYR (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Insurance Agent salaries in Malaysia vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Insurance Agent Pay Scale and Salaries in Malaysia
Salary Structure and Pay Scale Comparison
3,680 MYR or more
3,260 to 3,680 MYR
2,340 MYR or less
2,340 to 3,260 MYR
 2,000 MYR |
3,700 MYR |
6,200 MYR |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Insurance Agent in Malaysia range from 2,000 MYR (starting salary) to 6,200 MYR (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 3,700 MYR, half of the professionals who work as Insurance Agent in Malaysia earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Insurance Agent in Malaysia earn less than 3,040 MYR, while 75% earn more. Similarly, the chart shows that 75% earn less than 4,220 MYR while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Insurance Agent in Malaysia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 2,340 MYR to 3,260 MYR. About 20% of salaries are below the 2,340 MYR mark, while 10% fall within the range of 3,260 MYR to 3,680 MYR. Only 5% of individuals have salaries exceeding 3,680 MYR.
Salary Comparison by Years of Experience / Insurance Agent / Malaysia
How do experience and age affect pay?
| 0 - 2 Years | 2,400 MYR | |
| 2 - 5 Years | +32% | 3,180 MYR |
| 5 - 10 Years | +34% | 4,250 MYR |
| 10 - 15 Years | +19% | 5,070 MYR |
| 15 - 20 Years | +8% | 5,470 MYR |
| 20+ Years | +7% | 5,860 MYR |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Insurance Agent and this is what we found.
Employees with less than two years of experience earn approximately 2,400 MYR.
While someone with an experience level between two and five years is expected to earn 3,180 MYR, 32% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 4,250 MYR, 34% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 5,070 MYR, 19% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 5,470 MYR, 8% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 5,860 MYR, 7% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Insurance Agent / Malaysia
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Insurance Agent.
| Certificate or Diploma | 3,550 MYR | |
| Bachelor's Degree | +56% | 5,530 MYR |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Insurance Agent in order to make a comparison.
Level 1: Certificate or Diploma
Employees at this education level have an average salary of 3,550 MYR.
Level 2: Bachelor's Degree
At this level, the average salary becomes 5,530 MYR, 56% more than the previous level.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Insurance Agent / Malaysia
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Insurance Agent in Malaysia, the average difference between the salary of male and female employees is 5%.
| Male | 4,100 MYR | |
| Female | -5% | 3,890 MYR |
Salary Comparison By Gender in Malaysia for all Careers
Average Annual Salary Increment Percentage / Insurance Agent / Malaysia
How much are annual salary increments in Malaysia for individuals working as Insurance Agent? How often do employees get salary raises?
Individuals working as Insurance Agent in Malaysia are likely to observe a salary increase of approximately 11% every 17 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.
Malaysia / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Insurance Agent / Malaysia
How much and how often are bonuses being awarded?
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72% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 28% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 0% to 3% of their annual salary.
| Received Bonus | 28% | |
| No Bonus | 72% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Average Hourly Wage / Insurance Agent / Malaysia
23 MYR per hourThe average hourly wage (pay per hour) for individuals working as Insurance Agent in Malaysia is 23 MYR.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Insurance Agent in Malaysia is 12 MYR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Insurance |  -100% | |
| Actuarial Analyst | 8,820 MYR |  +120% |
| Actuarial Assistant | 6,400 MYR | +60% |
| Actuarial Specialist | 6,670 MYR | +67% |
| Actuary | 9,000 MYR | +130% |
| Adjustment Insurance Clerk | 2,380 MYR | -41% |
| Assistant Broker | 4,250 MYR | +6% |
| Assistant Claims Manager | 7,470 MYR | +87% |
| Associate Insurance Representative | 3,400 MYR | -15% |
| Auditing Insurance Manager | 9,800 MYR | +150% |
| Blockchain Insurance Auditor | 6,320 MYR | +58% |
| Broker | 6,410 MYR | +60% |
| Claim Advocacy Professional | 6,620 MYR | +66% |
| Claims Adjuster | 2,530 MYR | -37% |
| Claims Analyst | 3,640 MYR | -9% |
| Claims Examiner | 3,400 MYR | -15% |
| Claims Manager | 9,500 MYR | +140% |
| Claims Processor | 2,580 MYR | -36% |
| Claims Representative | 2,850 MYR | -29% |
| Claims Resolution Specialist | 7,320 MYR | +83% |
| Claims Supervisor | 6,400 MYR | +60% |
| Complaints Specialist | 5,920 MYR | +48% |
| Compliance Examiner | 6,080 MYR | +52% |
| Compliance Officer | 5,630 MYR | +41% |
| Compliance Reviewer | 6,190 MYR | +55% |
| Consultant | 6,400 MYR | +60% |
| Drone Claims Adjuster | 3,090 MYR | -23% |
| Eligibility Interviewer | 6,950 MYR | +74% |
| Eligibility Specialist | 6,680 MYR | +67% |
| Insurance Account Manager | 8,580 MYR | +110% |
| Insurance Accounts Executive | 7,320 MYR | +83% |
| Insurance Adjuster | 6,380 MYR | +60% |
| Insurance Agent | 4,000 MYR | = |
| Insurance Analyst | 6,720 MYR | +68% |
| Insurance Appraiser | 6,890 MYR | +72% |
| Insurance Claims Clerk | 2,380 MYR | -41% |
| Insurance Compliance Officer | 7,520 MYR | +88% |
| Insurance Data Scientist | 6,320 MYR | +58% |
| Insurance Examiner | 6,040 MYR | +51% |
| Insurance Fraud Investigator | 5,320 MYR | +33% |
| Insurance Investigator | 6,400 MYR | +60% |
| Insurance Manager | 11,400 MYR | +190% |
| Insurance Operations Manager | 11,800 MYR | +200% |
| Insurance Policy Processing Clerk | 2,600 MYR | -35% |
| Insurance Pricing Assistant | 5,510 MYR | +38% |
| Insurance Product Manager | 7,740 MYR | +94% |
| Insurance Program Manager | 9,150 MYR | +130% |
| Insurance Project Manager | 8,160 MYR | +100% |
| Insurance Quality Assurance Agent | 5,800 MYR | +45% |
| Insurance Sales Agent | 3,880 MYR | -3% |
| Insurance Sales Director | 11,100 MYR | +180% |
| Insurance Sales Manager | 8,930 MYR | +120% |
| Insurance Sales Representative | 3,500 MYR | -13% |
| Insurance Team Leader | 7,010 MYR | +75% |
| Insurance Underwriter | 4,900 MYR | +23% |
| Insurtech Analyst | 6,260 MYR | +57% |
| Loss Control Specialist | 6,440 MYR | +61% |
| Loss Prevention Investigator | 7,140 MYR | +79% |
| Loss Prevention Manager | 9,310 MYR | +130% |
| Loss Prevention Specialist | 7,020 MYR | +76% |
| Marine Underwriter | 4,800 MYR | +20% |
| Medical Auditor | 6,730 MYR | +68% |
| Monitoring and Performance Officer | 4,750 MYR | +19% |
| Parametric Insurance Specialist | 6,900 MYR | +73% |
| Payment Services Specialist | 6,890 MYR | +72% |
| Peer-to-Peer Insurance Manager | 8,420 MYR | +110% |
| Policy Change Director | 9,980 MYR | +150% |
| Policy Change Supervisor | 7,110 MYR | +78% |
| Policy Change Technician | 3,280 MYR | -18% |
| Risk Analyst | 7,280 MYR | +82% |
| Risk Management Director | 13,000 MYR | +230% |
| Risk Management Supervisor | 8,650 MYR | +120% |
| Risk Manager | 12,000 MYR | +200% |
| Risk Modeling Manager | 12,400 MYR | +210% |
| Social Media Risk Analyst | 6,930 MYR | +73% |
| Title Insurance Typist | 5,520 MYR | +38% |
| Training Manager | 7,420 MYR | +86% |
| Underwriting Assistant | 3,260 MYR | -19% |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Malaysia is 9% on average across all career fields.
| Private Sector | 6,340 MYR | |
| Public Sector | +9% | 6,900 MYR |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Insurance Agent in Malaysia?
A good and competitive compensation would range anywhere between 3,700 MYR and 4,220 MYR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Insurance Agent in Malaysia ranges from 2,000 MYR to 3,040 MYR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
