HOME BROWSE SALARIES ARTICLES BEST PAYING JOBS SUBMIT SALARY
Browse Salaries
Best Paying Jobs
Articles
Submit Salary
Salary Increase Letters

Insurance Average Salaries in Hungary 2024

How much money does a person working in Insurance make in Hungary?


Average Monthly Salary
489,000 HUF
( 5,860,000 HUF yearly)

LOW
183,000
HUF
AVERAGE
489,000
HUF
HIGH
954,000
HUF
All salary figures displayed here are per month except when noted otherwise.
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.

A person working in Insurance in Hungary typically earns around 489,000 HUF. Salaries range from 183,000 HUF (lowest average) to 954,000 HUF (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Hungary exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst648,000 HUF
Actuarial Assistant455,000 HUF
Actuarial Specialist460,000 HUF
Actuary655,000 HUF
Adjustment Insurance Clerk180,000 HUF
Assistant Broker286,000 HUF
Assistant Claims Manager517,000 HUF
Associate Insurance Representative255,000 HUF
Auditing Insurance Manager720,000 HUF
Blockchain Insurance Auditor422,000 HUF
Broker487,000 HUF
Claim Advocacy Professional457,000 HUF
Claims Adjuster180,000 HUF
Claims Analyst251,000 HUF
Claims Examiner250,000 HUF
Claims Manager678,000 HUF
Claims Processor178,000 HUF
Claims Representative212,000 HUF
Claims Resolution Specialist490,000 HUF
Claims Supervisor474,000 HUF
Complaints Specialist447,000 HUF
Compliance Examiner442,000 HUF
Compliance Officer388,000 HUF
Compliance Reviewer435,000 HUF
Consultant465,000 HUF
Drone Claims Adjuster201,000 HUF
Eligibility Interviewer513,000 HUF
Eligibility Specialist479,000 HUF
Insurance Account Manager603,000 HUF
Insurance Accounts Executive521,000 HUF
Insurance Adjuster434,000 HUF
Insurance Agent291,000 HUF
Insurance Analyst466,000 HUF
Insurance Appraiser450,000 HUF
Insurance Claims Clerk166,000 HUF
Insurance Compliance Officer529,000 HUF
Insurance Data Scientist431,000 HUF
Insurance Examiner452,000 HUF
Insurance Fraud Investigator388,000 HUF
Insurance Investigator464,000 HUF
Insurance Manager798,000 HUF
Insurance Operations Manager803,000 HUF
Insurance Policy Processing Clerk183,000 HUF
Insurance Pricing Assistant372,000 HUF
Insurance Product Manager546,000 HUF
Insurance Program Manager594,000 HUF
Insurance Project Manager593,000 HUF
Insurance Quality Assurance Agent414,000 HUF
Insurance Sales Agent292,000 HUF
Insurance Sales Director790,000 HUF
Insurance Sales Manager608,000 HUF
Insurance Sales Representative255,000 HUF
Insurance Team Leader483,000 HUF
Insurance Underwriter339,000 HUF
Insurtech Analyst428,000 HUF
Loss Control Specialist434,000 HUF
Loss Prevention Investigator466,000 HUF
Loss Prevention Manager652,000 HUF
Loss Prevention Specialist526,000 HUF
Marine Underwriter356,000 HUF
Medical Auditor471,000 HUF
Monitoring and Performance Officer333,000 HUF
Parametric Insurance Specialist468,000 HUF
Payment Services Specialist450,000 HUF
Peer-to-Peer Insurance Manager558,000 HUF
Policy Change Director742,000 HUF
Policy Change Supervisor512,000 HUF
Policy Change Technician229,000 HUF
Risk Analyst526,000 HUF
Risk Management Director910,000 HUF
Risk Management Supervisor587,000 HUF
Risk Manager872,000 HUF
Risk Modeling Manager870,000 HUF
Social Media Risk Analyst487,000 HUF
Title Insurance Typist401,000 HUF
Training Manager498,000 HUF
Underwriting Assistant242,000 HUF


Insurance Jobs Pay Scale and Salaries in Hungary

Median and salary distribution Hungary Insurance monthly
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/hungary/insurance/median-and-salary-distribution-monthly-hungary-insurance.jpg

Salary Structure and Pay Scale Comparison

5% of people earn
487,000 HUF or more
10% of people earn
410,000 to 487,000 HUF
20% of people earn
243,000 HUF or less
65% of people earn
243,000 to 410,000 HUF
Minimum Salary
183,000 HUF
Median
438,000 HUF
Maximum
954,000 HUF




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Hungary range from 183,000 HUF (starting average salary) to 954,000 HUF (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 438,000 HUF, implying that half of the workforce in Hungary earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Hungary earn less than 339,000 HUF, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 530,000 HUF, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Hungary. The analysis revealed that roughly 65% of all reported salaries fell within the range of 243,000 HUF to 410,000 HUF. Approximately 20% of salaries were below the 243,000 HUF mark, while 10% ranged from 410,000 HUF to 487,000 HUF. Only 5% of individuals earned a gross salary of 487,000 HUF or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Insurance in Hungary having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg

Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Insurance in Hungary, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Hungary costs anywhere from 2,470,000 HUF to 7,420,000 HUF and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Hungary

Salary comparison by gender Hungary Insurance monthly
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/hungary/insurance/salary-comparison-by-gender-monthly-hungary-insurance.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Insurance in Hungary, the average difference between the salary of male and female employees is 9%.

Male
510,000 HUF
Female-8%
469,000 HUF
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Hungary for all Careers

Salary comparison by gender monthly Hungary
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/hungary/salary-comparison-by-gender-monthly-hungary.jpg

Average Annual Salary Increment Percentage / Insurance / Hungary

How much are annual salary increments in Hungary for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in Hungary are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.

Annual Salary Increment Rate Hungary Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/hungary/insurance/annual-salary-increment-rate-hungary-insurance.jpg


The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Hungary / All Professions

Annual Salary Increment Rate Hungary
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/hungary/annual-salary-increment-rate-hungary.jpg

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

The average salary increase in one year (12 months) in Hungary is 6%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

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 / Hungary

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Hungary Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/hungary/insurance/annual-salary-bonus-rate-hungary-insurance.jpg

50% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 50% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
50%
No Bonus
50%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, 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 Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These 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 GeneratorsSupporting 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:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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.

Hourly Average Wage / Insurance / Hungary


2,820 HUF per hour

The average hourly wage (pay per hour) in Insurance in Hungary is 2,820 HUF.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

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 in Insurance in Hungary is 1,060 HUF. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Budapest495,000 HUF
Debrecen464,000 HUF

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 Hungary is 9% on average across all career fields.

Private Sector
476,000 HUF
Public Sector+9%
518,000 HUF
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Hungary?

A good and competitive compensation would range anywhere between 438,000 HUF and 530,000 HUF. 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 jobs in Insurance in Hungary ranges from 183,000 HUF to 339,000 HUF. 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


Browse Salaries

Salary Increase Letters

Best Paying Jobs
Home BROWSE SALARIES ARTICLES BEST PAYING JOBS Salary Comparison Arabic

©Salary Explorer 2024