HOME BROWSE SALARIES BEST PAYING JOBS
Browse Salaries
Best Paying Jobs
Salary Increase Letters
Career Articles

Insurance Average Salaries in Armenia 2020

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


Average Monthly Salary
777,000 AMD
( 9,330,000 AMD yearly)

LOW
288,000
AMD
AVERAGE
777,000
AMD
HIGH
1,500,000
AMD

A person working in Insurance in Armenia typically earns around 777,000 AMD per month. Salaries range from 288,000 AMD (lowest average) to 1,500,000 AMD (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Actuarial Analyst1,100,000 AMD
Actuarial Assistant784,000 AMD
Actuary1,030,000 AMD
Adjustment Insurance Clerk303,000 AMD
Assistant Broker507,000 AMD
Assistant Claims Manager893,000 AMD
Associate Insurance Representative417,000 AMD
Auditing Insurance Manager1,230,000 AMD
Broker778,000 AMD
Claim Advocacy Professional770,000 AMD
Claims Adjuster310,000 AMD
Claims Analyst438,000 AMD
Claims Examiner401,000 AMD
Claims Manager1,100,000 AMD
Claims Processor293,000 AMD
Claims Representative349,000 AMD
Claims Resolution Specialist837,000 AMD
Claims Supervisor790,000 AMD
Complaints Specialist760,000 AMD
Compliance Officer645,000 AMD
Consultant838,000 AMD
Eligibility Specialist808,000 AMD
Insurance Account Manager973,000 AMD
Insurance Accounts Executive854,000 AMD
Insurance Agent482,000 AMD
Insurance Analyst797,000 AMD
Insurance Appraiser801,000 AMD
Insurance Claims Clerk300,000 AMD
Insurance Examiner748,000 AMD
Insurance Investigator777,000 AMD
Insurance Manager1,370,000 AMD
Insurance Operations Manager1,360,000 AMD
Insurance Policy Processing Clerk310,000 AMD
Insurance Pricing Assistant606,000 AMD
Insurance Program Manager1,030,000 AMD
Insurance Project Manager1,070,000 AMD
Insurance Quality Assurance Agent672,000 AMD
Insurance Sales Agent501,000 AMD
Insurance Sales Director1,360,000 AMD
Insurance Team Leader823,000 AMD
Insurance Underwriter571,000 AMD
Loss Control Specialist802,000 AMD
Loss Prevention Investigator873,000 AMD
Loss Prevention Manager1,120,000 AMD
Loss Prevention Specialist826,000 AMD
Marine Underwriter592,000 AMD
Medical Auditor807,000 AMD
Monitoring and Performance Officer584,000 AMD
Payment Services Specialist842,000 AMD
Policy Change Director1,290,000 AMD
Policy Change Supervisor897,000 AMD
Policy Change Technician406,000 AMD
Risk Analyst868,000 AMD
Risk Management Director1,520,000 AMD
Risk Management Supervisor994,000 AMD
Risk Manager1,500,000 AMD
Risk Modeling Manager1,510,000 AMD
Title Insurance Typist688,000 AMD
Training Manager886,000 AMD

Insurance Jobs Salary Distribution in Armenia

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

The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance salaries in Armenia range from 288,000 AMD per month (minimum average salary) to 1,500,000 AMD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 715,000 AMD per month, which means that half (50%) of people working in Insurance are earning less than 715,000 AMD while the other half are earning more than 715,000 AMD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Insurance are earning less than 452,000 AMD while 75% of them are earning more than 452,000 AMD. Also from the diagram, 75% of people working in Insurance are earning less than 1,020,000 AMD while 25% are earning more than 1,020,000 AMD.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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

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 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.


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.

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.

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

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 degrees levels across many jobs, below are our findings.


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.

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 cerificate 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 Armenia costs anywhere from 3,880,000 Armenian Dram(s) to 11,600,000 Armenian Dram(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you 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 into 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 your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Insurance Salary Comparison By Gender

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

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Armenia who work in Insurance earn 7% more than their female counterparts on average.

Male
800,000 AMD
Female-7%
746,000 AMD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Armenia for all Careers

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

Insurance Average Annual Salary Increment Percentage in Armenia

How much are annual salary increments in Armenia for Insurance professionals? How often do employees get salary raises?

Insurance

Insurance professionals in Armenia are likely to observe a salary increase of approximately 5% every 28 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

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

Armenia / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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 Armenia is 2%.

Annual Increment Rate By Industry 2019

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Armenia for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

Insurance Bonus and Incentive Rates in Armenia

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

Insurance is considered to be a moderate bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

69% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 31% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 4% to 5% of their annual salary.

Received Bonus
31%
No Bonus
69%

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.

Insurance Hourly Average Wage in Armenia


4,480 AMD per hour

The average hourly wage (pay per hour) in Armenia is 4,480 AMD. This means that the average person in Armenia earns approximately 4,480 AMD for every worked hour.


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

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 fix 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.

Insurance VS Other Jobs

Salary Comparison Between Insurance and Insurance monthly Armenia
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/armenia/insurance/salary-comparison-between-insurance-and-insurance-monthly-armenia.jpg

The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Yerevan993,000 AMD

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Armenia earn 18% more than their private sector counterparts on average across all sectors.

Private Sector
698,000 AMD
Public Sector+18%
822,000 AMD
Percentage increase and decrease are relative to the previous value

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2020