A person working as an Insurance Appraiser in Latvia typically earns around 1,390 LVL per month. Salaries range from 740 LVL (lowest) to 2,120 LVL (highest).
This is the average monthly salary including housing, transport, and other benefits. Insurance Appraiser salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Insurance Appraiser salaries in Latvia range from 740 LVL per month (minimum salary) to 2,120 LVL per month (maximum salary).
The median salary is 1,310 LVL per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 1,310 LVL while the other half are earning more than 1,310 LVL. 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.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Insurance Appraiser(s) are earning less than 920 LVL while 75% of them are earning more than 920 LVL. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 1,610 LVL while 25% are earning more than 1,610 LVL.
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
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Insurance Appraiser salaries by experience level and this is what we found.
An Insurance Appraiser with less than two years of experience makes approximately 850 LVL per month.
While someone with an experience level between two and five years is expected to earn 1,040 LVL per month, 23% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 1,480 LVL per month, 42% more than someone with two to five years of experience.
Additionally, Insurance Appraiser(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 1,730 LVL per month, 17% 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 1,900 LVL per month, 10% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 2,010 LVL per month, 6% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+23%|
|5 - 10 Years||+42%|
|10 - 15 Years||+17%|
|15 - 20 Years||+10%|
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 Insurance Appraiser salaries by education level in order to make a comparison.
When the education level is Certificate or Diploma, the average salary of an Insurance Appraiser is 1,120 LVL per month.
While someone with a Bachelor's Degree gets a salary of 1,650 LVL per month, 47% more than someone having a Certificate or Diploma degree.
|Certificate or Diploma|
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Insurance Appraiser employees in Latvia earn 6% more than their female counterparts on average.
Insurance Appraiser(s) in Latvia are likely to observe a salary increase of approximately 11% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
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.
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
Listed above are the average annual increase rates for each industry in Latvia for the year 2020. 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.
An Insurance Appraiser is considered to be a low bonus-based job 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.
75% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 25% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.
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.
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.
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.
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.
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.
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.
The average salary for Insurance Appraiser is 7% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.
|Job Title||Average Salary|
|Actuarial Analyst||1,890 LVL||+36%|
|Actuarial Assistant||1,220 LVL||-12%|
|Adjustment Insurance Clerk||520 LVL||-63%|
|Assistant Broker||820 LVL||-41%|
|Assistant Claims Manager||1,510 LVL||+8%|
|Associate Insurance Representative||720 LVL||-48%|
|Auditing Insurance Manager||2,100 LVL||+51%|
|Claim Advocacy Professional||1,330 LVL||-5%|
|Claims Adjuster||480 LVL||-66%|
|Claims Analyst||690 LVL||-50%|
|Claims Examiner||700 LVL||-50%|
|Claims Manager||1,940 LVL||+39%|
|Claims Processor||520 LVL||-63%|
|Claims Representative||610 LVL||-56%|
|Claims Resolution Specialist||1,460 LVL||+5%|
|Claims Supervisor||1,270 LVL||-9%|
|Complaints Specialist||1,200 LVL||-14%|
|Compliance Officer||1,070 LVL||-23%|
|Eligibility Specialist||1,310 LVL||-6%|
|Insurance Account Manager||1,660 LVL||+19%|
|Insurance Accounts Executive||1,400 LVL||+1%|
|Insurance Agent||830 LVL||-40%|
|Insurance Analyst||1,310 LVL||-6%|
|Insurance Appraiser||1,390 LVL||-0%|
|Insurance Claims Clerk||480 LVL||-66%|
|Insurance Examiner||1,190 LVL||-15%|
|Insurance Investigator||1,250 LVL||-10%|
|Insurance Manager||2,280 LVL||+64%|
|Insurance Operations Manager||2,340 LVL||+68%|
|Insurance Policy Processing Clerk||500 LVL||-64%|
|Insurance Pricing Assistant||1,020 LVL||-27%|
|Insurance Program Manager||1,800 LVL||+29%|
|Insurance Project Manager||1,760 LVL||+26%|
|Insurance Quality Assurance Agent||1,180 LVL||-15%|
|Insurance Sales Agent||820 LVL||-41%|
|Insurance Sales Director||2,130 LVL||+53%|
|Insurance Team Leader||1,460 LVL||+5%|
|Insurance Underwriter||990 LVL||-29%|
|Loss Control Specialist||1,320 LVL||-5%|
|Loss Prevention Investigator||1,440 LVL||+3%|
|Loss Prevention Manager||1,860 LVL||+34%|
|Loss Prevention Specialist||1,390 LVL||-0%|
|Marine Underwriter||960 LVL||-31%|
|Medical Auditor||1,350 LVL||-3%|
|Monitoring and Performance Officer||950 LVL||-32%|
|Payment Services Specialist||1,390 LVL||-0%|
|Policy Change Director||2,120 LVL||+52%|
|Policy Change Supervisor||1,490 LVL||+7%|
|Policy Change Technician||680 LVL||-51%|
|Risk Analyst||1,470 LVL||+6%|
|Risk Management Director||2,600 LVL||+87%|
|Risk Management Supervisor||1,710 LVL||+23%|
|Risk Manager||2,590 LVL||+86%|
|Risk Modeling Manager||2,390 LVL||+72%|
|Title Insurance Typist||1,190 LVL||-15%|
|Training Manager||1,420 LVL||+2%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Latvia earn 7% more than their private sector counterparts on average across all sectors.