Insurance Average Salaries in Azerbaijan 2021
How much money does a person working in Insurance make in Azerbaijan?
LOW
1,100
AZN AVERAGE
2,960
AZN HIGH
5,710
AZN
A person working in Insurance in Azerbaijan typically earns around 2,960 AZN per month. Salaries range from 1,100 AZN (lowest average) to 5,710 AZN (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 Title | Average Salary |
| Actuarial Analyst | 3,950 AZN |
| Actuarial Assistant | 2,820 AZN |
| Actuary | 3,990 AZN |
| Adjustment Insurance Clerk | 1,080 AZN |
| Assistant Broker | 1,880 AZN |
| Assistant Claims Manager | 3,260 AZN |
| Associate Insurance Representative | 1,610 AZN |
| Auditing Insurance Manager | 4,390 AZN |
| Broker | 3,070 AZN |
| Claim Advocacy Professional | 3,120 AZN |
| Claims Adjuster | 1,110 AZN |
| Claims Analyst | 1,580 AZN |
| Claims Examiner | 1,610 AZN |
| Claims Manager | 4,430 AZN |
| Claims Processor | 1,180 AZN |
| Claims Representative | 1,300 AZN |
| Claims Resolution Specialist | 3,400 AZN |
| Claims Supervisor | 2,900 AZN |
| Complaints Specialist | 2,680 AZN |
| Compliance Officer | 2,570 AZN |
| Consultant | 2,900 AZN |
| Eligibility Specialist | 2,980 AZN |
| Insurance Account Manager | 3,730 AZN |
| Insurance Accounts Executive | 3,400 AZN |
| Insurance Agent | 1,860 AZN |
| Insurance Analyst | 2,950 AZN |
| Insurance Appraiser | 3,020 AZN |
| Insurance Claims Clerk | 1,140 AZN |
| Insurance Examiner | 2,850 AZN |
| Insurance Investigator | 2,970 AZN |
| Insurance Manager | 5,180 AZN |
| Insurance Operations Manager | 5,180 AZN |
| Insurance Policy Processing Clerk | 1,190 AZN |
| Insurance Pricing Assistant | 2,520 AZN |
| Insurance Program Manager | 4,180 AZN |
| Insurance Project Manager | 3,690 AZN |
| Insurance Quality Assurance Agent | 2,700 AZN |
| Insurance Sales Agent | 1,750 AZN |
| Insurance Sales Director | 4,900 AZN |
| Insurance Team Leader | 3,290 AZN |
| Insurance Underwriter | 2,310 AZN |
| Loss Control Specialist | 3,020 AZN |
| Loss Prevention Investigator | 3,290 AZN |
| Loss Prevention Manager | 4,230 AZN |
| Loss Prevention Specialist | 3,150 AZN |
| Marine Underwriter | 2,170 AZN |
| Medical Auditor | 3,060 AZN |
| Monitoring and Performance Officer | 2,210 AZN |
| Payment Services Specialist | 3,180 AZN |
| Policy Change Director | 4,780 AZN |
| Policy Change Supervisor | 3,350 AZN |
| Policy Change Technician | 1,520 AZN |
| Risk Analyst | 3,270 AZN |
| Risk Management Director | 5,760 AZN |
| Risk Management Supervisor | 3,780 AZN |
| Risk Manager | 5,710 AZN |
| Risk Modeling Manager | 5,800 AZN |
| Title Insurance Typist | 2,630 AZN |
| Training Manager | 3,290 AZN |
Insurance Jobs Salary Distribution in Azerbaijan
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Azerbaijan range from 1,100 AZN per month (minimum average salary) to 5,710 AZN per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 2,840 AZN per month, which means that half (50%) of people working in Insurance are earning less than 2,840 AZN while the other half are earning more than 2,840 AZN. 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 1,770 AZN while 75% of them are earning more than 1,770 AZN. Also from the diagram, 75% of people working in Insurance are earning less than 4,100 AZN while 25% are earning more than 4,100 AZN.
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?
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.
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.
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Salary Comparison By Education
How does the education level affect your salary?
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.
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 Azerbaijan costs anywhere from 14,700 Azerbaijanian Manat(s) to 44,200 Azerbaijanian Manat(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
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Azerbaijan who work in Insurance earn 11% more than their female counterparts on average.
| Male | 3,150 AZN | |
| Female | -10% | 2,830 AZN |
Salary Comparison By Gender in Azerbaijan for all Careers
Insurance Average Annual Salary Increment Percentage in Azerbaijan
How much are annual salary increments in Azerbaijan for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in Azerbaijan are likely to observe a salary increase of approximately 8% every 19 months. The national average annual increment for all professions combined is 7% granted to employees every 20 months.
Azerbaijan / 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
Annual Increment Rate By Industry 2020
| Banking | 6% | |
| Energy | 3% | |
| Information Technology | 9% | |
| Healthcare | 6% | |
| Travel | 3% | |
| Construction | 9% | |
| Education | 6% |
Listed above are the average annual increase rates for each industry in Azerbaijan 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.
Worldwide Salary Raises: All Countries and All Jobs
Insurance Bonus and Incentive Rates in Azerbaijan
How much and how often are bonuses being awarded?
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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.
53% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 47% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.
| Received Bonus | 47% | |
| No Bonus | 53% |
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.
Insurance Hourly Average Wage in Azerbaijan
17 AZN per hourThe average hourly wage (pay per hour) in Azerbaijan is 17 AZN. This means that the average person in Azerbaijan earns approximately 17 AZN for every worked hour.
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
The average salary for Insurance is 0% more than that of All Jobs.
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 Azerbaijan earn 10% more than their private sector counterparts on average across all sectors.
| Private Sector | 2,790 AZN | |
| Public Sector | +10% | 3,060 AZN |
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