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

Insurance Average Salaries in Russia 2021

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


Average Monthly Salary
104,000 RUB
( 1,250,000 RUB yearly)

LOW
38,600
RUB
AVERAGE
104,000
RUB
HIGH
201,000
RUB

A person working in Insurance in Russia typically earns around 104,000 RUB per month. Salaries range from 38,600 RUB (lowest average) to 201,000 RUB (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 Analyst131,000 RUB
Actuarial Assistant99,600 RUB
Actuary134,000 RUB
Adjustment Insurance Clerk37,100 RUB
Assistant Broker60,900 RUB
Assistant Claims Manager110,000 RUB
Associate Insurance Representative50,700 RUB
Auditing Insurance Manager145,000 RUB
Broker105,000 RUB
Claim Advocacy Professional105,000 RUB
Claims Adjuster39,300 RUB
Claims Analyst53,900 RUB
Claims Examiner52,800 RUB
Claims Manager140,000 RUB
Claims Processor36,200 RUB
Claims Representative46,400 RUB
Claims Resolution Specialist111,000 RUB
Claims Supervisor104,000 RUB
Complaints Specialist92,800 RUB
Compliance Officer79,400 RUB
Consultant98,300 RUB
Eligibility Specialist103,000 RUB
Insurance Account Manager122,000 RUB
Insurance Accounts Executive109,000 RUB
Insurance Agent62,700 RUB
Insurance Analyst98,800 RUB
Insurance Appraiser103,000 RUB
Insurance Claims Clerk37,500 RUB
Insurance Examiner90,600 RUB
Insurance Investigator91,000 RUB
Insurance Manager171,000 RUB
Insurance Operations Manager165,000 RUB
Insurance Policy Processing Clerk38,900 RUB
Insurance Pricing Assistant80,900 RUB
Insurance Program Manager132,000 RUB
Insurance Project Manager125,000 RUB
Insurance Quality Assurance Agent85,700 RUB
Insurance Sales Agent61,000 RUB
Insurance Sales Director173,000 RUB
Insurance Team Leader101,000 RUB
Insurance Underwriter77,900 RUB
Loss Control Specialist96,700 RUB
Loss Prevention Investigator102,000 RUB
Loss Prevention Manager140,000 RUB
Loss Prevention Specialist111,000 RUB
Marine Underwriter78,200 RUB
Medical Auditor101,000 RUB
Monitoring and Performance Officer73,000 RUB
Payment Services Specialist98,300 RUB
Policy Change Director154,000 RUB
Policy Change Supervisor104,000 RUB
Policy Change Technician50,600 RUB
Risk Analyst112,000 RUB
Risk Management Director190,000 RUB
Risk Management Supervisor120,000 RUB
Risk Manager194,000 RUB
Risk Modeling Manager190,000 RUB
Title Insurance Typist89,100 RUB
Training Manager106,000 RUB

Insurance Jobs Salary Distribution in Russia

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

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

  • Salary Range

    Insurance salaries in Russia range from 38,600 RUB per month (minimum average salary) to 201,000 RUB per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 102,000 RUB per month, which means that half (50%) of people working in Insurance are earning less than 102,000 RUB while the other half are earning more than 102,000 RUB. 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 63,200 RUB while 75% of them are earning more than 63,200 RUB. Also from the diagram, 75% of people working in Insurance are earning less than 148,000 RUB while 25% are earning more than 148,000 RUB.


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.
Get Paid to share this page with others!
Get $25 on sign up.

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 Russia costs anywhere from 519,000 Russian Ruble(s) to 1,560,000 Russian Ruble(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 Russia Insurance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/russia/insurance/salary-comparison-by-gender-monthly-russia-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 Russia who work in Insurance earn 9% more than their female counterparts on average.

Male
109,000 RUB
Female-8%
99,700 RUB
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Russia for all Careers

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

Insurance Average Annual Salary Increment Percentage in Russia

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

Insurance

Insurance professionals in Russia are likely to observe a salary increase of approximately 9% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.

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

Russia / 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 Russia is 6%.

Annual Increment Rate By Industry 2020

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Listed above are the average annual increase rates for each industry in Russia 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

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

Insurance Bonus and Incentive Rates in Russia

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

48% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 52% 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
52%
No Bonus
48%

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 Russia


600 RUB per hour

The average hourly wage (pay per hour) in Russia is 600 RUB. This means that the average person in Russia earns approximately 600 RUB 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 Russia
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/russia/insurance/salary-comparison-between-insurance-and-insurance-monthly-russia.jpg

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

Salary Comparison By City

CityAverage Salary
Chelyabinsk114,000 RUB
Izhevsk89,100 RUB
Kazan116,000 RUB
Krasnodar92,800 RUB
Krasnoyarsk96,200 RUB
Moscow124,000 RUB
Nizhny Novgorod118,000 RUB
Omsk112,000 RUB
Rostov-on-Don110,000 RUB
Saint Petersburg122,000 RUB
Samara108,000 RUB
Saratov90,600 RUB
Volgograd94,100 RUB
Yekaterinburg120,000 RUB

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 Russia earn 6% more than their private sector counterparts on average across all sectors.

Private Sector
101,000 RUB
Public Sector+6%
107,000 RUB
Percentage increase and decrease are relative to the previous value
Get Paid to share this page with others!
Get $25 on sign up.

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2021