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Insurance Analyst Average Salary in Spain 2021

How much money does an Insurance Analyst make in Spain?

Average Monthly Salary
2,670 EUR
( 32,100 EUR yearly)


A person working as an Insurance Analyst in Spain typically earns around 2,670 EUR per month. Salaries range from 1,340 EUR (lowest) to 4,150 EUR (highest).

This is the average monthly salary including housing, transport, and other benefits. Insurance Analyst salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Insurance Analyst Salary Distribution in Spain

Median and salary distribution monthly Spain Insurance Analyst
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Analyst salaries in Spain range from 1,340 EUR per month (minimum salary) to 4,150 EUR per month (maximum salary).

  • Median Salary

    The median salary is 2,680 EUR per month, which means that half (50%) of people working as Insurance Analyst(s) are earning less than 2,680 EUR while the other half are earning more than 2,680 EUR. 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 Insurance Analyst(s) are earning less than 1,810 EUR while 75% of them are earning more than 1,810 EUR. Also from the diagram, 75% of Insurance Analyst(s) are earning less than 3,410 EUR while 25% are earning more than 3,410 EUR.

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

Insurance Analyst Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Spain Insurance Analyst
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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 Analyst salaries by experience level and this is what we found.

An Insurance Analyst with less than two years of experience makes approximately 1,600 EUR per month.

While someone with an experience level between two and five years is expected to earn 2,120 EUR per month, 32% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 2,840 EUR per month, 34% more than someone with two to five years of experience.

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.

Additionally, Insurance Analyst(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 3,390 EUR per month, 19% 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 3,650 EUR per month, 8% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 3,920 EUR per month, 7% more than people with fifteen to twenty years of experience.

Insurance Analyst average salary change by experience in Spain

0 - 2 Years
1,600 EUR
2 - 5 Years+32%
2,120 EUR
5 - 10 Years+34%
2,840 EUR
10 - 15 Years+19%
3,390 EUR
15 - 20 Years+8%
3,650 EUR
20+ Years+7%
3,920 EUR
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Insurance Analyst Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Insurance Analyst(s) who have the same experience but different education levels.

Salary comparison by education level monthly Spain Insurance Analyst
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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 Analyst salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of an Insurance Analyst is 2,290 EUR per month.

While someone with a Master's Degree gets a salary of 3,610 EUR per month, 58% more than someone having a Bachelor's Degree degree.

Insurance Analyst average salary difference by education level in Spain

Bachelor's Degree
2,290 EUR
Master's Degree+58%
3,610 EUR
Percentage increase and decrease are relative to the previous value

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 Spain costs anywhere from 13,600 Euro(s) to 40,700 Euro(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 the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Insurance Analyst Salary Comparison By Gender

Salary comparison by gender monthly Spain Insurance Analyst
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Insurance Analyst employees in Spain earn 4% more than their female counterparts on average.

2,730 EUR
2,620 EUR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Spain for all Careers

Salary comparison by gender monthly Spain
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Insurance Analyst Average Annual Salary Increment Percentage in Spain

How much are annual salary increments in Spain for Insurance Analyst(s)? How often do employees get salary raises?

Insurance Analyst

Insurance Analyst(s) in Spain are likely to observe a salary increase of approximately 11% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.

Annual Salary Increment Rate Spain Insurance Analyst
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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.

Spain / 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 Spain is 6%.

Annual Increment Rate By Industry 2020

Information Technology

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

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Insurance Analyst Bonus and Incentive Rates in Spain

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Spain Insurance Analyst
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An Insurance Analyst 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.

70% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 30% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 3% of their annual salary.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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 Analyst Average Hourly Wage in Spain

15 EUR per hour

The average hourly wage (pay per hour) in Spain is 15 EUR. This means that the average Insurance Analyst in Spain earns approximately 15 EUR 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 Analyst VS Other Jobs

Salary Comparison Between Insurance Analyst and Insurance monthly Spain
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The average salary for Insurance Analyst is 2% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst3,870 EUR+45%
Actuarial Assistant2,790 EUR+4%
Actuary3,800 EUR+42%
Adjustment Insurance Clerk1,230 EUR-54%
Assistant Broker1,940 EUR-27%
Assistant Claims Manager3,050 EUR+14%
Associate Insurance Representative1,520 EUR-43%
Auditing Insurance Manager4,270 EUR+60%
Broker2,800 EUR+5%
Claim Advocacy Professional2,930 EUR+10%
Claims Adjuster1,230 EUR-54%
Claims Analyst1,640 EUR-39%
Claims Examiner1,650 EUR-38%
Claims Manager4,120 EUR+54%
Claims Processor1,250 EUR-53%
Claims Representative1,400 EUR-48%
Claims Resolution Specialist3,140 EUR+17%
Claims Supervisor2,690 EUR+1%
Complaints Specialist2,550 EUR-5%
Compliance Officer2,310 EUR-14%
Consultant2,920 EUR+9%
Eligibility Specialist2,730 EUR+2%
Insurance Account Manager3,310 EUR+24%
Insurance Accounts Executive3,010 EUR+13%
Insurance Agent1,720 EUR-36%
Insurance Analyst2,670 EUR-0%
Insurance Appraiser2,850 EUR+7%
Insurance Claims Clerk1,190 EUR-56%
Insurance Examiner2,640 EUR-1%
Insurance Investigator2,710 EUR+1%
Insurance Manager4,680 EUR+75%
Insurance Operations Manager4,620 EUR+73%
Insurance Policy Processing Clerk1,200 EUR-55%
Insurance Pricing Assistant2,220 EUR-17%
Insurance Program Manager3,770 EUR+41%
Insurance Project Manager3,660 EUR+37%
Insurance Quality Assurance Agent2,600 EUR-3%
Insurance Sales Agent1,800 EUR-33%
Insurance Sales Director4,690 EUR+75%
Insurance Team Leader2,880 EUR+8%
Insurance Underwriter2,220 EUR-17%
Loss Control Specialist2,880 EUR+8%
Loss Prevention Investigator3,100 EUR+16%
Loss Prevention Manager3,860 EUR+44%
Loss Prevention Specialist2,880 EUR+8%
Marine Underwriter2,070 EUR-23%
Medical Auditor2,840 EUR+6%
Monitoring and Performance Officer2,130 EUR-20%
Payment Services Specialist2,990 EUR+12%
Policy Change Director4,160 EUR+56%
Policy Change Supervisor2,940 EUR+10%
Policy Change Technician1,430 EUR-47%
Risk Analyst3,070 EUR+15%
Risk Management Director5,180 EUR+94%
Risk Management Supervisor3,430 EUR+28%
Risk Manager5,020 EUR+88%
Risk Modeling Manager5,040 EUR+88%
Title Insurance Typist2,420 EUR-10%
Training Manager3,230 EUR+21%

Salary Comparison By City

CityAverage Salary
Barcelona3,150 EUR
Bilbao2,560 EUR
Las Palmas2,690 EUR
Madrid2,990 EUR
Malaga2,850 EUR
Murcia2,700 EUR
Palma de Mallorca2,560 EUR
Sevilla2,850 EUR
Valencia2,990 EUR
Zaragoza2,990 EUR

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 Spain earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
2,650 EUR
Public Sector+5%
2,770 EUR
Percentage increase and decrease are relative to the previous value

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