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Insurance Average Salaries in Ukraine 2024

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


Average Monthly Salary
22,700 UAH
( 273,000 UAH yearly)

LOW
8,540
UAH
AVERAGE
22,700
UAH
HIGH
44,400
UAH
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Insurance in Ukraine typically earns around 22,700 UAH. Salaries range from 8,540 UAH (lowest average) to 44,400 UAH (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Ukraine exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst32,600 UAH
Actuarial Assistant21,300 UAH
Actuarial Specialist22,200 UAH
Actuary30,900 UAH
Adjustment Insurance Clerk8,840 UAH
Assistant Broker15,200 UAH
Assistant Claims Manager24,500 UAH
Associate Insurance Representative11,700 UAH
Auditing Insurance Manager36,300 UAH
Blockchain Insurance Auditor20,900 UAH
Broker23,900 UAH
Claim Advocacy Professional24,000 UAH
Claims Adjuster8,420 UAH
Claims Analyst12,100 UAH
Claims Examiner12,400 UAH
Claims Manager34,600 UAH
Claims Processor8,450 UAH
Claims Representative10,200 UAH
Claims Resolution Specialist26,400 UAH
Claims Supervisor23,100 UAH
Complaints Specialist22,300 UAH
Compliance Examiner21,100 UAH
Compliance Officer18,700 UAH
Compliance Reviewer21,400 UAH
Consultant22,200 UAH
Drone Claims Adjuster11,000 UAH
Eligibility Interviewer25,400 UAH
Eligibility Specialist24,100 UAH
Insurance Account Manager29,700 UAH
Insurance Accounts Executive24,400 UAH
Insurance Adjuster22,000 UAH
Insurance Agent13,700 UAH
Insurance Analyst24,100 UAH
Insurance Appraiser24,200 UAH
Insurance Claims Clerk8,310 UAH
Insurance Compliance Officer26,000 UAH
Insurance Data Scientist21,800 UAH
Insurance Examiner21,100 UAH
Insurance Fraud Investigator20,200 UAH
Insurance Investigator22,200 UAH
Insurance Manager39,900 UAH
Insurance Operations Manager41,300 UAH
Insurance Policy Processing Clerk9,000 UAH
Insurance Pricing Assistant19,400 UAH
Insurance Product Manager26,400 UAH
Insurance Program Manager29,800 UAH
Insurance Project Manager28,300 UAH
Insurance Quality Assurance Agent21,100 UAH
Insurance Sales Agent13,400 UAH
Insurance Sales Director37,000 UAH
Insurance Sales Manager30,700 UAH
Insurance Sales Representative12,000 UAH
Insurance Team Leader25,700 UAH
Insurance Underwriter17,800 UAH
Insurtech Analyst21,300 UAH
Loss Control Specialist22,700 UAH
Loss Prevention Investigator25,100 UAH
Loss Prevention Manager32,600 UAH
Loss Prevention Specialist24,500 UAH
Marine Underwriter17,400 UAH
Medical Auditor23,600 UAH
Monitoring and Performance Officer16,600 UAH
Parametric Insurance Specialist24,100 UAH
Payment Services Specialist24,200 UAH
Peer-to-Peer Insurance Manager28,600 UAH
Policy Change Director35,600 UAH
Policy Change Supervisor25,300 UAH
Policy Change Technician11,600 UAH
Risk Analyst25,600 UAH
Risk Management Director45,500 UAH
Risk Management Supervisor30,200 UAH
Risk Manager41,700 UAH
Risk Modeling Manager42,800 UAH
Social Media Risk Analyst24,000 UAH
Title Insurance Typist19,200 UAH
Training Manager26,500 UAH
Underwriting Assistant11,800 UAH


Insurance Jobs Pay Scale and Salaries in Ukraine

Median and salary distribution Ukraine Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
22,900 UAH or more
10% of people earn
19,300 to 22,900 UAH
20% of people earn
11,400 UAH or less
65% of people earn
11,400 to 19,300 UAH
Minimum Salary
8,540 UAH
Median
20,600 UAH
Maximum
44,400 UAH




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Ukraine range from 8,540 UAH (starting average salary) to 44,400 UAH (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 20,600 UAH, implying that half of the workforce in Ukraine earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Ukraine earn less than 15,900 UAH, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 24,900 UAH, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Ukraine. The analysis revealed that roughly 65% of all reported salaries fell within the range of 11,400 UAH to 19,300 UAH. Approximately 20% of salaries were below the 11,400 UAH mark, while 10% ranged from 19,300 UAH to 22,900 UAH. Only 5% of individuals earned a gross salary of 22,900 UAH or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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 in Insurance in Ukraine 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.


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.
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
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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.

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 degree levels across many jobs in Insurance in Ukraine, 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 certificate 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 Ukraine costs anywhere from 115,000 UAH to 346,000 UAH and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Ukraine

Salary comparison by gender Ukraine Insurance monthly
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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? In the field of Insurance in Ukraine, the average difference between the salary of male and female employees is 6%.

Male
23,300 UAH
Female-6%
22,000 UAH
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Ukraine for all Careers

Salary comparison by gender monthly Ukraine
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Average Annual Salary Increment Percentage / Insurance / Ukraine

How much are annual salary increments in Ukraine for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance in Ukraine are likely to observe a salary increase of approximately 9% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Annual Salary Increment Rate Ukraine Insurance
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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.

Ukraine / All Professions

Annual Salary Increment Rate Ukraine
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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 Ukraine is 5%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Insurance / Ukraine

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Ukraine Insurance
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50% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 50% 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
50%
No Bonus
50%

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.

Hourly Average Wage / Insurance / Ukraine


130 UAH per hour

The average hourly wage (pay per hour) in Insurance in Ukraine is 130 UAH.This is the rate they get paid for every worked hour.


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

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in Ukraine is 49 UAH. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Kyiv24,700 UAH
Lviv23,500 UAH

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Ukraine is 7% on average across all career fields.

Private Sector
22,100 UAH
Public Sector+7%
23,700 UAH
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Ukraine?

A good and competitive compensation would range anywhere between 20,600 UAH and 24,900 UAH. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Insurance in Ukraine ranges from 8,540 UAH to 15,900 UAH. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


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

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


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