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Insurance Appraiser Average Salary in Bosnia and Herzegovina 2020

How much money does an Insurance Appraiser make in Bosnia and Herzegovina?


Average Monthly Salary
2,300 BAM
( 27,600 BAM yearly)

LOW
1,060
BAM
AVERAGE
2,300
BAM
HIGH
3,660
BAM

A person working as an Insurance Appraiser in Bosnia and Herzegovina typically earns around 2,300 BAM per month. Salaries range from 1,060 BAM (lowest) to 3,660 BAM (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 Salary Distribution in Bosnia and Herzegovina

Median and salary distribution monthly Bosnia and Herzegovina Insurance Appraiser
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Appraiser salaries in Bosnia and Herzegovina range from 1,060 BAM per month (minimum salary) to 3,660 BAM per month (maximum salary).

  • Median Salary

    The median salary is 2,480 BAM per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 2,480 BAM while the other half are earning more than 2,480 BAM. 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 Appraiser(s) are earning less than 1,590 BAM while 75% of them are earning more than 1,590 BAM. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 3,320 BAM while 25% are earning more than 3,320 BAM.


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 Appraiser Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Bosnia and Herzegovina Insurance Appraiser
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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 Appraiser salaries by experience level and this is what we found.

An Insurance Appraiser with less than two years of experience makes approximately 1,200 BAM per month.

While someone with an experience level between two and five years is expected to earn 1,600 BAM per month, 34% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 2,370 BAM per month, 48% 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 Appraiser(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 2,890 BAM per month, 22% 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 3,150 BAM per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 3,410 BAM per month, 8% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Bosnia and Herzegovina

0 - 2 Years
1,200 BAM
2 - 5 Years+34%
1,600 BAM
5 - 10 Years+48%
2,370 BAM
10 - 15 Years+22%
2,890 BAM
15 - 20 Years+9%
3,150 BAM
20+ Years+8%
3,410 BAM
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 Appraiser Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Bosnia and Herzegovina Insurance Appraiser
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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 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 1,400 BAM per month.

While someone with a Bachelor's Degree gets a salary of 2,690 BAM per month, 93% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Bosnia and Herzegovina

Certificate or Diploma
1,400 BAM
Bachelor's Degree+93%
2,690 BAM
Percentage increase and decrease are relative to the previous value

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Insurance Appraiser Salary Comparison By Gender

Salary comparison by gender monthly Bosnia and Herzegovina Insurance Appraiser
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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 Appraiser employees in Bosnia and Herzegovina earn 11% more than their female counterparts on average.

Male
2,410 BAM
Female-10%
2,180 BAM
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Bosnia and Herzegovina for all Careers

Salary comparison by gender monthly Bosnia and Herzegovina
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Insurance Appraiser Average Annual Salary Increment Percentage in Bosnia and Herzegovina

How much are annual salary increments in Bosnia and Herzegovina for Insurance Appraiser(s)? How often do employees get salary raises?

Insurance Appraiser

Insurance Appraiser(s) in Bosnia and Herzegovina are likely to observe a salary increase of approximately 7% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Bosnia and Herzegovina Insurance Appraiser
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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.

Bosnia and Herzegovina / 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 Bosnia and Herzegovina is 2%.

Annual Increment Rate By Industry 2019

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Listed above are the average annual increase rates for each industry in Bosnia and Herzegovina for the year 2019. 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 Appraiser Bonus and Incentive Rates in Bosnia and Herzegovina

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Bosnia and Herzegovina Insurance Appraiser
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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.

84% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 16% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
16%
No Bonus
84%

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 Appraiser Average Hourly Wage in Bosnia and Herzegovina


13 BAM per hour

The average hourly wage (pay per hour) in Bosnia and Herzegovina is 13 BAM. This means that the average Insurance Appraiser in Bosnia and Herzegovina earns approximately 13 BAM 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 Appraiser VS Other Jobs

Salary Comparison Between Insurance Appraiser and Insurance monthly Bosnia and Herzegovina
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The average salary for Insurance Appraiser is 0% 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 Analyst3,140 BAM+37%
Actuarial Assistant2,270 BAM-1%
Actuary3,260 BAM+42%
Adjustment Insurance Clerk850 BAM-63%
Assistant Broker1,510 BAM-34%
Assistant Claims Manager2,490 BAM+8%
Associate Insurance Representative1,170 BAM-49%
Auditing Insurance Manager3,490 BAM+52%
Broker2,410 BAM+5%
Claim Advocacy Professional2,380 BAM+4%
Claims Adjuster900 BAM-61%
Claims Analyst1,160 BAM-50%
Claims Examiner1,200 BAM-48%
Claims Manager3,340 BAM+45%
Claims Processor900 BAM-61%
Claims Representative1,040 BAM-55%
Claims Resolution Specialist2,620 BAM+14%
Claims Supervisor2,240 BAM-3%
Complaints Specialist2,240 BAM-3%
Compliance Officer1,900 BAM-17%
Consultant2,280 BAM-1%
Eligibility Specialist2,330 BAM+1%
Insurance Account Manager2,980 BAM+30%
Insurance Accounts Executive2,470 BAM+7%
Insurance Agent1,380 BAM-40%
Insurance Analyst2,330 BAM+1%
Insurance Appraiser2,300 BAM+0%
Insurance Claims Clerk880 BAM-62%
Insurance Examiner2,220 BAM-3%
Insurance Investigator2,110 BAM-8%
Insurance Manager3,990 BAM+74%
Insurance Operations Manager4,030 BAM+75%
Insurance Policy Processing Clerk860 BAM-63%
Insurance Pricing Assistant1,890 BAM-18%
Insurance Program Manager2,960 BAM+29%
Insurance Project Manager2,910 BAM+27%
Insurance Quality Assurance Agent2,040 BAM-11%
Insurance Sales Agent1,410 BAM-39%
Insurance Sales Director3,940 BAM+71%
Insurance Team Leader2,420 BAM+5%
Insurance Underwriter1,760 BAM-23%
Loss Control Specialist2,270 BAM-1%
Loss Prevention Investigator2,510 BAM+9%
Loss Prevention Manager3,260 BAM+42%
Loss Prevention Specialist2,450 BAM+7%
Marine Underwriter1,680 BAM-27%
Medical Auditor2,360 BAM+3%
Monitoring and Performance Officer1,700 BAM-26%
Payment Services Specialist2,420 BAM+5%
Policy Change Director3,820 BAM+66%
Policy Change Supervisor2,450 BAM+7%
Policy Change Technician1,130 BAM-51%
Risk Analyst2,750 BAM+20%
Risk Management Director4,440 BAM+93%
Risk Management Supervisor2,950 BAM+28%
Risk Manager4,500 BAM+96%
Risk Modeling Manager4,180 BAM+82%
Title Insurance Typist2,070 BAM-10%
Training Manager2,630 BAM+14%

Salary Comparison By City

CityAverage Salary
Banja Luka2,390 BAM
Medjugorje2,030 BAM
Mostar2,210 BAM
Sarajevo2,490 BAM
Tuzla2,530 BAM
Zenica2,320 BAM

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 Bosnia and Herzegovina earn 25% more than their private sector counterparts on average across all sectors.

Private Sector
2,050 BAM
Public Sector+25%
2,550 BAM
Percentage increase and decrease are relative to the previous value

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