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Insurance Average Salaries in Bulgaria 2021

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


Average Monthly Salary
3,310 BGN
( 39,800 BGN yearly)

LOW
1,230
BGN
AVERAGE
3,310
BGN
HIGH
6,390
BGN

A person working in Insurance in Bulgaria typically earns around 3,310 BGN per month. Salaries range from 1,230 BGN (lowest average) to 6,390 BGN (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 Analyst4,330 BGN
Actuarial Assistant3,150 BGN
Actuary4,340 BGN
Adjustment Insurance Clerk1,290 BGN
Assistant Broker2,090 BGN
Assistant Claims Manager3,550 BGN
Associate Insurance Representative1,720 BGN
Auditing Insurance Manager4,820 BGN
Broker3,310 BGN
Claim Advocacy Professional3,220 BGN
Claims Adjuster1,250 BGN
Claims Analyst1,800 BGN
Claims Examiner1,680 BGN
Claims Manager4,730 BGN
Claims Processor1,290 BGN
Claims Representative1,520 BGN
Claims Resolution Specialist3,570 BGN
Claims Supervisor3,200 BGN
Complaints Specialist3,020 BGN
Compliance Officer2,650 BGN
Consultant3,470 BGN
Eligibility Specialist3,350 BGN
Insurance Account Manager4,330 BGN
Insurance Accounts Executive3,790 BGN
Insurance Agent2,030 BGN
Insurance Analyst3,380 BGN
Insurance Appraiser3,260 BGN
Insurance Claims Clerk1,250 BGN
Insurance Examiner3,190 BGN
Insurance Investigator3,060 BGN
Insurance Manager5,700 BGN
Insurance Operations Manager5,510 BGN
Insurance Policy Processing Clerk1,250 BGN
Insurance Pricing Assistant2,540 BGN
Insurance Program Manager4,480 BGN
Insurance Project Manager4,420 BGN
Insurance Quality Assurance Agent2,890 BGN
Insurance Sales Agent2,060 BGN
Insurance Sales Director5,480 BGN
Insurance Team Leader3,560 BGN
Insurance Underwriter2,380 BGN
Loss Control Specialist3,200 BGN
Loss Prevention Investigator3,560 BGN
Loss Prevention Manager4,660 BGN
Loss Prevention Specialist3,520 BGN
Marine Underwriter2,400 BGN
Medical Auditor3,360 BGN
Monitoring and Performance Officer2,320 BGN
Payment Services Specialist3,430 BGN
Policy Change Director5,040 BGN
Policy Change Supervisor3,600 BGN
Policy Change Technician1,670 BGN
Risk Analyst3,720 BGN
Risk Management Director6,660 BGN
Risk Management Supervisor4,020 BGN
Risk Manager6,190 BGN
Risk Modeling Manager6,400 BGN
Title Insurance Typist2,850 BGN
Training Manager3,650 BGN

Insurance Jobs Salary Distribution in Bulgaria

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

  • Salary Range

    Insurance salaries in Bulgaria range from 1,230 BGN per month (minimum average salary) to 6,390 BGN per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 3,180 BGN per month, which means that half (50%) of people working in Insurance are earning less than 3,180 BGN while the other half are earning more than 3,180 BGN. 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 1,980 BGN while 75% of them are earning more than 1,980 BGN. Also from the diagram, 75% of people working in Insurance are earning less than 4,590 BGN while 25% are earning more than 4,590 BGN.


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
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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 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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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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 Bulgaria costs anywhere from 16,500 Bulgarian Lev(s) to 49,500 Bulgarian Lev(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 Bulgaria Insurance
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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 employees in Bulgaria who work in Insurance earn 6% more than their female counterparts on average.

Male
3,430 BGN
Female-6%
3,220 BGN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Bulgaria for all Careers

Salary comparison by gender monthly Bulgaria
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Insurance Average Annual Salary Increment Percentage in Bulgaria

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

Insurance

Insurance professionals in Bulgaria 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.

Annual Salary Increment Rate Bulgaria 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.

Bulgaria / 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 Bulgaria is 4%.

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 Bulgaria 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 Bonus and Incentive Rates in Bulgaria

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

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

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 Bulgaria


19 BGN per hour

The average hourly wage (pay per hour) in Bulgaria is 19 BGN. This means that the average person in Bulgaria earns approximately 19 BGN 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 Bulgaria
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The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Burgas3,450 BGN
Plovdiv3,730 BGN
Rousse3,390 BGN
Sofia3,870 BGN
Stara Zagora3,250 BGN
Varna3,590 BGN

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 Bulgaria earn 9% more than their private sector counterparts on average across all sectors.

Private Sector
3,130 BGN
Public Sector+9%
3,420 BGN
Percentage increase and decrease are relative to the previous value

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