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Insurance Average Salaries in Czech Republic 2020

How much money does a person working in Insurance make in Czech Republic?


Average Monthly Salary
61,100 CZK
( 733,000 CZK yearly)

LOW
22,700
CZK
AVERAGE
61,100
CZK
HIGH
118,000
CZK

A person working in Insurance in Czech Republic typically earns around 61,100 CZK per month. Salaries range from 22,700 CZK (lowest average) to 118,000 CZK (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 Analyst83,200 CZK
Actuarial Assistant56,100 CZK
Actuary79,800 CZK
Adjustment Insurance Clerk21,800 CZK
Assistant Broker36,900 CZK
Assistant Claims Manager62,800 CZK
Associate Insurance Representative30,800 CZK
Auditing Insurance Manager92,400 CZK
Broker62,000 CZK
Claim Advocacy Professional63,000 CZK
Claims Adjuster22,100 CZK
Claims Analyst32,800 CZK
Claims Examiner31,400 CZK
Claims Manager81,700 CZK
Claims Processor22,800 CZK
Claims Representative26,700 CZK
Claims Resolution Specialist64,900 CZK
Claims Supervisor58,100 CZK
Complaints Specialist58,200 CZK
Compliance Officer48,300 CZK
Consultant59,300 CZK
Eligibility Specialist62,300 CZK
Insurance Account Manager75,800 CZK
Insurance Accounts Executive67,500 CZK
Insurance Agent37,300 CZK
Insurance Analyst58,200 CZK
Insurance Appraiser63,400 CZK
Insurance Claims Clerk22,500 CZK
Insurance Examiner53,100 CZK
Insurance Investigator57,800 CZK
Insurance Manager103,000 CZK
Insurance Operations Manager102,000 CZK
Insurance Policy Processing Clerk21,800 CZK
Insurance Pricing Assistant48,200 CZK
Insurance Program Manager75,300 CZK
Insurance Project Manager75,700 CZK
Insurance Quality Assurance Agent49,900 CZK
Insurance Sales Agent37,000 CZK
Insurance Sales Director97,400 CZK
Insurance Team Leader64,800 CZK
Insurance Underwriter46,700 CZK
Loss Control Specialist60,600 CZK
Loss Prevention Investigator62,600 CZK
Loss Prevention Manager83,800 CZK
Loss Prevention Specialist65,000 CZK
Marine Underwriter43,600 CZK
Medical Auditor60,600 CZK
Monitoring and Performance Officer41,700 CZK
Payment Services Specialist60,300 CZK
Policy Change Director98,300 CZK
Policy Change Supervisor65,100 CZK
Policy Change Technician27,900 CZK
Risk Analyst65,300 CZK
Risk Management Director120,000 CZK
Risk Management Supervisor74,200 CZK
Risk Manager117,000 CZK
Risk Modeling Manager112,000 CZK
Title Insurance Typist53,800 CZK
Training Manager64,400 CZK

Insurance Jobs Salary Distribution in Czech Republic

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

  • Salary Range

    Insurance salaries in Czech Republic range from 22,700 CZK per month (minimum average salary) to 118,000 CZK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 62,300 CZK per month, which means that half (50%) of people working in Insurance are earning less than 62,300 CZK while the other half are earning more than 62,300 CZK. 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 38,200 CZK while 75% of them are earning more than 38,200 CZK. Also from the diagram, 75% of people working in Insurance are earning less than 91,900 CZK while 25% are earning more than 91,900 CZK.


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 Czech Republic costs anywhere from 305,000 Czech Koruna(s) to 914,000 Czech Koruna(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 Czech Republic 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 Czech Republic who work in Insurance earn 6% more than their female counterparts on average.

Male
62,600 CZK
Female-5%
59,200 CZK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Czech Republic for all Careers

Salary comparison by gender monthly Czech Republic
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Insurance Average Annual Salary Increment Percentage in Czech Republic

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

Insurance

Insurance professionals in Czech Republic 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 Czech Republic 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.

Czech Republic / 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 Czech Republic is 5%.

Annual Increment Rate By Industry 2019

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Listed above are the average annual increase rates for each industry in Czech Republic 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 Bonus and Incentive Rates in Czech Republic

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Czech Republic 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.

47% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 53% 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
53%
No Bonus
47%

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 Czech Republic


350 CZK per hour

The average hourly wage (pay per hour) in Czech Republic is 350 CZK. This means that the average person in Czech Republic earns approximately 350 CZK 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 Czech Republic
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The average salary for Insurance is 0% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Prague63,800 CZK

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 Czech Republic earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
59,100 CZK
Public Sector+7%
63,300 CZK
Percentage increase and decrease are relative to the previous value

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