A person working as an Insurance Underwriter in Ukraine typically earns around 17,800 UAH per month. Salaries range from 8,360 UAH (lowest) to 28,100 UAH (highest).
This is the average monthly salary including housing, transport, and other benefits. Insurance Underwriter salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Insurance Underwriter salaries in Ukraine range from 8,360 UAH per month (minimum salary) to 28,100 UAH per month (maximum salary).
The median salary is 18,800 UAH per month, which means that half (50%) of people working as Insurance Underwriter(s) are earning less than 18,800 UAH while the other half are earning more than 18,800 UAH. 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.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Insurance Underwriter(s) are earning less than 12,200 UAH while 75% of them are earning more than 12,200 UAH. Also from the diagram, 75% of Insurance Underwriter(s) are earning less than 24,900 UAH while 25% are earning more than 24,900 UAH.
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
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 Underwriter salaries by experience level and this is what we found.
An Insurance Underwriter with less than two years of experience makes approximately 9,640 UAH per month.
While someone with an experience level between two and five years is expected to earn 13,300 UAH per month, 38% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 18,900 UAH per month, 42% more than someone with two to five years of experience.
Additionally, Insurance Underwriter(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 23,100 UAH 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 24,300 UAH per month, 6% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 26,500 UAH per month, 9% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+38%|
|5 - 10 Years||+42%|
|10 - 15 Years||+22%|
|15 - 20 Years||+6%|
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 Underwriter salaries by education level in order to make a comparison.
When the education level is Certificate or Diploma, the average salary of an Insurance Underwriter is 12,100 UAH per month.
While someone with a Bachelor's Degree gets a salary of 23,200 UAH per month, 91% more than someone having a Certificate or Diploma degree.
|Certificate or Diploma|
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Insurance Underwriter employees in Ukraine earn 12% more than their female counterparts on average.
Insurance Underwriter(s) in Ukraine are likely to observe a salary increase of approximately 10% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
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.
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
Listed above are the average annual increase rates for each industry in Ukraine 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.
An Insurance Underwriter 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 4% of their annual salary.
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.
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.
The main two types of jobs
|Revenue Generators||Supporting 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.
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.
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.
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.
The average salary for Insurance Underwriter is 23% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.
|Job Title||Average Salary|
|Actuarial Analyst||32,600 UAH||+83%|
|Actuarial Assistant||21,300 UAH||+20%|
|Adjustment Insurance Clerk||8,840 UAH||-50%|
|Assistant Broker||15,200 UAH||-15%|
|Assistant Claims Manager||24,500 UAH||+38%|
|Associate Insurance Representative||11,700 UAH||-34%|
|Auditing Insurance Manager||36,300 UAH||+100%|
|Claim Advocacy Professional||24,000 UAH||+35%|
|Claims Adjuster||8,420 UAH||-53%|
|Claims Analyst||12,100 UAH||-32%|
|Claims Examiner||12,400 UAH||-30%|
|Claims Manager||34,600 UAH||+95%|
|Claims Processor||8,450 UAH||-52%|
|Claims Representative||10,200 UAH||-43%|
|Claims Resolution Specialist||26,400 UAH||+48%|
|Claims Supervisor||23,100 UAH||+30%|
|Complaints Specialist||22,300 UAH||+25%|
|Compliance Officer||18,700 UAH||+5%|
|Eligibility Specialist||24,100 UAH||+36%|
|Insurance Account Manager||29,700 UAH||+67%|
|Insurance Accounts Executive||24,400 UAH||+37%|
|Insurance Agent||13,700 UAH||-23%|
|Insurance Analyst||24,100 UAH||+36%|
|Insurance Appraiser||24,200 UAH||+36%|
|Insurance Claims Clerk||8,310 UAH||-53%|
|Insurance Examiner||21,100 UAH||+19%|
|Insurance Investigator||22,200 UAH||+25%|
|Insurance Manager||39,900 UAH||+120%|
|Insurance Operations Manager||41,300 UAH||+130%|
|Insurance Policy Processing Clerk||9,000 UAH||-49%|
|Insurance Pricing Assistant||19,400 UAH||+9%|
|Insurance Program Manager||29,800 UAH||+68%|
|Insurance Project Manager||28,300 UAH||+59%|
|Insurance Quality Assurance Agent||21,100 UAH||+19%|
|Insurance Sales Agent||13,400 UAH||-25%|
|Insurance Sales Director||37,000 UAH||+110%|
|Insurance Team Leader||25,700 UAH||+45%|
|Insurance Underwriter||17,800 UAH||+0%|
|Loss Control Specialist||22,700 UAH||+28%|
|Loss Prevention Investigator||25,100 UAH||+41%|
|Loss Prevention Manager||32,600 UAH||+83%|
|Loss Prevention Specialist||24,500 UAH||+38%|
|Marine Underwriter||17,400 UAH||-2%|
|Medical Auditor||23,600 UAH||+33%|
|Monitoring and Performance Officer||16,600 UAH||-7%|
|Payment Services Specialist||24,200 UAH||+36%|
|Policy Change Director||35,600 UAH||+100%|
|Policy Change Supervisor||25,300 UAH||+42%|
|Policy Change Technician||11,600 UAH||-35%|
|Risk Analyst||25,600 UAH||+44%|
|Risk Management Director||45,500 UAH||+160%|
|Risk Management Supervisor||30,200 UAH||+70%|
|Risk Manager||41,700 UAH||+130%|
|Risk Modeling Manager||42,800 UAH||+140%|
|Title Insurance Typist||19,200 UAH||+8%|
|Training Manager||26,500 UAH||+49%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Ukraine earn 7% more than their private sector counterparts on average across all sectors.