Average Claims Supervisor Salary in Cyprus for 2024

In this article, we will look at the average Claims Supervisor salary for 2024 in Cyprus and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Euro. To keep things simple, we are using the EUR currency code instead of the currency symbol โ‚ฌ.

How Much Does a Claims Supervisor Make in Cyprus?

A Claims Supervisor working in Cyprus will typically earn around 27,380 EUR per year, and this can range from the lowest average salary of about 13,060 EUR to the highest average salary of 39,420 EUR.

Average Annual Salary
27,380 EUR
Average Monthly Salary
2,281 EUR

Lowest Annual Salary
13,060 EUR
Lowest Monthly Salary
1,088 EUR

Highest Annual Salary
39,420 EUR
Highest Monthly Salary
3,285 EUR

These are average salaries for a Claims Supervisor in Cyprus and include benefits such as housing and transport. It's also possible for a Claims Supervisor to earn more or less than the average salaries shown above.

Claims Supervisor salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Claims Supervisor Salaries in Cyprus

So we've looked at the average salaries a Claims Supervisor will earn in Cyprus. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Claims Supervisor can earn between 13,060 EUR and 39,420 EUR on average in Cyprus. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Claims Supervisor in Cyprus is 25,440 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 25,440 EUR, and 50% of the population earn more than 25,440 EUR.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Claims Supervisor salary in Cyprus, 25% of the population are earning less than 15,920 EUR while 75% of the population earn more than 15,920 EUR.

75% of the population earn less than 35,300 EUR, and 25% of the population earn more than 35,300 EUR.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Claims Supervisor Salary by Experience Level in Cyprus

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average claims supervisor salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Claims Supervisor in Cyprus that has less than two years of experience can expect to earn somewhere in the region of 14,200 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Claims Supervisor salary would increase to 21,100 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Claims Supervisor, the average salary would be 26,780 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 32,900 EUR.
  • 15 - 20 Years Experience. A Claims Supervisor with 15 to 20 years of experience can earn an average of 34,360 EUR.
  • 20+ Years Experience. For a Claims Supervisor with more than 20 years, the expected average salary increases to 36,720 EUR.

Average Salary by Experience Chart

0-2 Years
14,200 EUR
2-5 Years +42%
21,100 EUR
5-10 Years +31%
26,780 EUR
10-15 Years +23%
32,900 EUR
15-20 Years +6%
34,360 EUR
20+ Years +10%
36,720 EUR

Claims Supervisor Salary by Education Level in Cyprus

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Claims Supervisor in Cyprus based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Claims Supervisor in Cyprus with a certificate or diploma education can earn an average salary of 18,780 EUR.

  • Bachelor's Degree. A Claims Supervisor in Cyprus with a bachelor's degree education can earn an average salary of 26,860 EUR.

  • Master's Degree. A Claims Supervisor in Cyprus with a master's degree education can earn an average salary of 39,640 EUR.

Average Salary by Education Chart

Certificate or Diploma
18,780 EUR
Bachelor's Degree +59%
26,860 EUR
Master's Degree +33%
39,640 EUR

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Cyprus is around 10,800 to 32,500 EUR and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Claims Supervisor Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Cyprus, a male claims supervisor will earn an average of 27,300 EUR, while a female claims supervisor will earn around 25,680 EUR.

This means that a male claims supervisor earns approximately 6% more than a female claims supervisor for performing the same job.

Average Salary by Gender Chart in Cyprus

Male
27,300 EUR
Female -6%
25,680 EUR

Claims Supervisor Average Pay Raise in Cyprus

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Claims Supervisor in Cyprus is around 8% every 28 months.

The national average pay raise across all professions and industries in Cyprus is around 5% every 28 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 8 ÷ 28 ) × 12  = 3%

What this means is that a Claims Supervisor in Cyprus can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Cyprus for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Cyprus.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Claims Supervisor Bonus and Incentive Rates in Cyprus

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Claims Supervisor is a low bonus based job, with 39% of employees reporting at least one bonus in the last 12 months.

61% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 6%.

Received Bonus
39%
No Bonus
61%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Cyprus earn approximately 20% more than private sector employees in the same role.

Public Sector
28,180 EUR
Private Sector -20%
23,500 EUR

Salaries for Jobs Similar to a Claims Supervisor

In the table below, we have salary information for jobs that are similar to a Claims Supervisor in Cyprus.

Job Title Category Salary
Actuarial Analyst Insurance 34,160 EUR
Actuarial Assistant Insurance 25,940 EUR
Actuarial Specialist Insurance 25,220 EUR
Actuary Insurance 35,340 EUR
Adjustment Insurance Clerk Insurance 7,820 EUR
Assistant Broker Insurance 14,140 EUR
Assistant Claims Manager Insurance 27,560 EUR
Associate Insurance Representative Insurance 13,780 EUR
Auditing Insurance Manager Insurance 36,580 EUR
Broker Insurance 25,160 EUR
Claim Advocacy Professional Insurance 28,820 EUR
Claims Adjuster Insurance 9,140 EUR
Claims Analyst Insurance 13,900 EUR
Claims Examiner Insurance 12,620 EUR
Claims Manager Insurance 37,620 EUR
Claims Processor Insurance 9,980 EUR
Claims Representative Insurance 12,760 EUR
Claims Resolution Specialist Insurance 29,540 EUR
Complaints Specialist Insurance 26,020 EUR
Compliance Examiner Insurance 23,500 EUR
Compliance Officer Insurance 21,100 EUR
Compliance Reviewer Insurance 23,080 EUR
Consultant Insurance 24,800 EUR
Eligibility Interviewer Insurance 29,840 EUR
Eligibility Specialist Insurance 25,940 EUR
Insurance Account Manager Insurance 34,080 EUR
Insurance Accounts Executive Insurance 29,840 EUR
Insurance Adjuster Insurance 23,500 EUR
Insurance Agent Insurance 14,140 EUR
Insurance Analyst Insurance 27,380 EUR
Insurance Appraiser Insurance 24,200 EUR
Insurance Claims Clerk Insurance 10,320 EUR
Insurance Examiner Insurance 23,480 EUR
Insurance Investigator Insurance 23,500 EUR
Insurance Manager Insurance 45,200 EUR
Insurance Operations Manager Insurance 45,600 EUR
Insurance Policy Processing Clerk Insurance 7,820 EUR
Insurance Pricing Assistant Insurance 21,020 EUR
Insurance Program Manager Insurance 30,700 EUR
Insurance Project Manager Insurance 31,340 EUR
Insurance Quality Assurance Agent Insurance 23,380 EUR
Insurance Sales Agent Insurance 13,100 EUR
Insurance Sales Director Insurance 44,800 EUR
Insurance Sales Manager Insurance 33,960 EUR
Insurance Sales Representative Insurance 12,000 EUR
Insurance Team Leader Insurance 25,440 EUR
Insurance Underwriter Insurance 21,540 EUR
Loss Control Specialist Insurance 24,720 EUR
Loss Prevention Investigator Insurance 25,660 EUR
Loss Prevention Manager Insurance 36,160 EUR
Loss Prevention Specialist Insurance 27,620 EUR
Marine Underwriter Insurance 18,900 EUR
Medical Auditor Insurance 24,200 EUR
Monitoring and Performance Officer Insurance 18,780 EUR
Payment Services Specialist Insurance 24,200 EUR
Policy Change Director Insurance 40,420 EUR
Policy Change Supervisor Insurance 26,860 EUR
Policy Change Technician Insurance 11,040 EUR
Risk Analyst Insurance 27,480 EUR
Risk Management Director Insurance 45,600 EUR
Risk Management Supervisor Insurance 30,700 EUR
Risk Manager Insurance 45,000 EUR
Risk Modeling Manager Insurance 48,640 EUR
Title Insurance Typist Insurance 21,640 EUR
Training Manager Insurance 26,100 EUR

Salary Comparison by City

If you want to compare salaries with different cities in Cyprus, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Larnaka 23,500 EUR
Limassol 27,480 EUR
Nicosia 25,940 EUR

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