Average Insurance Appraiser Salary in Latvia for 2024

In this article, we will look at the average Insurance Appraiser salary for 2024 in Latvia 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 an Insurance Appraiser Make in Latvia?

An Insurance Appraiser working in Latvia will typically earn around 15,380 EUR per year, and this can range from the lowest average salary of about 7,080 EUR to the highest average salary of 25,940 EUR.

Average Annual Salary
15,380 EUR
Average Monthly Salary
1,281 EUR

Lowest Annual Salary
7,080 EUR
Lowest Monthly Salary
590 EUR

Highest Annual Salary
25,940 EUR
Highest Monthly Salary
2,161 EUR

These are average salaries for an Insurance Appraiser in Latvia and include benefits such as housing and transport. It's also possible for an Insurance Appraiser to earn more or less than the average salaries shown above.

Insurance Appraiser 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 Insurance Appraiser Salaries in Latvia

So we've looked at the average salaries an Insurance Appraiser will earn in Latvia. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Insurance Appraiser can earn between 7,080 EUR and 25,940 EUR on average in Latvia. 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 an Insurance Appraiser in Latvia is 14,820 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 14,820 EUR, and 50% of the population earn more than 14,820 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 Insurance Appraiser salary in Latvia, 25% of the population are earning less than 12,840 EUR while 75% of the population earn more than 12,840 EUR.

75% of the population earn less than 19,020 EUR, and 25% of the population earn more than 19,020 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.

Insurance Appraiser Salary by Experience Level in Latvia

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 insurance appraiser 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. An Insurance Appraiser in Latvia that has less than two years of experience can expect to earn somewhere in the region of 11,300 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Appraiser salary would increase to 10,980 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Appraiser, the average salary would be 17,860 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 19,060 EUR.
  • 15 - 20 Years Experience. An Insurance Appraiser with 15 to 20 years of experience can earn an average of 21,300 EUR.
  • 20+ Years Experience. For an Insurance Appraiser with more than 20 years, the expected average salary increases to 25,220 EUR.

Average Salary by Experience Chart

0-2 Years
11,300 EUR
2-5 Years +23%
10,980 EUR
5-10 Years +42%
17,860 EUR
10-15 Years +17%
19,060 EUR
15-20 Years +10%
21,300 EUR
20+ Years +6%
25,220 EUR

Insurance Appraiser Salary by Education Level in Latvia

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 an Insurance Appraiser in Latvia 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. An Insurance Appraiser in Latvia with a certificate or diploma education can earn an average salary of 14,540 EUR.

  • Bachelor's Degree. An Insurance Appraiser in Latvia with a bachelor's degree education can earn an average salary of 20,500 EUR.

Average Salary by Education Chart

Certificate or Diploma
14,540 EUR
Bachelor's Degree +47%
20,500 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 Latvia is around 6,510 to 19,500 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.

Insurance Appraiser 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 Latvia, a male insurance appraiser will earn an average of 17,560 EUR, while a female insurance appraiser will earn around 16,400 EUR.

This means that a male insurance appraiser earns approximately 7% more than a female insurance appraiser for performing the same job.

Average Salary by Gender Chart in Latvia

Male
17,560 EUR
Female -7%
16,400 EUR

Insurance Appraiser Average Pay Raise in Latvia

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 an Insurance Appraiser in Latvia is around 11% every 19 months.

The national average pay raise across all professions and industries in Latvia is around 8% every 18 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 = ( 11 ÷ 19 ) × 12  = 7%

What this means is that an Insurance Appraiser in Latvia can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in Latvia for 2024

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

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

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Insurance Appraiser Bonus and Incentive Rates in Latvia

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.

An Insurance Appraiser is a low bonus based job, with 25% of employees reporting at least one bonus in the last 12 months.

75% 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 1% to 3%.

Received Bonus
25%
No Bonus
75%

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 Latvia earn approximately 29% more than private sector employees in the same role.

Public Sector
16,880 EUR
Private Sector -29%
13,100 EUR

Salaries for Jobs Similar to an Insurance Appraiser

In the table below, we have salary information for jobs that are similar to an Insurance Appraiser in Latvia.

Job Title Category Salary
Actuarial Analyst Insurance 21,980 EUR
Actuarial Assistant Insurance 14,840 EUR
Actuarial Specialist Insurance 17,020 EUR
Actuary Insurance 22,540 EUR
Adjustment Insurance Clerk Insurance 5,040 EUR
Assistant Broker Insurance 9,140 EUR
Assistant Claims Manager Insurance 19,220 EUR
Associate Insurance Representative Insurance 7,240 EUR
Auditing Insurance Manager Insurance 23,700 EUR
Broker Insurance 15,380 EUR
Claim Advocacy Professional Insurance 15,760 EUR
Claims Adjuster Insurance 5,160 EUR
Claims Analyst Insurance 8,780 EUR
Claims Examiner Insurance 10,100 EUR
Claims Manager Insurance 24,280 EUR
Claims Processor Insurance 5,040 EUR
Claims Representative Insurance 7,620 EUR
Claims Resolution Specialist Insurance 15,920 EUR
Claims Supervisor Insurance 14,540 EUR
Complaints Specialist Insurance 14,200 EUR
Compliance Examiner Insurance 14,820 EUR
Compliance Officer Insurance 13,540 EUR
Compliance Reviewer Insurance 12,580 EUR
Consultant Insurance 18,260 EUR
Eligibility Interviewer Insurance 18,780 EUR
Eligibility Specialist Insurance 14,820 EUR
Insurance Account Manager Insurance 20,520 EUR
Insurance Accounts Executive Insurance 15,300 EUR
Insurance Adjuster Insurance 14,840 EUR
Insurance Agent Insurance 9,460 EUR
Insurance Analyst Insurance 14,820 EUR
Insurance Claims Clerk Insurance 5,160 EUR
Insurance Examiner Insurance 12,580 EUR
Insurance Investigator Insurance 13,100 EUR
Insurance Manager Insurance 26,660 EUR
Insurance Operations Manager Insurance 26,280 EUR
Insurance Policy Processing Clerk Insurance 5,400 EUR
Insurance Pricing Assistant Insurance 11,040 EUR
Insurance Program Manager Insurance 20,000 EUR
Insurance Project Manager Insurance 21,020 EUR
Insurance Quality Assurance Agent Insurance 13,560 EUR
Insurance Sales Agent Insurance 9,140 EUR
Insurance Sales Director Insurance 24,860 EUR
Insurance Sales Manager Insurance 21,100 EUR
Insurance Sales Representative Insurance 9,360 EUR
Insurance Team Leader Insurance 15,920 EUR
Insurance Underwriter Insurance 12,180 EUR
Loss Control Specialist Insurance 14,140 EUR
Loss Prevention Investigator Insurance 18,780 EUR
Loss Prevention Manager Insurance 22,420 EUR
Loss Prevention Specialist Insurance 15,380 EUR
Marine Underwriter Insurance 12,520 EUR
Medical Auditor Insurance 16,400 EUR
Monitoring and Performance Officer Insurance 10,000 EUR
Payment Services Specialist Insurance 15,380 EUR
Policy Change Director Insurance 25,940 EUR
Policy Change Supervisor Insurance 18,780 EUR
Policy Change Technician Insurance 8,960 EUR
Risk Analyst Insurance 16,140 EUR
Risk Management Director Insurance 29,600 EUR
Risk Management Supervisor Insurance 21,020 EUR
Risk Manager Insurance 31,380 EUR
Risk Modeling Manager Insurance 27,480 EUR
Title Insurance Typist Insurance 12,580 EUR
Training Manager Insurance 16,340 EUR

Salary Comparison by City

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

City Average Salary
Riga 20,120 EUR

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