Average Insurance Manager Salary in Turkey for 2024

In this article, we will look at the average Insurance Manager salary for 2024 in Turkey 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 Turkish lira. To keep things simple, we are using the TRY currency code instead of the currency symbol โ‚บ.

How Much Does an Insurance Manager Make in Turkey?

An Insurance Manager working in Turkey will typically earn around 163,800 TRY per year, and this can range from the lowest average salary of about 78,940 TRY to the highest average salary of 257,700 TRY.

Average Annual Salary
163,800 TRY
Average Monthly Salary
13,650 TRY

Lowest Annual Salary
78,940 TRY
Lowest Monthly Salary
6,578 TRY

Highest Annual Salary
257,700 TRY
Highest Monthly Salary
21,475 TRY

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

Insurance Manager 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 Manager Salaries in Turkey

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

Salary ranges

We already know that an Insurance Manager can earn between 78,940 TRY and 257,700 TRY on average in Turkey. 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 Manager in Turkey is 172,200 TRY. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 172,200 TRY, and 50% of the population earn more than 172,200 TRY.

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 Manager salary in Turkey, 25% of the population are earning less than 112,620 TRY while 75% of the population earn more than 112,620 TRY.

75% of the population earn less than 221,500 TRY, and 25% of the population earn more than 221,500 TRY.

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 Manager Salary by Experience Level in Turkey

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 manager 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 Manager in Turkey that has less than two years of experience can expect to earn somewhere in the region of 93,660 TRY.
  • 2 - 5 Years Experience. With two to five years of experience the average Insurance Manager salary would increase to 128,900 TRY.
  • 5 - 10 Years Experience. From five to ten years of experience as an Insurance Manager, the average salary would be 172,200 TRY.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 209,500 TRY.
  • 15 - 20 Years Experience. An Insurance Manager with 15 to 20 years of experience can earn an average of 225,700 TRY.
  • 20+ Years Experience. For an Insurance Manager with more than 20 years, the expected average salary increases to 246,200 TRY.

Average Salary by Experience Chart

0-2 Years
93,660 TRY
2-5 Years +42%
128,900 TRY
5-10 Years +31%
172,200 TRY
10-15 Years +23%
209,500 TRY
15-20 Years +6%
225,700 TRY
20+ Years +10%
246,200 TRY

Insurance Manager Salary by Education Level in Turkey

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 Manager in Turkey based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. An Insurance Manager in Turkey with a bachelor's degree education can earn an average salary of 146,200 TRY.

  • Master's Degree. An Insurance Manager in Turkey with a master's degree education can earn an average salary of 207,700 TRY.

Average Salary by Education Chart

Bachelor's Degree
146,200 TRY
Master's Degree +43%
207,700 TRY

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 Turkey is around 39,200 to 117,000 TRY 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 Manager 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 Turkey, a male insurance manager will earn an average of 172,400 TRY, while a female insurance manager will earn around 159,400 TRY.

This means that a male insurance manager earns approximately 8% more than a female insurance manager for performing the same job.

Average Salary by Gender Chart in Turkey

Male
172,400 TRY
Female -8%
159,400 TRY

Insurance Manager Average Pay Raise in Turkey

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 Manager in Turkey is around 12% every 20 months.

The national average pay raise across all professions and industries in Turkey 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 = ( 12 ÷ 20 ) × 12  = 7%

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

Annual Pay Raise by Industry in Turkey for 2024

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

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

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Insurance Manager Bonus and Incentive Rates in Turkey

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 Manager is a high bonus based job, with 83% of employees reporting at least one bonus in the last 12 months.

17% 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 5% to 9%.

Received Bonus
83%
No Bonus
17%

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 Turkey earn approximately 6% more than private sector employees in the same role.

Public Sector
95,420 TRY
Private Sector -6%
89,960 TRY

Salaries for Jobs Similar to an Insurance Manager

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

Job Title Category Salary
Actuarial Analyst Insurance 134,600 TRY
Actuarial Assistant Insurance 85,760 TRY
Actuarial Specialist Insurance 90,980 TRY
Actuary Insurance 128,900 TRY
Adjustment Insurance Clerk Insurance 35,260 TRY
Assistant Broker Insurance 64,560 TRY
Assistant Claims Manager Insurance 102,160 TRY
Associate Insurance Representative Insurance 50,180 TRY
Auditing Insurance Manager Insurance 150,000 TRY
Broker Insurance 91,660 TRY
Claim Advocacy Professional Insurance 91,660 TRY
Claims Adjuster Insurance 33,520 TRY
Claims Analyst Insurance 50,580 TRY
Claims Examiner Insurance 50,240 TRY
Claims Manager Insurance 138,200 TRY
Claims Processor Insurance 35,420 TRY
Claims Representative Insurance 43,480 TRY
Claims Resolution Specialist Insurance 104,080 TRY
Claims Supervisor Insurance 90,620 TRY
Complaints Specialist Insurance 87,760 TRY
Compliance Examiner Insurance 91,960 TRY
Compliance Officer Insurance 79,000 TRY
Compliance Reviewer Insurance 93,780 TRY
Consultant Insurance 95,980 TRY
Eligibility Interviewer Insurance 106,960 TRY
Eligibility Specialist Insurance 96,540 TRY
Insurance Account Manager Insurance 119,700 TRY
Insurance Accounts Executive Insurance 104,440 TRY
Insurance Adjuster Insurance 84,580 TRY
Insurance Agent Insurance 56,060 TRY
Insurance Analyst Insurance 93,880 TRY
Insurance Appraiser Insurance 96,160 TRY
Insurance Claims Clerk Insurance 35,000 TRY
Insurance Examiner Insurance 91,520 TRY
Insurance Investigator Insurance 96,540 TRY
Insurance Operations Manager Insurance 172,400 TRY
Insurance Policy Processing Clerk Insurance 33,980 TRY
Insurance Pricing Assistant Insurance 75,500 TRY
Insurance Program Manager Insurance 125,700 TRY
Insurance Project Manager Insurance 124,400 TRY
Insurance Quality Assurance Agent Insurance 85,020 TRY
Insurance Sales Agent Insurance 58,440 TRY
Insurance Sales Director Insurance 152,100 TRY
Insurance Sales Manager Insurance 125,700 TRY
Insurance Sales Representative Insurance 50,340 TRY
Insurance Team Leader Insurance 107,820 TRY
Insurance Underwriter Insurance 70,940 TRY
Loss Control Specialist Insurance 93,220 TRY
Loss Prevention Investigator Insurance 105,080 TRY
Loss Prevention Manager Insurance 136,100 TRY
Loss Prevention Specialist Insurance 99,100 TRY
Marine Underwriter Insurance 69,580 TRY
Medical Auditor Insurance 98,140 TRY
Monitoring and Performance Officer Insurance 67,020 TRY
Payment Services Specialist Insurance 99,460 TRY
Policy Change Director Insurance 154,700 TRY
Policy Change Supervisor Insurance 106,820 TRY
Policy Change Technician Insurance 46,400 TRY
Risk Analyst Insurance 106,980 TRY
Risk Management Director Insurance 192,600 TRY
Risk Management Supervisor Insurance 127,700 TRY
Risk Manager Insurance 172,200 TRY
Risk Modeling Manager Insurance 175,900 TRY
Title Insurance Typist Insurance 80,340 TRY
Training Manager Insurance 110,500 TRY

Salary Comparison by City

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

City Average Salary
Ankara 167,100 TRY
Antalya 150,000 TRY
Istanbul 180,500 TRY
Izmir 159,500 TRY

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