HOME BROWSE SALARIES BEST PAYING JOBS
Browse Salaries
Best Paying Jobs
Salary Increase Letters
Career Articles

Insurance Appraiser Average Salary in Sri Lanka 2020

How much money does an Insurance Appraiser make in Sri Lanka?


Average Monthly Salary
98,800 LKR
( 1,190,000 LKR yearly)

LOW
51,400
LKR
AVERAGE
98,800
LKR
HIGH
151,000
LKR

A person working as an Insurance Appraiser in Sri Lanka typically earns around 98,800 LKR per month. Salaries range from 51,400 LKR (lowest) to 151,000 LKR (highest).

This is the average monthly salary including housing, transport, and other benefits. Insurance Appraiser salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Insurance Appraiser Salary Distribution in Sri Lanka

Median and salary distribution monthly Sri Lanka Insurance Appraiser
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/sri-lanka/insurance/insurance-appraiser/median-and-salary-distribution-monthly-sri-lanka-insurance-appraiser.jpg

The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Appraiser salaries in Sri Lanka range from 51,400 LKR per month (minimum salary) to 151,000 LKR per month (maximum salary).

  • Median Salary

    The median salary is 94,900 LKR per month, which means that half (50%) of people working as Insurance Appraiser(s) are earning less than 94,900 LKR while the other half are earning more than 94,900 LKR. 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 Insurance Appraiser(s) are earning less than 65,800 LKR while 75% of them are earning more than 65,800 LKR. Also from the diagram, 75% of Insurance Appraiser(s) are earning less than 118,000 LKR while 25% are earning more than 118,000 LKR.


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

Insurance Appraiser Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Sri Lanka Insurance Appraiser
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/sri-lanka/insurance/insurance-appraiser/salary-comparison-by-years-of-experience-monthly-sri-lanka-insurance-appraiser.jpg

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 Appraiser salaries by experience level and this is what we found.

An Insurance Appraiser with less than two years of experience makes approximately 58,400 LKR per month.

While someone with an experience level between two and five years is expected to earn 78,400 LKR per month, 34% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 102,000 LKR per month, 30% more than someone with two to five years of experience.

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.

Additionally, Insurance Appraiser(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 123,000 LKR per month, 21% 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 135,000 LKR per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 142,000 LKR per month, 5% more than people with fifteen to twenty years of experience.


Insurance Appraiser average salary change by experience in Sri Lanka

0 - 2 Years
58,400 LKR
2 - 5 Years+34%
78,400 LKR
5 - 10 Years+30%
102,000 LKR
10 - 15 Years+21%
123,000 LKR
15 - 20 Years+9%
135,000 LKR
20+ Years+5%
142,000 LKR
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

Insurance Appraiser Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Insurance Appraiser(s) who have the same experience but different education levels.

Salary comparison by education level monthly Sri Lanka Insurance Appraiser
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/sri-lanka/insurance/insurance-appraiser/salary-comparison-by-education-level-monthly-sri-lanka-insurance-appraiser.jpg

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 Appraiser salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Insurance Appraiser is 73,400 LKR per month.

While someone with a Bachelor's Degree gets a salary of 132,000 LKR per month, 80% more than someone having a Certificate or Diploma degree.


Insurance Appraiser average salary difference by education level in Sri Lanka

Certificate or Diploma
73,400 LKR
Bachelor's Degree+80%
132,000 LKR
Percentage increase and decrease are relative to the previous value

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg


Insurance Appraiser Salary Comparison By Gender

Salary comparison by gender monthly Sri Lanka Insurance Appraiser
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/sri-lanka/insurance/insurance-appraiser/salary-comparison-by-gender-monthly-sri-lanka-insurance-appraiser.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Insurance Appraiser employees in Sri Lanka earn 10% more than their female counterparts on average.

Male
105,000 LKR
Female-9%
95,000 LKR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Sri Lanka for all Careers

Salary comparison by gender monthly Sri Lanka
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/sri-lanka/salary-comparison-by-gender-monthly-sri-lanka.jpg

Insurance Appraiser Average Annual Salary Increment Percentage in Sri Lanka

How much are annual salary increments in Sri Lanka for Insurance Appraiser(s)? How often do employees get salary raises?

Insurance Appraiser

Insurance Appraiser(s) in Sri Lanka are likely to observe a salary increase of approximately 12% every 18 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.

Annual Salary Increment Rate Sri Lanka Insurance Appraiser
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/sri-lanka/insurance/insurance-appraiser/annual-salary-increment-rate-sri-lanka-insurance-appraiser.jpg


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.

Sri Lanka / 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 Sri Lanka is 6%.

Annual Increment Rate By Industry 2019

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

Listed above are the average annual increase rates for each industry in Sri Lanka 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

Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

Insurance Appraiser Bonus and Incentive Rates in Sri Lanka

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Sri Lanka Insurance Appraiser
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/sri-lanka/insurance/insurance-appraiser/annual-salary-bonus-rate-sri-lanka-insurance-appraiser.jpg

An Insurance Appraiser 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.

74% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 26% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.

Received Bonus
26%
No Bonus
74%

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 Appraiser Average Hourly Wage in Sri Lanka


570 LKR per hour

The average hourly wage (pay per hour) in Sri Lanka is 570 LKR. This means that the average Insurance Appraiser in Sri Lanka earns approximately 570 LKR 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 Appraiser VS Other Jobs

Salary Comparison Between Insurance Appraiser and Insurance monthly Sri Lanka
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/sri-lanka/insurance/insurance-appraiser/salary-comparison-between-insurance-appraiser-and-insurance-monthly-sri-lanka.jpg

The average salary for Insurance Appraiser is 10% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst125,000 LKR+26%
Actuarial Assistant88,500 LKR-10%
Actuary122,000 LKR+23%
Adjustment Insurance Clerk34,700 LKR-65%
Assistant Broker61,300 LKR-38%
Assistant Claims Manager103,000 LKR+4%
Associate Insurance Representative47,300 LKR-52%
Auditing Insurance Manager139,000 LKR+41%
Broker93,600 LKR-5%
Claim Advocacy Professional95,800 LKR-3%
Claims Adjuster34,900 LKR-65%
Claims Analyst49,100 LKR-50%
Claims Examiner49,300 LKR-50%
Claims Manager134,000 LKR+36%
Claims Processor35,500 LKR-64%
Claims Representative43,300 LKR-56%
Claims Resolution Specialist103,000 LKR+4%
Claims Supervisor95,000 LKR-4%
Complaints Specialist84,400 LKR-15%
Compliance Officer76,000 LKR-23%
Consultant89,400 LKR-10%
Eligibility Specialist96,600 LKR-2%
Insurance Account Manager111,000 LKR+12%
Insurance Accounts Executive101,000 LKR+2%
Insurance Agent54,300 LKR-45%
Insurance Analyst94,600 LKR-4%
Insurance Appraiser98,800 LKR-0%
Insurance Claims Clerk33,300 LKR-66%
Insurance Examiner82,400 LKR-17%
Insurance Investigator84,900 LKR-14%
Insurance Manager160,000 LKR+62%
Insurance Operations Manager154,000 LKR+56%
Insurance Policy Processing Clerk33,700 LKR-66%
Insurance Pricing Assistant77,300 LKR-22%
Insurance Program Manager126,000 LKR+27%
Insurance Project Manager114,000 LKR+15%
Insurance Quality Assurance Agent82,000 LKR-17%
Insurance Sales Agent54,100 LKR-45%
Insurance Sales Director154,000 LKR+56%
Insurance Team Leader99,400 LKR+1%
Insurance Underwriter71,000 LKR-28%
Loss Control Specialist94,800 LKR-4%
Loss Prevention Investigator103,000 LKR+4%
Loss Prevention Manager130,000 LKR+32%
Loss Prevention Specialist95,700 LKR-3%
Marine Underwriter71,300 LKR-28%
Medical Auditor94,200 LKR-5%
Monitoring and Performance Officer63,200 LKR-36%
Payment Services Specialist98,800 LKR-0%
Policy Change Director151,000 LKR+53%
Policy Change Supervisor105,000 LKR+6%
Policy Change Technician47,200 LKR-52%
Risk Analyst110,000 LKR+11%
Risk Management Director173,000 LKR+75%
Risk Management Supervisor112,000 LKR+13%
Risk Manager168,000 LKR+70%
Risk Modeling Manager168,000 LKR+70%
Title Insurance Typist77,100 LKR-22%
Training Manager107,000 LKR+8%

Salary Comparison By City

CityAverage Salary
Colombo106,000 LKR

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 Sri Lanka earn 8% more than their private sector counterparts on average across all sectors.

Private Sector
86,000 LKR
Public Sector+8%
92,500 LKR
Percentage increase and decrease are relative to the previous value

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2020