Insurance Average Salaries in Sri Lanka 2022
How much money does a person working in Insurance make in Sri Lanka?
LOW
33,400
LKR AVERAGE
90,000
LKR HIGH
174,000
LKR
A person working in Insurance in Sri Lanka typically earns around 90,000 LKR per month. Salaries range from 33,400 LKR (lowest average) to 174,000 LKR (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Insurance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Salaries for specific jobs
| Job Title | Average Salary |
| Actuarial Analyst | 125,000 LKR |
| Actuarial Assistant | 88,500 LKR |
| Actuary | 122,000 LKR |
| Adjustment Insurance Clerk | 34,700 LKR |
| Assistant Broker | 61,300 LKR |
| Assistant Claims Manager | 103,000 LKR |
| Associate Insurance Representative | 47,300 LKR |
| Auditing Insurance Manager | 139,000 LKR |
| Broker | 93,600 LKR |
| Claim Advocacy Professional | 95,800 LKR |
| Claims Adjuster | 34,900 LKR |
| Claims Analyst | 49,100 LKR |
| Claims Examiner | 49,300 LKR |
| Claims Manager | 134,000 LKR |
| Claims Processor | 35,500 LKR |
| Claims Representative | 43,300 LKR |
| Claims Resolution Specialist | 103,000 LKR |
| Claims Supervisor | 95,000 LKR |
| Complaints Specialist | 84,400 LKR |
| Compliance Officer | 76,000 LKR |
| Consultant | 89,400 LKR |
| Eligibility Specialist | 96,600 LKR |
| Insurance Account Manager | 111,000 LKR |
| Insurance Accounts Executive | 101,000 LKR |
| Insurance Agent | 54,300 LKR |
| Insurance Analyst | 94,600 LKR |
| Insurance Appraiser | 98,800 LKR |
| Insurance Claims Clerk | 33,300 LKR |
| Insurance Examiner | 82,400 LKR |
| Insurance Investigator | 84,900 LKR |
| Insurance Manager | 160,000 LKR |
| Insurance Operations Manager | 154,000 LKR |
| Insurance Policy Processing Clerk | 33,700 LKR |
| Insurance Pricing Assistant | 77,300 LKR |
| Insurance Program Manager | 126,000 LKR |
| Insurance Project Manager | 114,000 LKR |
| Insurance Quality Assurance Agent | 82,000 LKR |
| Insurance Sales Agent | 54,100 LKR |
| Insurance Sales Director | 154,000 LKR |
| Insurance Team Leader | 99,400 LKR |
| Insurance Underwriter | 71,000 LKR |
| Loss Control Specialist | 94,800 LKR |
| Loss Prevention Investigator | 103,000 LKR |
| Loss Prevention Manager | 130,000 LKR |
| Loss Prevention Specialist | 95,700 LKR |
| Marine Underwriter | 71,300 LKR |
| Medical Auditor | 94,200 LKR |
| Monitoring and Performance Officer | 63,200 LKR |
| Payment Services Specialist | 98,800 LKR |
| Policy Change Director | 151,000 LKR |
| Policy Change Supervisor | 105,000 LKR |
| Policy Change Technician | 47,200 LKR |
| Risk Analyst | 110,000 LKR |
| Risk Management Director | 173,000 LKR |
| Risk Management Supervisor | 112,000 LKR |
| Risk Manager | 168,000 LKR |
| Risk Modeling Manager | 168,000 LKR |
| Title Insurance Typist | 77,100 LKR |
| Training Manager | 107,000 LKR |
Insurance Jobs Salary Distribution in Sri Lanka
The median, the maximum, the minimum, and the range
Salary Range
Insurance salaries in Sri Lanka range from 33,400 LKR per month (minimum average salary) to 174,000 LKR per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 86,400 LKR per month, which means that half (50%) of people working in Insurance are earning less than 86,400 LKR while the other half are earning more than 86,400 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 people working in Insurance are earning less than 53,900 LKR while 75% of them are earning more than 53,900 LKR. Also from the diagram, 75% of people working in Insurance are earning less than 125,000 LKR while 25% are earning more than 125,000 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
Salary Comparison by Years of Experience
How does a person's salary progress over time?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
Salary Comparison By Education
How does the education level affect your salary?
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.
Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Sri Lanka costs anywhere from 449,000 Sri Lanka Rupee(s) to 1,350,000 Sri Lanka Rupee(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Insurance Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Sri Lanka who work in Insurance earn 10% more than their female counterparts on average.
| Male | 95,300 LKR | |
| Female | -9% | 86,500 LKR |
Salary Comparison By Gender in Sri Lanka for all Careers
Insurance Average Annual Salary Increment Percentage in Sri Lanka
How much are annual salary increments in Sri Lanka for Insurance professionals? How often do employees get salary raises?
Insurance
Insurance professionals in Sri Lanka are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.
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
Annual Increment Rate By Industry 2021
| 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 2021. 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
Insurance Bonus and Incentive Rates in Sri Lanka
How much and how often are bonuses being awarded?
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Insurance is considered to be a moderate bonus-based field 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.
51% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while 49% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.
| Received Bonus | 49% | |
| No Bonus | 51% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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 Hourly Average Wage in Sri Lanka
520 LKR per hourThe average hourly wage (pay per hour) in Sri Lanka is 520 LKR. This means that the average person in Sri Lanka earns approximately 520 LKR for every worked hour.
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 VS Other Jobs
The average salary for Insurance is 0% more than that of All Jobs.
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 |
