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Insurance Average Salaries in Sri Lanka 2024

How much money does a person working in Insurance make in Sri Lanka?


Average Monthly Salary
88,900 LKR
( 1,070,000 LKR yearly)

LOW
33,400
LKR
AVERAGE
88,900
LKR
HIGH
174,000
LKR
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Insurance in Sri Lanka typically earns around 88,900 LKR. Salaries range from 33,400 LKR (lowest average) to 174,000 LKR (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Insurance domain in Sri Lanka exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Insurance
Actuarial Analyst125,000 LKR
Actuarial Assistant88,500 LKR
Actuarial Specialist90,000 LKR
Actuary122,000 LKR
Adjustment Insurance Clerk34,700 LKR
Assistant Broker61,300 LKR
Assistant Claims Manager103,000 LKR
Associate Insurance Representative47,300 LKR
Auditing Insurance Manager139,000 LKR
Blockchain Insurance Auditor87,300 LKR
Broker93,600 LKR
Claim Advocacy Professional95,800 LKR
Claims Adjuster34,900 LKR
Claims Analyst49,100 LKR
Claims Examiner49,300 LKR
Claims Manager134,000 LKR
Claims Processor35,500 LKR
Claims Representative43,300 LKR
Claims Resolution Specialist103,000 LKR
Claims Supervisor95,000 LKR
Complaints Specialist84,400 LKR
Compliance Examiner84,900 LKR
Compliance Officer76,000 LKR
Compliance Reviewer84,200 LKR
Consultant89,400 LKR
Drone Claims Adjuster43,400 LKR
Eligibility Interviewer101,000 LKR
Eligibility Specialist96,600 LKR
Insurance Account Manager111,000 LKR
Insurance Accounts Executive101,000 LKR
Insurance Adjuster84,500 LKR
Insurance Agent54,300 LKR
Insurance Analyst94,600 LKR
Insurance Appraiser98,800 LKR
Insurance Claims Clerk33,300 LKR
Insurance Compliance Officer102,000 LKR
Insurance Data Scientist83,800 LKR
Insurance Examiner82,400 LKR
Insurance Fraud Investigator76,000 LKR
Insurance Investigator84,900 LKR
Insurance Manager160,000 LKR
Insurance Operations Manager154,000 LKR
Insurance Policy Processing Clerk33,700 LKR
Insurance Pricing Assistant77,300 LKR
Insurance Product Manager108,000 LKR
Insurance Program Manager126,000 LKR
Insurance Project Manager114,000 LKR
Insurance Quality Assurance Agent82,000 LKR
Insurance Sales Agent54,100 LKR
Insurance Sales Director154,000 LKR
Insurance Sales Manager118,000 LKR
Insurance Sales Representative47,500 LKR
Insurance Team Leader99,400 LKR
Insurance Underwriter71,000 LKR
Insurtech Analyst84,900 LKR
Loss Control Specialist94,800 LKR
Loss Prevention Investigator103,000 LKR
Loss Prevention Manager130,000 LKR
Loss Prevention Specialist95,700 LKR
Marine Underwriter71,300 LKR
Medical Auditor94,200 LKR
Monitoring and Performance Officer63,200 LKR
Parametric Insurance Specialist89,500 LKR
Payment Services Specialist98,800 LKR
Peer-to-Peer Insurance Manager111,000 LKR
Policy Change Director151,000 LKR
Policy Change Supervisor105,000 LKR
Policy Change Technician47,200 LKR
Risk Analyst110,000 LKR
Risk Management Director173,000 LKR
Risk Management Supervisor112,000 LKR
Risk Manager168,000 LKR
Risk Modeling Manager168,000 LKR
Social Media Risk Analyst94,300 LKR
Title Insurance Typist77,100 LKR
Training Manager107,000 LKR
Underwriting Assistant48,500 LKR


Insurance Jobs Pay Scale and Salaries in Sri Lanka

Median and salary distribution Sri Lanka Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
87,700 LKR or more
10% of people earn
74,000 to 87,700 LKR
20% of people earn
43,700 LKR or less
65% of people earn
43,700 to 74,000 LKR
Minimum Salary
33,400 LKR
Median
79,000 LKR
Maximum
174,000 LKR




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Insurance in Sri Lanka range from 33,400 LKR (starting average salary) to 174,000 LKR (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Insurance is 79,000 LKR, implying that half of the workforce in Sri Lanka earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Insurance in Sri Lanka earn less than 61,000 LKR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 95,500 LKR, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Insurance in Sri Lanka. The analysis revealed that roughly 65% of all reported salaries fell within the range of 43,700 LKR to 74,000 LKR. Approximately 20% of salaries were below the 43,700 LKR mark, while 10% ranged from 74,000 LKR to 87,700 LKR. Only 5% of individuals earned a gross salary of 87,700 LKR or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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 in Insurance in Sri Lanka 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.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
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.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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 degree levels across many jobs in Insurance in Sri Lanka, 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 certificate 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 450,000 LKR to 1,350,000 LKR and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Insurance / Sri Lanka

Salary comparison by gender Sri Lanka Insurance monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Insurance in Sri Lanka, the average difference between the salary of male and female employees is 10%.

Male
94,100 LKR
Female-9%
85,400 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
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Average Annual Salary Increment Percentage / Insurance / Sri Lanka

How much are annual salary increments in Sri Lanka for individuals working in Insurance? How often do employees get salary raises?

Professionals working in Insurance 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.

Annual Salary Increment Rate Sri Lanka Insurance
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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

Annual Salary Increment Rate Sri Lanka
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Insurance / Sri Lanka

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Sri Lanka Insurance
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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 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.

Hourly Average Wage / Insurance / Sri Lanka


510 LKR per hour

The average hourly wage (pay per hour) in Insurance in Sri Lanka is 510 LKR.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Insurance in Sri Lanka is 190 LKR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Colombo105,000 LKR

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Sri Lanka is 8% on average across all career fields.

Private Sector
86,300 LKR
Public Sector+8%
92,900 LKR
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Insurance in Sri Lanka?

A good and competitive compensation would range anywhere between 79,000 LKR and 95,500 LKR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Insurance in Sri Lanka ranges from 33,400 LKR to 61,000 LKR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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