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Insurance Average Salaries in Colombo 2024

How much money does a person working in Insurance make in Colombo?


Average Monthly Salary
105,000 LKR
( 1,260,000 LKR yearly)

LOW
39,500
LKR
AVERAGE
105,000
LKR
HIGH
206,000
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 Colombo typically earns around 105,000 LKR. Salaries range from 39,500 LKR (lowest average) to 206,000 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 Colombo 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 Analyst145,000 LKR
Actuarial Assistant99,900 LKR
Actuarial Specialist98,900 LKR
Actuary137,000 LKR
Adjustment Insurance Clerk37,300 LKR
Assistant Broker63,200 LKR
Assistant Claims Manager110,000 LKR
Associate Insurance Representative51,600 LKR
Auditing Insurance Manager161,000 LKR
Blockchain Insurance Auditor91,000 LKR
Broker106,000 LKR
Claim Advocacy Professional99,500 LKR
Claims Adjuster39,400 LKR
Claims Analyst54,000 LKR
Claims Examiner52,700 LKR
Claims Manager140,000 LKR
Claims Processor39,700 LKR
Claims Representative45,700 LKR
Claims Resolution Specialist115,000 LKR
Claims Supervisor104,000 LKR
Complaints Specialist93,900 LKR
Compliance Examiner100,000 LKR
Compliance Officer79,300 LKR
Compliance Reviewer96,800 LKR
Consultant106,000 LKR
Drone Claims Adjuster45,800 LKR
Eligibility Interviewer113,000 LKR
Eligibility Specialist102,000 LKR
Insurance Account Manager125,000 LKR
Insurance Accounts Executive109,000 LKR
Insurance Adjuster94,600 LKR
Insurance Agent63,800 LKR
Insurance Analyst97,600 LKR
Insurance Appraiser106,000 LKR
Insurance Claims Clerk38,500 LKR
Insurance Compliance Officer112,000 LKR
Insurance Data Scientist98,600 LKR
Insurance Examiner92,800 LKR
Insurance Fraud Investigator87,100 LKR
Insurance Investigator93,000 LKR
Insurance Manager176,000 LKR
Insurance Operations Manager177,000 LKR
Insurance Policy Processing Clerk39,700 LKR
Insurance Pricing Assistant79,300 LKR
Insurance Product Manager120,000 LKR
Insurance Program Manager137,000 LKR
Insurance Project Manager135,000 LKR
Insurance Quality Assurance Agent85,300 LKR
Insurance Sales Agent62,100 LKR
Insurance Sales Director173,000 LKR
Insurance Sales Manager139,000 LKR
Insurance Sales Representative53,100 LKR
Insurance Team Leader106,000 LKR
Insurance Underwriter73,700 LKR
Insurtech Analyst92,000 LKR
Loss Control Specialist99,700 LKR
Loss Prevention Investigator105,000 LKR
Loss Prevention Manager143,000 LKR
Loss Prevention Specialist113,000 LKR
Marine Underwriter77,700 LKR
Medical Auditor104,000 LKR
Monitoring and Performance Officer71,300 LKR
Parametric Insurance Specialist98,200 LKR
Payment Services Specialist101,000 LKR
Peer-to-Peer Insurance Manager124,000 LKR
Policy Change Director168,000 LKR
Policy Change Supervisor114,000 LKR
Policy Change Technician49,800 LKR
Risk Analyst121,000 LKR
Risk Management Director205,000 LKR
Risk Management Supervisor130,000 LKR
Risk Manager188,000 LKR
Risk Modeling Manager184,000 LKR
Social Media Risk Analyst103,000 LKR
Title Insurance Typist86,700 LKR
Training Manager110,000 LKR
Underwriting Assistant52,800 LKR


Insurance Jobs Pay Scale and Salaries in Colombo

Median and salary distribution Colombo Insurance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
110,000 LKR or more
10% of people earn
92,900 to 110,000 LKR
20% of people earn
54,900 LKR or less
65% of people earn
54,900 to 92,900 LKR
Minimum Salary
39,500 LKR
Median
99,300 LKR
Maximum
206,000 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 Colombo range from 39,500 LKR (starting average salary) to 206,000 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 99,300 LKR, implying that half of the workforce in Colombo 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 Colombo earn less than 76,700 LKR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 120,000 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 Colombo. The analysis revealed that roughly 65% of all reported salaries fell within the range of 54,900 LKR to 92,900 LKR. Approximately 20% of salaries were below the 54,900 LKR mark, while 10% ranged from 92,900 LKR to 110,000 LKR. Only 5% of individuals earned a gross salary of 110,000 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 Colombo 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 Colombo, 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 / Colombo

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 / Colombo

How much are annual salary increments in Colombo 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 % every 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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100% of surveyed staff in Insurance reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.

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

Received Bonus
%
No Bonus
100%

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 / Colombo


610 LKR per hour

The average hourly wage (pay per hour) in Insurance in Colombo is 610 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 Colombo is 230 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 Colombo?

A good and competitive compensation would range anywhere between 99,300 LKR and 120,000 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 Colombo ranges from 39,500 LKR to 76,700 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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