Insurance jobs in Sri Lanka sit on one of two sides, life or general. The side decides what you do all day, which technical skills you build and where your career can go. Most job ads don’t say which side the employer is on, so it helps to know the difference before you apply.
How the industry is split
The Insurance Regulatory Commission of Sri Lanka (IRCSL) licenses every insurer under the Regulation of Insurance Industry Act No. 43 of 2000. Its register classes each licence as long-term insurance (life) or general insurance, and it currently lists 29 entries.
Some groups hold a licence on each side. Ceylinco, HNB, LOLC, Sanasa and Amana Takaful each appear on the register as a life company and a general company. Sri Lanka Insurance Corporation was split into Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited, and its original licence was cancelled from 1 February 2024.
Other insurers hold a licence on one side only. Union Assurance, AIA Insurance Lanka and Janashakthi Insurance are listed as long-term insurers. Allianz Insurance Lanka, Fairfirst Insurance and People’s Insurance are listed as general insurers.
What life insurers do
Life (long-term) insurers sell policies that run for many years, such as life cover, savings plans and retirement plans. Customers pay premiums regularly, so insurers care about keeping policies active as well as signing new ones.
The main job areas are:
- Sales and distribution: relationship executives and managers, agency managers who recruit and train agents, and bancassurance officers placed in bank branches.
- Policy servicing: processing payments, policy changes and renewals.
- Underwriting: reviewing proposal forms and medical reports to decide whether to accept a customer and on what terms.
- Claims: death and medical claims, which involve hospital bills, medical reports and sensitive conversations.
- Actuarial work: pricing products and calculating reserves. An insurer carrying on long-term business must appoint an actuary.
- Investments and finance: life premiums build up into large funds that need accountants and investment staff.
What general insurers do
General insurers sell cover that usually lasts a year and then renews: motor, fire, marine, engineering and liability, and in some companies health and travel. Motor claims make up a large share of the work in Sri Lanka.
- Motor claims and assessing: checking policy cover, inspecting damaged vehicles and estimating repair costs. Assessor roles often suit people with automobile NVQ or engineering backgrounds.
- Underwriting: setting terms and premiums for fire, marine, engineering and liability risks, often after a site survey.
- Reinsurance: arranging the cover that insurers buy for their own large risks.
- Corporate sales and broker relations: winning and renewing business from companies, many of which buy through brokers.
- Customer service: handling renewals, endorsements and complaints.
The two sides compared
| Life insurance | General insurance | |
|---|---|---|
| Policy length | Many years | Usually 1 year, renewed |
| Common entry jobs | Relationship executive, bancassurance officer, policy servicing | Motor claims, underwriting assistant, customer service |
| Sales customers | Individuals and families, often over many years | Individuals and businesses, plus broker relationships |
| Specialist roles | Actuarial, medical underwriting, investments | Motor assessing, fire and marine underwriting, reinsurance |
Which side suits you
If you’re comfortable talking to strangers and working towards targets, life insurance has the larger number of entry-level sales vacancies. Read our guide to agent vs salaried insurance jobs before you accept one, because the pay structure differs from role to role.
If you prefer office work built around documents, vehicles or commercial risks, general insurance claims and underwriting are the usual starting points.
If you’re strong in mathematics, actuarial work has historically been concentrated in life insurance. Our guide on how to become an actuary in Sri Lanka explains the route.
You can change sides later. The Sri Lanka Insurance Institute (SLII) and Chartered Insurance Institute (CII) qualifications cover both, and claims, underwriting and customer service skills carry across. See insurance qualifications explained for the exam path.
Check the licence before you apply
Job ads often name a group rather than the company that actually employs you. Check the employer against the IRCSL list of licensed insurers, which shows whether each company writes life or general business.
Related guides and vacancies
New to the industry? Start with how to start a career in insurance. For technical roles, read insurance careers beyond sales. For bank-based sales roles, see bancassurance jobs. Current openings are on our insurance jobs in Sri Lanka page.
About the Author
Prasad Fernando is the CEO of Skysol Solutions and the owner of CareerLK.com and CourseLK.com. A digital creator with hands-on experience building and managing online platforms for Sri Lanka’s job and education sectors.