Due to the growing awareness of the importance of insurance, Sri Lanka has seen a strong growth in the insurance industry. Reasons for this include stable economic and political conditions and rising per capita incomes. The industry is expected to witness higher growth rates since life insurances are growing at a fast rate and the emergence of digitalization of these services. The insurance industry saw an increase in the Gross Written Premium (GWP) in the year 2017 across both life and non – life insurances. Both the segments are growing at a high rate, with general insurance recording higher growth rates. The National Insurance Trust Fund generates reinsurance premium income and this has risen significantly due to acceptance of reinsurance business from a wide class of general insurers.
According to the study “The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2021” gives a comprehensive overview of the Sri Lanka economy and demographics and details on the competitive landscape in Sri Lanka. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Sri Lanka. It offers a detailed analysis of the key segments in the Sri Lanka insurance industry, with market forecasts to 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Sri Lanka and profiles the top insurance companies in Sri Lanka, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein. The key market players in Sri Lanka insurance market are Sri Lanka Insurance Corporation Ltd, Ceylinco General Insurance Ltd, Ceylinco Life Insurance Ltd, Janasahkthi General Insurance Ltd, AIA Insurance Lanka PLC, Union Assurance PLC, Union General Insurance Ltd, Softlogic Life Insurance, Allianz Insurance Lanka Ltd and People’s Insurance Ltd.
Though the insurance penetration has increased from in the country over the past year, it is comparatively lower than its counter Asian countries. The insurance density, which measures the insurance premium income per person, has grown due to increased premium income against the lower increase in population. The claims of the insurance premiums have increased in life and non-life segments- mostly in motor, fire, marine and other categories.
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Ankur Gupta, Head Marketing & Communications