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Sri Lanka

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Sri Lanka

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Sri Lanka Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Sri Lanka includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Sri Lanka can be seen in:

Global Statistics Regulatory Alerts Compliance Point Clinical Trials Insight Compliance

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
GMT +05:30
Colombo
LKR
21.41 mn
3.90
4.56%
1,100.83
1.2

Sri Lanka has a recorded history going back thousands of years before the Portuguese arrived at the beginning of the 16th century. Their settlements were taken over by the Dutch in 1650. The Netherlands remained the colonial power until 1802 when Ceylon, as Sri Lanka was then known, was ceded to Britain. The island remained a British crown colony until independence in 1948.

Non-life premiums, including personal accident and healthcare, for 2018 were LKR 101.20bn, an increase of 8.37% compared to 2017. Growth slowed somewhat towards the end of 2018, as the economy started to suffer from the unstable political situation and the stand-alone healthcare business written in the non-life sector reduced by over 3% during the year as some customers moved their business in this class to the life insurance market.

In August 2019, 27 insurance companies were active in the market. Two of these are composite insurers, whilst 12 are registered to handle only non-life business and 13 engage solely in life classes.

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