Data from the Insurance Regulatory Commission of Sri Lanka shows that the country's insurance industry grew by 16.5% YoY in the third quarter of the current financial year.
Over the period from 2019, Sri Lanka's insurance industry displayed resilience, navigating through the economic downturn caused by the COVID-19 pandemic and the unprecedented economic crisis in 2022, according to a press release from the Insurance Regulatory Commission of Sri Lanka (IRCSL).
The outlook for Sri Lankan non-life insurers' underwriting profitability is optimistic and gradually likely to improve as they enhance their practices and shift focus to more profitable non-motor segments according to a new Fitch Ratings report about the island nation's non-life insurance industry published in January 2025.
People's Insurance's expansion into non-motor lines, such as fire and marine, is expected to support its long-term diversification, but motor insurance will remain dominant in the medium term, even though its contribution has been falling, says Fitch Ratings.
The Insurance Regulatory Commission of Sri Lanka (IRCSL) has announced plans to implement reforms aimed at strengthening the stability and resilience of the local insurance industry, as the sector grapples with economic challenges that have stalled its growth.
The insurance industry in Sri Lanka, as is the case with other economic sectors in the country, is poised to benefit from the ongoing economic recovery, Dr P Nandalal Weerasinghe, the governor of the Central Bank of Sri Lanka, has said.
The gross premiums of Sri Lanka-based National Insurance Trust Fund Board's (NITF) are expected to surge this year due to a recent directive requiring primary insurers to remit 100% of motor strikes, riots, civil commotion and terrorism (SRCCT) premiums to NITF, up from the previous 12%, says Fitch Ratings.
AIA's involvement in the safety programme of the annual Poson festival resulted in zero fatalities and the rescue of six lives.
State-owned Sri Lanka Insurance Life (SLICL), has declared the highest ever bonus in the Sri Lankan industry to its policyholders, amounting to SLR11.2bn($36m) for the year 2023.
The Insurance Regulatory Commission of Sri Lanka (IRCSL) has introduced an Optional Compensation Scheme (OCS) through licensed general insurance companies to provide compensation to third-party victims of motor vehicle accidents or their legal heirs.