COLOMBO: Research and Markets, one of the largest market research stores have stated on their ‘The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2018’ report that the Insurance industry in Sri Lanka has grown in terms of written premium recording a Compound Annual Growth Rate (CAGR) of 13.2% during the review period from 2009-2013.
The non-life segment in the field of insurance posted a CAGR of 11.2 % during the review period of four years from 2009-2013. The majority of this growth is by the aid of the motor insurance industry.
As of 2013 the insurance penetration in the country according to the report have stood at 1.2% in the year 2103 this value is in comparison to the Asian average of 6.0%. According to the report 22 licensed insurance companies are operating in the country as of June 30, 2014. The report includes, modelling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.
The report also covers, industry segmentation, governance, risk and compliance, competitive landscape and macroeconomic the research report also includes companies such as Ceylinco Insurance, Sri Lanka Insurance Corporation, AIA Insurance Lanka, Janashakthi Insurance and People’s Insurance Ltd.
