Sri Lanka Insurance Industry – Key Trends and Opportunities to 2028
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Sri Lanka Insurance Market Report Overview
The gross written premium of the Sri Lanka insurance market was LKR286.7 billion ($776.7 million) in 2023. The market will achieve a CAGR of more than 8% during 2024-2028. The Sri Lanka insurance market research report provides in-depth market analysis, information, and insights into the Sri Lanka insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.
Sri Lanka Insurance Market Outlook, 2023-2028 (LKR Billion)
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The Sri Lanka insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Sri Lanka’s economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | LKR286.7 billion ($776.7 million) |
CAGR (2024-2028) | >8% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · General Insurance
· Life Insurance |
Key Companies | · Ceylinco Life
· Softlogic Life · Sri Lanka Insurance · AIA Insurance · Union Assurance |
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Sri Lanka Insurance Market Trends
The key trends impacting the Sri Lankan insurance market are pet insurance, new life insurance schemes, and home insurance products. For instance, in November 2023, Sri Lanka Insurance launched a home insurance product that is available online (with an instant quote-and-buy option) as well as over the counter. The product offers five different coverage options with a minimal premium.
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Sri Lanka Insurance Market by Segments
The key segments in the Sri Lankan insurance market are life insurance and general insurance. The life insurance segment dominated the Sri Lanka insurance market in 2023. The key lines of business in the Sri Lankan life insurance market are universal life, endowment, and other life insurance. Universal life accounted for the highest GWP in 2023.
The low-interest rate regime that started in the wake of the COVID-19 pandemic resulted in the growth of short-term life cover due to attractive guaranteed returns. Redesigned products, repricing, and capital optimization helped increase profitability during this period. Hence, insurers adjusted their product portfolios to meet the customer preferences.
Sri Lanka Insurance Market Analysis by Segments, 2023 (%)
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Sri Lanka Insurance Market – Competitive Landscape
In 2022, Ceylinco Life accounted for the highest market share in the Sri Lanka life insurance market
A few of the key companies in the Sri Lanka insurance market are:
- Ceylinco Life
- Softlogic Life
- Sri Lanka Insurance
- AIA Insurance
- Union Assurance
Sri Lanka Life Insurance Market Analysis by Companies, 2022(%)
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Sri Lanka Insurance Market – Latest Developments
- On January 8, 2024, the IRCSL issued a new circular consolidating previous guidelines on valuer qualifications for land and building assessments related to the Solvency Margin (Risk-Based Capital) Rules 2015.
- In October 2023, Sri Lanka Insurance launched a comprehensive pet insurance solution Petsurance. It covers veterinary expenses up to a certain amount per year. The insurance covers sudden illnesses and accidental injuries, but not pre-existing conditions.
Sri Lanka Insurance Market Segments Outlook (Value, LKR Billion, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Sri Lankan insurance industry. It also offers:
- Historical values for the Sri Lanka insurance industry review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Sri Lanka insurance industry and market forecasts up to 2028.
- Profiles of the top life insurance companies in Sri Lanka and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Sri Lanka insurance industry.
- A comprehensive overview of the Sri Lanka economy, government initiatives, and investment opportunities.
- The Sri Lanka insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Sri Lanka insurance industry’s market structure gives details of lines of business.
- Sri Lanka reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Sri Lanka insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Sri Lanka insurance industry.
- Assess the competitive dynamics in the Sri Lanka insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Ceylinco Life
Ceylinco General
Softlogic Life
AIA Insurance
Union Assurance
Allianz
National Insurance Trust Fund
Table of Contents
Frequently asked questions
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What was the Sri Lanka insurance market gross written premium in 2023?
The gross written premium of the Sri Lanka insurance market was LKR286.7 billion ($776.7 million) in 2023.
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What will the growth rate of the Sri Lanka insurance market be during the forecast period?
The insurance market in Sri Lanka is expected to achieve a CAGR of more than 8% during 2024-2028.
-
Which segment accounted for the highest total insurance industry GWP in 2023?
The life insurance segment accounted for the highest GWP share of the Sri Lanka insurance market in 2023.
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Which are the major companies operating in the Sri Lanka insurance market?
A few of the key companies in the Sri Lanka insurance market are Ceylinco Life, Softlogic Life, Sri Lanka Insurance, AIA Insurance, and Union Assurance, among others.
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