Insurance industry grows 17% in 3Q

The country’s insurance industry has grown by nearly 17% in the third quarter, the regulatory body IBSL revealed yesterday.

It said the insurance industry was able to achieve a growth of 16.97% in terms of overall Gross Written Premium (GWP), at the end of the third quarter of 2016, recording an increase of Rs. 14.82 billion compared to the same period in the year 2015.

The GWP for Long Term Insurance and General Insurance Businesses for the 3Q was Rs. 10215 billion, up compared to Rs. 87.3 billion a year ago. The GWP of Long Term Insurance Business amounted to Rs. 46.54 billion, up by 19.4% while the GWP of General Insurance Business grew by 15% to Rs. 55.6 billion.