Research and Markets adds report on Sri Lanka insurance industry

Monday, 20 April 2015 00:07 -     - {{hitsCtrl.values.hits}}

Research and Markets has announced the addition of the ‘The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2018’ report to its offerings. In a release, Research and Markets noted that report includes detailed analysis of the market trends, drivers and challenges in the Sri Lankan insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions during the review period (2009- 2013) and forecast period (2013-2018). The report also analyses detailed information on the competitive landscape in the country. The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and the profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in regulatory structure. Key Highlights -The Sri Lankan insurance industry grew in terms of gross written premium recording a CAGR of 13.2 percent during the review period -According the UN report World Economic Situation and Prospects 2013, Sri Lanka attracted the attention of global investors and recorded the highest GDP growth in South Asia. -The non-life segment posted a review-period CAGR of 11.2%, supported by motor insurance growth -Sri Lankan insurance penetration stood at 1.2% in 2013, compared to the Asian average of 6%. -According to amendments to the Insurance Act, established in February 2011, insurers must be listed on the Colombo Stock Exchange within five years of commencement of operations. -The insurance industry in Sri Lanka is regulated by the Insurance Board of Sri Lanka (IBSL), -There were 22 licensed insurance companies operating in the country as of 30 June 2014. Companies mentioned include Ceylinco Insurance Plc, Sri Lanka Insurance Corp, AIA Insurance Lanka Plc, Janashakthi Insurance Plc, People’s Insurance Ltd. and Union Assurance.