Insurance

As Sri Lanka’s economy has expanded over the past half decade, its insurance industry has grown apace, in the process becoming a vibrant and competitive market in its own right. Some 29 insurance companies were operating in Sri Lanka as of the beginning of 2016, at which point the sector’s total assets were valued at LKR394.2bn ($2.8bn), according to data from the industry regulator. This figure is up slightly from the same period the previous year, although down from an end-2014 total of LKR406.8bn ($2.9bn). Recent short-term fluctuations aside, over the past five years the industry has grown considerably, with total assets nearly doubling over the 2010-14 period. On the back of a raft of recent regulatory improvements and demand-driven uptake, local players expect to see continued expansion for the foreseeable future.

This chapter contains an interview with Damayanthi Fernando, Director General, Insurance Board of Sri Lanka.