Insurance

Major changes are on the horizon in the Sri Lankan insurance industry, with much of the groundwork laid for future growth in recent years. A government focus on regulatory improvements, the modernisation of processes, consolidation and further investment in human resources point to continued opportunities for expansion in the sector. While the performance of the life insurance segment has been bumpy, the sector as a whole continues to thrive. Double-digit growth is expected for both general and life insurance in the short term as many lines of business expand in a market known for its low penetration rates. Campaigns to promote insurance and build awareness of the benefits of coverage have been rolled out, contributing to the sector’s improved performance. This chapter contains an interview with R Renganathan, Chairman, Ceylinco Life Insurance.