12 July 2011

Sri Lanka Insurance Industry Grows by 19.63pct in 2010

11th July 2011, www.island.lk

The country’s insurance industry has grown 19.63 percent in 2010, the highest growth rate since 2006, with aggregate gross written premium income reaching Rs. 68.5 billion from Rs. Rs. 57.2 billion a year ago, the annual report of the industry regulator, the Insurance Board of Sri Lanka, showed.

The gross written premium of life insurance companies grew 31.07 percent to Rs. 31.1 billion while general insurance grew 11.52 percent to Rs. 37.3 billion.

Growth in life insurance gross written premium income was the highest for the past five years. The top five insurance companies out of 14 registered insurers accounted for 88.79 percent of the Rs. 31.1 billion premium income in 2010.

Ceylinco Insurance secured the top position in this category with a gross written premium of Rs. 8.7 billion with a market share of 28.21 percent, the insurance regulator said. The second slot is occupied by Aviva NDB Insurance followed by Sri Lanka Insurance at third position, Union Assurance fourth and Janashakthi fifth with a market share of 5.19 percent and premium income of Rs. 1.6 billion.

In general insurance, the top five insurers account for 78.94 percent of the total premium of Rs. 37.3 billion.

Sri Lanka Insurance leads the pack with a gross written premium of Rs. 9.26 billion with a 24.82 percent market share followed closely by Ceylinco Insurance at Rs. 9.22 billion with a market share of 24.70 percent. In third place is Janashakthi Insurance followed by Union Assurance and Aviva NDB completing the top-five list with a premium income of Rs. 2.84 billion and market share of 7.62 percent.

Related Info :

IBSL Annual Report 2010

Sri Lanka Insurers Invest in Listed Firms Propelled by a Booming Stock Market and Falling Interest Rates on Fixed Income Securities

Sri Lanka's First Shariah Insurance Plan Launched by Amana Takaful

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