Sri Lanka - insurance industry posts 54.6% GWP growth over five years
GWP for the first quarter up 10.6% year-on-year to $0.3b.
Sri Lanka’s insurance plan enterprise is predicted to hold regular boom after displaying resilience thru current monetary challenges.game-khelo.com
The sector’s gross written top rate (GWP) rose 54.6% over 5 years, attaining $1.1b (LKR322b) in 2024 from $0.7b (LKR208b) in 2020.
Growth endured into 2025, with GWP for the first quarter (Q1 2025) up 10.6% yr on 12 months to $0.3b (LKR92.2b).
Life insurance plan drove the increase, rising 21.4% to $0.2b (LKR51.1b), while regular insurance plan recorded a mild dip of 0.4% to $0.1b (LKR41.2b).
Total enterprise property additionally expanded, mountaineering to $4.2b (LKR1.27t) in Q1 2025, a 14.2% upward push from the preceding year.
Life insurance plan belongings grew 15.7% to $3.2b (LKR954.7b), even as established insurance plan belongings rose 9.6% to $1.0b (LKR300.5b).
Claims incurred expanded 13.3% yr on yr to $0.1b (LKR32.1b) in Q1 2025, with existence claims up 20.1% and normal insurance plan claims barely decrease at 1.3% under final year.
Profitability softened in early 2025.
Industry earnings earlier than tax fell in contrast to Q1 2024, with existence insurance plan earnings down 22.6% to $0.02b (LKR5.0b).
General insurance plan income inched up 1.8% to $0.02b (LKR5.6b).
Meanwhile, brokers multiplied their role, with GWP generated via intermediaries up 79.3% between 2020 and 2024, achieving $0.2b (LKR49.9b).
With lifestyles insurance plan persevering with to pressure growth, rising assets, and brokers deepening market penetration, the outlook suggests the quarter will stay a key section of Sri Lanka’s monetary recovery, although profitability pressures may additionally persist in the close to term.
($1.00 = LKR302.42)
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