Strong insurance growth in 2010

Sri Lankan insurance has reported a 20% jump of gross premiums in 2010 at 623 million USD. Life insurance accounts for 45% of the market with 280.35 million USD while non-life insurance accounts for 55% at 342.65 million USD. Life business has increased by 31% in one year, that is, three times more than non-life insurance which progressed by 11%. The market penetration rate is 10.9% in 2010 versus 10.4% in 2009.