The insurance market is pursuing its growth

The market for Sri Lankan insurance has reported an 11% growth of gross premiums at 89 billion LKR (701 million USD) in 2012. Non-life business accounts for about 58% of premium income, with a 14% growth over the same period. Life insurance, which accounts for 42% of the market, posted a 7% increase of gross premiums at 37 billion LKR (291 million USD). Generally, the progress of the insurance industry is satisfactory even though the growth reported in 2011 was more robust (17%). By the end of 2012, 22 insurers were certified by the authorities.