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The Sri Lankan insurance market

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Magazine Issue: 
Progress must go on [3]
Magazine date: 
Jun 2007
Crédit photo: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Insurance Board of Sri Lanka
  • Premiums (2005): 364 227 006 USD
  • Insurance density (2005): 18.51 USD
  • Penetration rate (2005): 1.6%

Market structure in 2005

  • Life company: 1
  • Non life company: 1
  • Composite companies: 13
  • Brokers: 52

Identity

  • Area: 65 610 Km2
  • Population (2006): 20 926 000 inhabitants
  • GDP (2006): 27.4 billion USD
  • GDP per capita (2006): 4 600 USD
  • GDP growth rate (2006): 6.3%
  • Inflation rate (2006): 12.1%
  • Main economic sectors: tourism, textile industry, agriculture (tea, rubber, coconut, rice)

Major cities

(in number of inhabitants)
  • Colombo (commercial capital): 690 000
  • Kandy: 161 400
  • Sri Jayewardenepura Kotte (capital): 115 900
 

Turnover evolution: 2000-2005

in millions USD
Written premiums2000200120022003200420052004/05
growth rate
Non life
104.1100.5119.9140.3162.6219.329.1%
Life
75.580.489.8110.1119.5144.9
Total
179.6180.9209.7250.4282.1364.2

Premiums split by class of business: 2000-2005

in millions USD
Classes of business200020012002200320042005
Fire
24 29125 11025 61228 26528 43940 513
Marine
10 1778 6889 7539 92611 19613 288
Motor
42 63940 50746 53464 56879 880108 637
Other risks
26 51426 21338 09037 63543 13256 838
Life
75 55280 42489 810110 093119 503144 951
Total
179 173 180 942 209 799 250 487 282 150 364 227

Premiums split by class of business in 2005

Life premiums split by company: 2000-2005

in thousands USD
Companies200020012002200320042005
Sri Lanka Insurance Corporation Ltd
27 31427 11728 84633 59931 80535 250
National Insurance Corporation Ltd
2 1681 9771 8461 6331 2991 208
Ceylinco Insurance Company Ltd
17 25722 45024 40931 56237 81746 904
Union insurance Ltd
8 4827 8389 66311 37011 54614 252
Eagle Insurance Company Ltd
16 75317 35018 90122 50823 86727 715
Janashakthi Insurance Company Ltd
3 3903 0473 5484 3175 0846 763
Co-operative Insurance Company Ltd
108125253457492605
Asian Alliance Insurance Company Ltd
834921 6892 8474 0215 652
Hayleys AIG Insurance COmpany Ltd
-248914918484
HNB Assurance Ltd
--3651 0831 9653 465
Amana Takaful Ltd
--201414579844
Life Insurance Corporation (Lanka) Ltd
---1387842 002
Seemasahitha Sanasa Rakshana Samagama
---450183
Prudential Assurance Lanka Ltd
-----20
Total
75 555 80 420 89 810 110 081 119 493 144 947

Non life premiums split by company: 2000-2005

in thousands USD
Companies200020012002200320042005
Sri Lanka Insurance Corporation Ltd
46 35142 51050 92450 47850 62665 368
National Insurance Corporation Ltd
7 0195 9003 7002 64238319
Ceylinco Insurance Company Ltd
20 45920 33826 97138 60153 27578 602
Union insurance Ltd
12 30312 15612 60913 12212 43816 837
Eagle Insurance Company Ltd
8 2917 8399 41211 12710 10011 848
Janashakthi Insurance Company Ltd
6 4827 7089 80614 59823 32927 904
Co-operative Insurance Company Ltd
7146508841 6711 5051 765
Asian Alliance Insurance Company Ltd
1 9992 6262 9542 8122 9633 465
Hayleys AIG Insurance COmpany Ltd
4816611 1331 9353 0383 881
HNB Assurance Ltd
-1261 2642 5243 2334 598
Amana Takaful Ltd
--3288801 7523 751
Seemasahitha Sanasa Rakshana Samagama
-----391
Allianz Insurance Company Lanka Ltd
-----737
Prudential Assurance Lanka Ltd
-----105
Total
104 099 100 514 119 985 140 394 162 642 219 271

Non life market share by company in 2005



Exchange rate
USD/LKR as at 31/12
2000
2001
2002
2003
2004
2005
82.75
93.18
96.67
96.40
104.75
102.20
Wed, 15/05/2013 - 17:37

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