Sri Lanka Insurance Q1 2019
At around 0.5% of GDP and less than USD30 per capita in both cases, Sri Lanka's life and non-life insurance markets areunderdeveloped in terms of both penetration and density. Despite a number of well-established domestic insurance providers inoperation, companies have struggled to expand their coverage due to the traditionally limited user base. This is the result of lowhouseholds incomes and a lack of awareness at the consumer level. Growing prosperity is driving affordability and has led togrowing competition in recent years, not least due to increased involvement from overseas providers such as Allianz. Thecompany's recent acquisition of the general non-life business of a well-known local provider illustrates the long-term growthpotential of this market, particularly in immature segments such as life and health insurance.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook