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The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2021

The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2021

Summary

GlobalData’s The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2021 report provides detailed analysis of the market trends, drivers and challenges in the Sri Lankan insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Sri Lankan economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Sri Lankan insurance industry, including -

  • The Sri Lankan insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Sri Lankan economy and demographics
  • Details of the competitive landscape in the Sri Lankan insurance industry
  • The various distribution channels in the Sri Lankan insurance industry
  • Details of regulatory policy applicable to the Sri Lankan insurance industry
  • Analysis of natural hazards in the Sri Lankan insurance industry.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Sri Lanka
  • It provides historical values for the Sri Lankan insurance industry for the report’s 2012-2016 review period, and projected figures for the 2016-2021 forecast period.
  • It offers a detailed analysis of the key segments in the Sri Lankan insurance industry, with market forecasts to 2021.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Sri Lanka.
  • It profiles the top insurance companies in Sri Lanka, and outlines the key regulations affecting them.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Sri Lankan insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Sri Lankan insurance industry.
  • Assess the competitive dynamics in the Sri Lankan insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Sri Lankan insurance industry and their impact on companies and the industry's future.


1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Active policies
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Active policies
5.1.3 Penetration
5.1.4 Assets and investments
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Active policies
6.1.3 Penetration
6.1.4 Loss ratio
6.1.5 Assets and investments
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Active policies
6.2.3 Penetration
6.2.4 Profitability
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Active policies
6.3.3 Penetration
6.3.4 Profitability
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Financial Lines Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.6 Marine, Aviation and Transit Insurance
6.6.1 Gross written premium
6.6.2 Active policies
6.6.3 Penetration
6.6.4 Profitability
6.7 Personal Accident and Health Insurance
6.7.1 Gross written premium by category
6.7.2 Active policies
6.7.3 Penetration
6.7.4 Profitability
6.8 Miscellaneous
6.8.1 Gross written premium
6.8.2 Active policies
6.8.3 Penetration
6.8.4 Profitability
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Flooding and Landslides
9.2 Storms
9.3 Droughts
9.4 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Sri Lanka Insurance Corporation Ltd - company overview
10.1.2 Ceylinco General Insurance Ltd - company overview
10.1.3 Ceylinco Life Insurance Ltd - company overview
10.1.4 Janasahkthi General Insurance Ltd - company overview
10.1.5 AIA Insurance Lanka PLC - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Personal accident and health insurance
11.4.3 Professional indemnity insurance for insurance brokers
11.4.4 Weather based crop insurance for farmers
11.4.5 Oil pollution insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors (IAIS)
11.5.2 Insurance Regulatory Commission of Sri Lanka
11.5.3 Insurance Association of Sri Lanka (IASL)
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Types of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Motor insurance by category
12.2.8 Liability insurance
12.2.9 Financial lines insurance
12.2.10 Marine, aviation and transit insurance
12.2.11 Marine, aviation and transit insurance by category
12.2.12 Personal accident and health insurance
12.2.13 Personal accident and health insurance by category
12.2.14 Miscellaneous
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table 1: Sri Lankan Insurance Industry - Key Facts,
Table 2: Sri Lankan Insurance Industry - Industry Shares of the Top Insurers,
Table 3: Sri Lankan Government Credit Ratings
Table 4: Sri Lankan Insurance Industry - Gross Written Premium (LKR Billion and US$ Million), 2012-
Table 5: Sri Lankan Insurance Industry - Gross Written Premium (LKR Billion and US$ Billion), 2016-
Table 6: Sri Lankan Insurance Industry - Density (LKR), 2012-
Table 7: Sri Lankan Insurance Industry - Density (LKR), 2016-
Table 8: Sri Lankan Insurance Industry - Number of Active Policies (Thousand), 2012-
Table 9: Sri Lankan Insurance Industry - Number of Active Policies (Thousand), 2016-
Table 10: Sri Lankan Life Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-
Table 11: Sri Lankan Life Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-
Table 12: Sri Lankan Life Insurance - Number of Active Policies (Thousand), 2012-
Table 13: Sri Lankan Life Insurance - Number of Active Policies (Thousand), 2016-
Table 14: Sri Lankan Life Insurance - Total Assets (LKR Billion and US$ Billion), 2012-
Table 15: Sri Lankan Life Insurance - Total Assets (LKR Billion and US$ Billion), 2016-
Table 16: Sri Lankan Life Insurance - Total Investment Income (LKR Billion and US$ Billion), 2012-
Table 17: Sri Lankan Life Insurance - Total Investment Income (LKR Billion and US$ Billion), 2016-
Table 18: Sri Lankan Life Insurance - Investment Portfolio (LKR Billion), 2012-
Table 19: Sri Lankan Life Insurance - Investment Portfolio (LKR Billion), 2016-
Table 20: Sri Lankan General Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-
Table 21: Sri Lankan General Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-
Table 22: Sri Lankan General Insurance - Number of Active Policies (Thousand), 2012-
Table 23: Sri Lankan General Insurance - Number of Active Policies (Thousand), 2016-
Table 24: Sri Lankan General Insurance - Total Assets (LKR Billion and US$ Billion), 2012-
Table 25: Sri Lankan General Insurance - Total Assets (LKR Billion and US$ Billion), 2016-
Table 26: Sri Lankan General Insurance - Total Investment Income (LKR Billion and US$ Million), 2012-
Table 27: Sri Lankan General Insurance - Total Investment Income (LKR Billion and US$ Million), 2016-
Table 28: Sri Lankan General Insurance - Investment Portfolio (LKR Billion), 2012-
Table 29: Sri Lankan General Insurance - Investment Portfolio (LKR Billion), 2016-
Table 30: Sri Lankan Property Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-
Table 31: Sri Lankan Property Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-
Table 32: Sri Lankan Property Insurance - Number of Active Policies (Thousand), 2012-
Table 33: Sri Lankan Property Insurance - Number of Active Policies (Thousand), 2016-
Table 34: Sri Lankan Property Insurance - Loss Ratio (%), 2012-
Table 35: Sri Lankan Property Insurance - Loss Ratio (%), 2016-
Table 36: Sri Lankan Motor Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-
Table 37: Sri Lankan Motor Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-
Table 38: Sri Lankan Motor Insurance - Number of Active Policies (Thousand), 2012-
Table 39: Sri Lankan Motor Insurance - Number of Active Policies (Thousand), 2016-
Table 40: Sri Lankan Motor Insurance - Loss Ratio (%), 2012-
Table 41: Sri Lankan Motor Insurance - Loss Ratio (%), 2016-
Table 42: Sri Lankan Liability Insurance - Gross Written Premium (LKR Million and US$ Million), 2012-
Table 43: Sri Lankan Financial Lines Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-
Table 44: Sri Lankan Marine, Aviation and Transit Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-
Table 45: Sri Lankan Marine, Aviation and Transit Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-
Table 46: Sri Lankan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2012-
Table 47: Sri Lankan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2016-
Table 48: Sri Lankan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-
Table 49: Sri Lankan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-
Table 50: Sri Lankan Personal Accident and Health Insurance by Category -Gross Written Premium (LKR Billion), 2012-
Table 51: Sri Lankan Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2012-
Table 52: Sri Lankan Personal Accident and Health Insurance - Loss Ratio (%), 2012-
Table 53: Sri Lankan Miscellaneous - Gross Written Premium (LKR Billion and US$ Million), 2012-
Table 54: Sri Lankan Miscellaneous - Gross Written Premium (LKR Billion and US$ Million), 2016-
Table 55: Sri Lankan Miscellaneous - Number of Active Policies (Thousand), 2012-
Table 56: Sri Lankan Miscellaneous - Number of Active Policies (Thousand), 2016-
Table 57: Sri Lankan Miscellaneous - Loss Ratio (%), 2012-
Table 58: Sri Lankan Miscellaneous - Loss Ratio (%), 2016-
Table 59: Sri Lankan Reinsurance - Premium Ceded by Insurance Segment (LKR Billion), 2012-
Table 60: Sri Lankan Reinsurance - Premium Ceded by Insurance Segment (LKR Billion), 2016-
Table 61: Sri Lankan Insurance Industry - Market Share of Leading Insurers (%),
Table 62: Sri Lankan Life Insurance Segment - Market Share of Insurers (%),
Table 63: Sri Lankan General Insurance Segment - Market Share of Insurers (%),
Table 64: Sri Lanka Insurance Corporation Ltd - Key Facts
Table 65: Ceylinco General Insurance Ltd - Key Facts
Table 66: Ceylinco Life Insurance Ltd - Key Facts
Table 67: AIA Insurance Lanka Plc - Key Facts
Table 68: Sri Lanka - Insurance Regulatory Framework Key Features
Table 69: Sri Lanka - Life Insurance Regulatory Framework
Table 70: Sri Lanka - Property Insurance Regulatory Framework
Table 71: Sri Lanka- Motor Insurance Regulatory Framework
Table 72: Sri Lanka - Liability Insurance Regulatory Framework
Table 73: Sri Lanka - Benefits of Mandatory Crop Insurance
Table 74: Sri Lanka - Corporate Tax Rates for the Financial Year
Table 75: Sri Lankan Life Insurance - Policies and Premium, 2012-
Table 76: Sri Lankan Life Insurance - Policies and Premium, 2016-
Table 77: Sri Lankan Life Insurance - Claims and Expenses, 2012-
Table 78: Sri Lankan Life Insurance - Claims and Expenses, 2016-
Table 79: Sri Lankan Life Insurance - Assets and Investments, 2012-
Table 80: Sri Lankan Life Insurance - Assets and Investments, 2016-
Table 81: Sri Lankan General Insurance - Policies and Premium, 2012-
Table 82: Sri Lankan General Insurance - Policies and Premium, 2016-
Table 83: Sri Lankan General Insurance - Claims and Expenses, 2012-
Table 84: Sri Lankan General Insurance - Claims and Expenses, 2016-
Table 85: Sri Lankan General Insurance - Assets and Investments, 2012-
Table 86: Sri Lankan General Insurance - Assets and Investments, 2016-
Table 87: Sri Lankan General Insurance - Property Insurance, 2012-
Table 88: Sri Lankan General Insurance - Property Insurance, 2016-
Table 89: Sri Lankan General Insurance - Property Insurance by Category, 2012-
Table 90: Sri Lankan General Insurance - Property Insurance by Category, 2016-
Table 91: Sri Lankan General Insurance - Motor Insurance, 2012-
Table 92: Sri Lankan General Insurance - Motor Insurance, 2016-
Table 93: Sri Lankan General Insurance - Motor Insurance by Category, 2012-
Table 94: Sri Lankan General Insurance - Motor Insurance by Category, 2016-
Table 95: Sri Lankan General Insurance - Liability Insurance, 2012-
Table 96: Sri Lankan General Insurance - Financial Lines Insurance, 2012-
Table 97: Sri Lankan General Insurance - Marine, Aviation and Transit Insurance, 2012-
Table 98: Sri Lankan General Insurance - Marine, Aviation and Transit Insurance, 2016-
Table 99: Sri Lankan General Insurance - Marine Aviation and Transit Insurance by Category, 2012-
Table 100: Sri Lankan General Insurance - Marine Aviation and Transit Insurance by Category, 2016-
Table 101: Sri Lankan General Insurance - Personal Accident and Health Insurance, 2012-
Table 102: Sri Lankan General Insurance - Personal Accident and Health Insurance by Category, 2012-
Table 103: Sri Lankan General Insurance - Miscellaneous, 2012-
Table 104: Sri Lankan General Insurance - Miscellaneous, 2016-
Table 105: Insurance Industry Definitions
List of Figures
Figure 1: Sri Lankan Real GDP (LKR Trillion), 2012-
Figure 2: Sri Lankan Exchange Rate (LKR per US$), 2012-
Figure 3: Sri Lankan Consumer Price Inflation (%), 2012-
Figure 4: Sri Lankan Current Account Balance as Percentage of GDP (%), 2012-
Figure 5: Sri Lankan Unemployment Rate, 2012-
Figure 6: Sri Lankan Population by Age Group, 2012-
Figure 7: Sri Lankan Insurance Industry - Gross Written Premium (LKR Billion), 2012-
Figure 8: Sri Lankan Insurance Industry - Density (LKR), 2012-
Figure 9: Sri Lankan Insurance Industry - Number of Active Policies (Thousand), 2012-
Figure 10: Sri Lankan Life Insurance - Gross Written Premium (LKR Billion), 2012-
Figure 11: Sri Lankan Life Insurance - Number of Active Policies (Thousand), 2012-
Figure 12: Sri Lankan Life Insurance - Penetration (%), 2012-
Figure 13: Sri Lankan Life Insurance - Penetration (%), 2016-
Figure 14: Sri Lankan Life Insurance - Total Assets (LKR Billion), 2012-
Figure 15: Sri Lankan Life Insurance - Total Investment Income (LKR Billion), 2012-
Figure 16: Sri Lankan Life Insurance - Investment Portfolio (LKR Billion), 2012-
Figure 17: Sri Lankan Life Insurance - Investment Portfolio Dynamics (LKR Billion), 2012-
Figure 18: Sri Lankan General Insurance - Gross Written Premium (LKR Billion), 2012-
Figure 19: Sri Lankan General Insurance - Number of Active Policies (Thousand), 2012-
Figure 20: Sri Lankan General Insurance - Penetration (%), 2012-
Figure 21: Sri Lankan General Insurance - Penetration (%), 2016-
Figure 22: Sri Lankan General Insurance - Loss Ratio (%), 2012-
Figure 23: Sri Lankan General Insurance - Loss Ratio (%), 2016-
Figure 24: Sri Lankan General Insurance - Total Assets (LKR Billion), 2012-
Figure 25: Sri Lankan General Insurance - Total Investment Income (LKR Billion), 2012-
Figure 26: Sri Lankan General Insurance - Investment Portfolio (LKR Billion), 2012-
Figure 27: Sri Lankan General Insurance - Investment Portfolio Dynamics (LKR Billion), 2012-
Figure 28: Sri Lankan Property Insurance - Gross Written Premium (LKR Billion), 2012-
Figure 29: Sri Lankan Property Insurance - Number of Active Policies (Thousand), 2012-
Figure 30: Sri Lankan Property Insurance - Penetration (%), 2012-
Figure 31: Sri Lankan Property Insurance - Penetration (%), 2016-
Figure 32: Sri Lankan Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (LKR Billion and %), 2012-
Figure 33: Sri Lankan Motor Insurance - Gross Written Premium (LKR Billion), 2012-
Figure 34: Sri Lankan Motor Insurance - Number of Active Policies (Thousand), 2012-
Figure 35: Sri Lankan Motor Insurance - Penetration (%), 2012-
Figure 36: Sri Lankan Motor Insurance - Penetration (%), 2016-
Figure 37: Sri Lankan Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (LKR Billion and %), 2012-
Figure 38: Sri Lankan Liability Insurance - Penetration (%), 2012-
Figure 39: Sri Lankan Financial Lines Insurance - Penetration (%), 2012-
Figure 40: Sri Lankan Marine, Aviation and Transit Insurance - Gross Written Premium (LKR Billion), 2012-
Figure 41: Sri Lankan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2012-
Figure 42: Sri Lankan Marine, Aviation and Transit Insurance - Penetration (%), 2012-
Figure 43: Sri Lankan Marine, Aviation and Transit Insurance - Penetration (%), 2016-
Figure 44: Sri Lankan Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (LKR Billion and %), 2012-
Figure 45: Sri Lankan Personal Accident and Health Insurance by Category - Gross Written Premium (LKR Billion), 2012-
Figure 46: Sri Lankan Personal Accident and Health Insurance - Penetration (%), 2012-
Figure 47: Sri Lankan Miscellaneous - Gross Written Premium (LKR Billion), 2012-
Figure 48: Sri Lankan Miscellaneous - Number of Active Policies (Thousand), 2012-
Figure 49: Sri Lankan Miscellaneous - Penetration (%), 2012-
Figure 50: Sri Lankan Miscellaneous - Penetration (%), 2016-
Figure 51: Sri Lankan Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (LKR Billion and %), 2012-
Figure 52: Sri Lankan Reinsurance - Premium Ceded by Insurance Segment (LKR Billion), 2012-
Figure 53: Sri Lankan General Insurance - Percentage of Reinsurance Ceded (%), 2012-
Figure 54: Sri Lankan Insurance Industry - Market Shares of Leading Insurers (%),
Figure 55: Sri Lankan Life Insurance Segment - Market Share of Insurers (%),
Figure 56: Sri Lankan General Insurance Segment - Market Share of Insurers (%),
Figure 57: Sri Lanka - Insurance Supervision and Control at Various Levels
Figure 58: Sri Lanka - Insurance Regulatory Frameworks for Company Registration and Operation

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