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The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2019

The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2019

Synopsis

Timetric’s 'The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2019' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

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 Timetric’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.

Summary

Timetric’s 'The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2019' 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 Sri Lanka's 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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key segments in the Sri Lankan insurance industry, along with market forecasts until 2019.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • 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.
Key Highlights
  • The non-life segment’s growth was primarily a result of an increase in consumer awareness, government expenditure on infrastructure projects, and rising vehicle sales.
  • Life insurance was the second-largest segment in the Sri Lankan insurance industry in terms of gross written premium.
  • The personal accident and health insurance segment posted a review-period CAGR of 12.4%, supported by rises in outbound travel, the aging population and life expectancy.
  • Health insurance was the largest category in the personal accident and health insurance segment, accounting for 86.1% of its gross written premium in 2014.
  • Growth in the insurance industry and frequent natural disasters forced insurers to share risk with reinsurers.


  • Key Facts and Highlights
    • Table Sri Lankan Insurance Industry - Key Facts
  • Executive Summary
  • Economy and Demographics
    • Table Sri Lankan Government Credit Ratings
  • Life Insurance Segment
    • Table Sri Lankan Life Insurance - Paid Claims (LKR Billion), 2010-2014
    • Table Sri Lankan Life Insurance - Paid Claims (LKR Billion), 2014-2019
    • Table Sri Lankan Life Insurance - Incurred Loss (LKR Billion), 2010-2014
    • Table Sri Lankan Life Insurance - Incurred Loss (LKR Billion), 2014-2019
    • Table Sri Lankan Life Insurance - Sum Assured (LKR Million), 2010-2014
    • Table Sri Lankan Life Insurance - Sum Assured (LKR Million), 2014-2019
    • Table Sri Lankan Life Insurance - Net Written Premiums (Percentage of GWP), 2010-2014
    • Table Sri Lankan Life Insurance - Net Written Premiums (Percentage of GWP), 2014-2019
    • Table Sri Lankan Life Insurance - Total Assets (LKR Billion), 2010-2014
    • Table Sri Lankan Life Insurance - Total Assets (LKR Billion), 2014-2019
    • Table Sri Lankan Life Insurance - Total Investment Income (LKR Billion), 2010-2014
    • Table Sri Lankan Life Insurance - Total Investment Income (LKR Billion), 2014-2019
    • Table Sri Lankan Life Insurance - Net Written Premiums (LKR Billion), 2010-2014
    • Table Sri Lankan Life Insurance - Net Written Premiums (LKR Billion), 2014-2019
  • Non-Life Insurance Segment
    • Table Sri Lankan Registration of Vehicles (2014-2015)
    • Table Sri Lankan Non-Life Insurance - Gross Written Premium by Category (LKR Billion), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Gross Written Premium by Category (LKR Billion), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Direct Written Premium by Category (LKR Billion), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Direct Written Premium by Category (LKR Billion), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Paid Claims (LKR Billion), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Paid Claims (LKR Billion), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Incurred Loss (LKR Billion), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Incurred Loss (LKR Billion), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Loss Ratio (%), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Loss Ratio (%), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Combined Ratio (%), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Combined Ratio (%), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Total Assets (LKR Billion), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Total Assets (LKR Billion), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Total Investment Income (LKR Billion), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Total Investment Income (LKR Billion), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Net Written Premiums (LKR Billion), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Net Written Premiums (LKR Billion), 2014-2019
    • Property Insurance
      • Table Sri Lankan Property Insurance - Gross Written Premium (LKR Billion), 2010-2014
      • Table Sri Lankan Property Insurance - Gross Written Premium (LKR Billion), 2014-2019
    • Motor Insurance
      • Table Sri Lankan Motor Insurance - Gross Written Premium (LKR Billion), 2010-2014
      • Table Sri Lankan Motor Insurance - Gross Written Premium (LKR Billion), 2014-2019
    • Liability Insurance
      • Table Sri Lankan Liability Insurance - Gross Written Premium (LKR Billion), 2010-2014
      • Table Sri Lankan Liability Insurance - Gross Written Premium (LKR Billion), 2014-2019
    • Marine, Aviation and Transit Insurance
      • Table Sri Lankan Marine, Aviation and Transit Insurance - Gross Written Premium (LKR Billion), 2010-2014
      • Table Sri Lankan Marine, Aviation and Transit Insurance - Gross Written Premium (LKR Billion), 2014-2019
  • Personal Accident and Health Insurance Segment
    • Table Sri Lankan Personal Accident and Health Insurance - Gross Written Premium by Category (LKR Billion), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Gross Written Premium by Category (LKR Billion), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Direct Written Premium by Category (LKR Billion), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Direct Written Premium by Category (LKR Billion), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Paid Claims (LKR Billion), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Paid Claims (LKR Billion), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Incurred Loss (LKR Billion), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Incurred Loss (LKR Billion), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Total Assets (LKR Billion), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Total Assets (LKR Billion), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Total Investment Income (LKR Billion), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Total Investment Income (LKR Billion), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Net Written Premiums (LKR Billion), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Net Written Premiums (LKR Billion), 2014-2019
    • Personal Accident Insurance
      • Table Sri Lankan Personal Accident Insurance - Gross Written Premium (LKR Billion), 2010-2014
      • Table Sri Lankan Personal Accident Insurance - Gross Written Premium (LKR Billion), 2014-2019
    • Health Insurance
      • Table Sri Lankan Health Insurance - Gross Written Premium (LKR Billion), 2010-2014
      • Table Sri Lankan Health Insurance - Gross Written Premium (LKR Billion), 2014-2019
    • Travel Insurance
      • Table Sri Lankan Travel Insurance - Gross Written Premium (LKR Million), 2010-2014
      • Table Sri Lankan Travel Insurance - Gross Written Premium (LKR Million), 2014-2019
  • Reinsurance Segment
    • Table Sri Lankan Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (LKR Billion), 2010-2014
    • Table Sri Lankan Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (US$ Billion), 2010-2014
    • Table Sri Lankan Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (LKR Billion), 2014-2019
    • Table Sri Lankan Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
    • Table Sri Lankan Life Insurance - Percentage of Premiums Ceded (Excluding Retrocession), 2010-2014
    • Table Sri Lankan Life Insurance - Percentage of Premiums Ceded (Excluding Retrocession), 2014-2019
    • Table Sri Lankan Non-Life Insurance - Percentage of Premiums Ceded (Excluding Retrocession), 2010-2014
    • Table Sri Lankan Non-Life Insurance - Percentage of Premiums Ceded (Excluding Retrocession), 2014-2019
    • Table Sri Lankan Personal Accident and Health Insurance - Percentage of Premiums Ceded (Excluding Retrocession), 2010-2014
    • Table Sri Lankan Personal Accident and Health Insurance - Percentage of Premiums Ceded (Excluding Retrocession), 2014-2019
  • Natural Hazards
    • Table Sri Lankan Average Annual Loss by Hazard (US$ Million), 1990-2014
    • Floods
    • Storms
    • Droughts
    • Landslides
    • Exposure
  • Distribution Channel Outlook
    • Table Sri Lankan General Insurance Brokering Companies - Market Share, 2014
    • Table Sri Lankan Life Insurance Brokering Companies - Market Share, 2014
  • Competitive Landscape
    • Overview
      • Table Sri Lankan Insurance Industry - Market Share, 2014
      • Table Sri Lankan Life Insurance Segment - Market Share, 2014
      • Table Sri Lankan General Insurance - Market Share, 2014
    • Leading Companies
      • Ceylinco Insurance Plc - company overview
        • Table Ceylinco Insurance Plc - Key Facts
      • Sri Lanka Insurance Corporation - company overview
        • Table Sri Lanka Insurance Corporation - Key Facts
      • Union Assurance - company overview
        • Table Union Assurance - Key Facts
      • AIA Insurance Lanka Plc - company overview
        • Table AIA Insurance Lanka Plc - Key Facts
      • Janashakthi Insurance Plc- company overview
        • Table Janashakthi Insurance Plc - Key Facts
  • Governance, Risk and Compliance
    • Table Sri Lanka - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Sri Lanka - Life Insurance Regulatory Framework
        • Table Sri Lanka - Maximum Commission Payable to an Insurance Agent
      • Property insurance
        • Table Sri Lanka - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Sri Lanka - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Sri Lanka - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Personal Accident and Health Insurance
      • Professional indemnity insurance for insurance brokers
      • Weather-based crop insurance for farmers
        • Table Sri Lanka - Benefits of Mandatory Crop Insurance
      • Oil pollution insurance
        • Table Sri Lanka - Liability Limits of Oil Pollution Insurance
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • Insurance Board of Sri Lanka
      • Insurance Association of Sri Lanka (IASL)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Sri Lanka - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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