Insurance
From The Report: Sri Lanka 2019
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Major changes are on the horizon in the Sri Lankan insurance industry, with much of the groundwork laid for future growth in recent years. A government focus on regulatory improvements, the modernisation of processes, consolidation and further investment in human resources point to continued opportunities for expansion in the sector. While the performance of the life insurance segment has been bumpy, the sector as a whole continues to thrive. Double-digit growth is expected for both general and life insurance in the short term as many lines of business expand in a market known for its low penetration rates. Campaigns to promote insurance and build awareness of the benefits of coverage have been rolled out, contributing to the sector’s improved performance. This chapter contains an interview with R Renganathan, Chairman, Ceylinco Life Insurance.

Articles from this Chapter

Overview

Cover story: Regulatory reforms and emphasis on awareness foster an environment conducive to growth
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Major changes are on the horizon in the Sri Lankan insurance industry, with much of the groundwork laid for future growth in recent years. A government focus on regulatory improvements, the modernisation of processes, market consolidation and further investment in human resources point to continued opportunities for expansion in the sector. While the performance of the life insurance segment has been bumpy, the sector as a whole continues to thrive. Double-digit growth is expected for both…

Interview

Product design: R Renganathan, Chairman, Ceylinco Life Insurance, on increasing penetration rates, maintaining affordability and listing on the Colombo Stock Exchange (CSE)
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Interview:R Renganathan What actionable steps are required for Sri Lanka to improve its overall insurance penetration rate, which hovers around 1%? R RENGANATHAN: At the end of 2017 the insurance penetration in Sri Lanka as a percentage of GDP stood at 1.24%. Of this, long-term insurance accounted for 0.54%, while the contribution from general insurance was 0.70%. The number of long-term policies in force as a percentage of the population at the end of 2017 increased to 14.31%, up slightly…