These are changing times for Sri Lanka’s insurance sector. Major regulatory moves over the last two years have seen much strengthening and consolidation, with these processes set to continue in the year ahead. Profitability remains high, particularly in the life insurance segment, while in the non-life segment a fiercely competitive environment is driving companies to find ways to differentiate through more innovative and distinctive products and campaigns. Meanwhile, many eyes are focused on Sri Lanka’s macroeconomic conditions. Areas such as medical and health, real estate and project insurance are all tipped to be future growth areas, as the country’s economy cranks up and the middle class expands.
This chapter contains an interview with Hemaka Amarasuriya, Chairman, Sri Lanka Insurance.