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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Sri Lankan non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Sri Lanka's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Sri Lanka non-life (P&C) market as well as trends by line of business. Axco analysts also report on Sri Lanka's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Sri Lanka's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Sri Lanka, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Sri Lanka, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Sri Lanka with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Non-life premiums, including PA and healthcare, for 2020 were LKR 105.28bn (USD 566.89mn), a reduction of 2.24% compared to 2019. This is largely attributable to the negative effects of the COVID-19 pandemic on the economy, with the dominant motor class experiencing a near 4% drop, although PA/healthcare rose by 8.8%. Another factor in the premium contraction in 2020 was the withdrawal of the National Natural Disaster Insurance Scheme, which had accounted for a ....
This is a brief extract of information; more updated information may be available in the latest published report.
