Sri Lanka - Industry sees 5.14% growth in 2014 to US$746 mln
Source: Asia Insurance Review | Aug 2015
Gross written premium (GWP) generated by insurance companies in Sri Lanka for both Long Term and General Insurance business grew by 5.14% in 2014 while total assets increased by 13.81% year on year.
The total GWP income for Long Term Insurance and General Insurance businesses in 2014 was LKR99,872 million (US$746 million) compared to LKR94,987 million in 2013.
Long Term Insurance business recorded premium income of LKR44,610 million or 7.04% growth (2013: LKR41,676 million) while the General Insurance business recorded a premium income of LKR55,262 million or 3.66% growth (2013: LKR53,311 million).
Total assets held by insurance companies amounted to LKR406,827 million as at 31 December 2014 compared to LKR357,465 million recorded as at the end of 2013, reflecting a growth of 13.81%. The assets of Long Term Insurance business amounted to LKR249,850 million (2013: LKR216,275 million), while the assets of General Insurance business amounted to LKR63,834 million (2013: LKR148,410 million) indicating a growth rate of 15.52% and 10.39% respectively