Asset risk at Sri Lankan insurers has increased due to the sovereign's weaker credit profile and the consequent lowering of national ratings of some state-owned and private-sector institutions, says Fitch Ratings in a report published yesterday.
Government-owned Sri Lanka Insurance Corporation (SLIC), a composite insurer, has posted a 30% growth in life insurance premium income to LKR19.2bn ($99m), while its general insurance business reported 7% growth in premium to LKR20.1bn, despite the COVID-19 pandemic.
Union Assurance, a life player in Sri Lanka, is offering free COVID-19 cover to the first 1,000 customers who purchase a protection plan on its newly launched online platform.
Sri Lanka-based People's Insurance's regulatory risk-based capital (RBC) ratio improved notably to 271% in 1H2020, from 248% in 2019, helped by strong profitability induced by low motor claims, notes Fitch Ratings.
Janashakthi Insurance (Janashakthi), a private life insurer in Sri Lanka has launched a COVID-19 specific insurance plan that provides financial stability as well as enhanced life protection and is customisable as per the customers' needs.
Union Assurance, a private life player in Sri Lanka has launched a free COVID-19 cover for its existing and new policyholders.
Sri Lanka Insurance Corporation (SLIC), the national insurer of Sri Lanka has facilitated an array of payment channels during the pandemic to ensure the safety and wellbeing of its customers.
Milliman, a premier global consulting and actuarial firm, has announced that it is beginning operations in Sri Lanka after an agreement to acquire Colombo-based Spark Actuarial came into effect on 2 November.
India has launched first of its kind flash flood guidance services for India and other South Asian countries - Bangladesh, Bhutan, Nepal and Sri Lanka - to issue impact-based forecasting at the watershed and also city level, of floods which are very sudden and of short duration.
As the COVID-19 pandemic rages on, price competition among non-life insurers in Sri Lanka is likely to intensify as a ban on auto imports and an economic downturn hinder premium growth according to a recent analysis from Fitch Ratings.