Sri Lanka's insurance industry grew 9.5% to LKR175.7bn ($1bn) in gross written premiums in 2018, slowing from a growth rate of 15.7% a year earlier, publicly listed local insurance leader Ceylinco Insurance stated in its annual report.
The general insurance industry, mostly vehicle insurance, grew by 7.9% in 2018 from a year earlier to LKR95.6bn in premiums, reported Economy Next.
Sri Lanka's life insurance industry grew by a faster 11.9% in 2018 to report LKR80.1bn in premiums, but the growth rate dipped sharply from 17% in 2017 to a four-year low.
The annual report said, "The uncertain political climate saw the country plunge into chaos towards the latter part of the year, which adversely impacted the country on many fronts.
"The depreciation of the Sri Lankan rupee further compounded the situation."