Insurance industry achieves growth in 2011
The Insurance Board of Sri Lanka (IBSL), as the prudential regulator
of the insurance industry, provides guidance and direction to the Sri
Lankan insurance industry. The insurance industry achieved significant
growth during 2011 when compared with the year 2010.
There were twenty two Insurance Companies (Insurers) registered with
IBSL at the end of year 2011, of which 21 insurance companies are in
operation Ceylinco Takaful Ltd. was suspended from year 2009.
Twelve of them are composite companies (dealing in General and
Long-Term Insurance businesses), seven of them are registered to carry
on General Insurance business and three companies are registered to
carry on only Long Term (Life) Insurance business.
The overall Gross Written Premium (GWP) Income for Long Term
Insurance and General Insurance businesses was Rs. 78,512 m compared
with the previous year of Rs. 66,253m which reflected a growth of 18.50
The General Insurance Business has demonstrated growth in overall
Gross Written Premium Income during 2011 when compared to the year 2010.
The Long Term Insurance Business also showed a growth in overall
Gross Written Premium Income during 2011 when compared to 2010.
The overall Gross Written Premium Income of General Insurance
Business amounted to Rs. 43,331m, reflecting a growth rate of 23.45
percent while the overall Gross Written Premium Income of Long Term
Insurance Business amounted to Rs. 35,181m during the past year,
reflecting a growth rate of 12.93 percent.
The Total Assets of the insurance companies have increased to Rs.
265,419m at the end of 2011. Total Assets valued at the end of year 2010
were Rs. 221,888m.