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 percent.

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.