Life insurance awareness campaign

The Insurance Association of Sri Lanka (IASL) with the Insurance Board of Sri Lanka (IBSL) has for the second consecutive year declared this month as 'Life Insurance Awareness Month' to increase awareness regarding the value of life insurance.

The life insurance market is highly under-penetrated with total life insurance premium to gross domestic product ratio standing at only 0.48% in 2015 (source: 2015 IBSL Annual Report).

According to statistics, only 35% of Sri Lanka's working population (13% of the total population) enjoy the luxury of life insurance. Hence the main purpose of the life insurance awareness campaign is to increase the level of insurance penetration in the country. Industry leaders hopes the campaign will build on the momentum achieved in the previous year and help promote insurance across all parts of Sri Lanka.

Aggressive campaigns will be conducted island-wide by all insurers promoting the value of life insurance up to 30th September, 2016. The IASL and IBSL have also planned many communication platforms to reach potential customers. These include radio and print as well as digital and social media campaigns.