The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2021

The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2021

Summary

This "The Insurance Industry in Sri Lanka, Key Trends and Opportunities to 2021" report provides detailed analysis of the market trends, drivers and challenges in the Sri Lankan insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Sri Lankan economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together This research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Sri Lankan insurance industry, including -

The Sri Lankan insurance industry's growth prospects by segment and category

A comprehensive overview of the Sri Lankan economy and demographics

Details of the competitive landscape in the Sri Lankan insurance industry

The various distribution channels in the Sri Lankan insurance industry

Details of regulatory policy applicable to the Sri Lankan insurance industry

Analysis of natural hazards in the Sri Lankan insurance industry.

Scope

This report provides a comprehensive analysis of the insurance industry in Sri Lanka

It provides historical values for the Sri Lankan insurance industry for the report’s 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

It offers a detailed analysis of the key segments in the Sri Lankan insurance industry, with market forecasts to 2021.

It covers an exhaustive list of parameters, including written premium and claims.

It analyzes the various distribution channels in Sri Lanka.

It profiles the top insurance companies in Sri Lanka, and outlines the key regulations affecting them.

Reasons to buy

Make strategic business decisions using in-depth historic and forecast market data related to the Sri Lankan insurance industry and each segment and category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Sri Lankan insurance industry.

Assess the competitive dynamics in the Sri Lankan insurance industry.

Identify the growth opportunities and market dynamics in key segments.

Gain insights into key regulations governing the Sri Lankan insurance industry and their impact on companies and the industry's future.

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Active policies

5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Active policies
5.1.3 Penetration
5.1.4 Assets and investments

6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Active policies
6.1.3 Penetration
6.1.4 Loss ratio
6.1.5 Assets and investments
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Active policies
6.2.3 Penetration
6.2.4 Profitability
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Active policies
6.3.3 Penetration
6.3.4 Profitability
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Financial Lines Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.6 Marine, Aviation and Transit Insurance
6.6.1 Gross written premium
6.6.2 Active policies
6.6.3 Penetration
6.6.4 Profitability
6.7 Personal Accident and Health Insurance
6.7.1 Gross written premium by category
6.7.2 Active policies
6.7.3 Penetration
6.7.4 Profitability
6.8 Miscellaneous
6.8.1 Gross written premium
6.8.2 Active policies
6.8.3 Penetration
6.8.4 Profitability

7 Reinsurance Outlook
7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards
9.1 Flooding and Landslides
9.2 Storms
9.3 Droughts
9.4 Exposure

10 Competitive Landscape
10.1 Company Profiles
10.1.1 Sri Lanka Insurance Corporation Ltd - company overview
10.1.2 Ceylinco General Insurance Ltd - company overview
10.1.3 Ceylinco Life Insurance Ltd - company overview
10.1.4 Janasahkthi General Insurance Ltd - company overview
10.1.5 AIA Insurance Lanka PLC - company overview

11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Personal accident and health insurance
11.4.3 Professional indemnity insurance for insurance brokers
11.4.4 Weather based crop insurance for farmers
11.4.5 Oil pollution insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors (IAIS)
11.5.2 Insurance Regulatory Commission of Sri Lanka
11.5.3 Insurance Association of Sri Lanka (IASL)
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Types of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution

12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Motor insurance by category
12.2.8 Liability insurance
12.2.9 Financial lines insurance
12.2.10 Marine, aviation and transit insurance
12.2.11 Marine, aviation and transit insurance by category
12.2.12 Personal accident and health insurance
12.2.13 Personal accident and health insurance by category
12.2.14 Miscellaneous

13 Definitions and Methodology
13.1 Definitions
13.2 Methodology

14 About the Publisher
14.1 Contact Information
14.2 About the Publisher
14.3 Services
14.4 Disclaimer

List of Tables
Table 1: Sri Lankan Insurance Industry - Key Facts, 2016
Table 2: Sri Lankan Insurance Industry - Industry Shares of the Top Insurers, 2016
Table 3: Sri Lankan Government Credit Ratings
Table 4: Sri Lankan Insurance Industry - Gross Written Premium (LKR Billion and US$ Million), 2012-2016
Table 5: Sri Lankan Insurance Industry - Gross Written Premium (LKR Billion and US$ Billion), 2016-2021
Table 6: Sri Lankan Insurance Industry - Density (LKR), 2012-2016
Table 7: Sri Lankan Insurance Industry - Density (LKR), 2016-2021
Table 8: Sri Lankan Insurance Industry - Number of Active Policies (Thousand), 2012-2016
Table 9: Sri Lankan Insurance Industry - Number of Active Policies (Thousand), 2016-2021
Table 10: Sri Lankan Life Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-2016
Table 11: Sri Lankan Life Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-2021
Table 12: Sri Lankan Life Insurance - Number of Active Policies (Thousand), 2012-2016
Table 13: Sri Lankan Life Insurance - Number of Active Policies (Thousand), 2016-2021
Table 14: Sri Lankan Life Insurance - Total Assets (LKR Billion and US$ Billion), 2012-2016
Table 15: Sri Lankan Life Insurance - Total Assets (LKR Billion and US$ Billion), 2016-2021
Table 16: Sri Lankan Life Insurance - Total Investment Income (LKR Billion and US$ Billion), 2012-2016
Table 17: Sri Lankan Life Insurance - Total Investment Income (LKR Billion and US$ Billion), 2016-2021
Table 18: Sri Lankan Life Insurance - Investment Portfolio (LKR Billion), 2012-2016
Table 19: Sri Lankan Life Insurance - Investment Portfolio (LKR Billion), 2016-2021
Table 20: Sri Lankan General Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-2016
Table 21: Sri Lankan General Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-2021
Table 22: Sri Lankan General Insurance - Number of Active Policies (Thousand), 2012-2016
Table 23: Sri Lankan General Insurance - Number of Active Policies (Thousand), 2016-2021
Table 24: Sri Lankan General Insurance - Total Assets (LKR Billion and US$ Billion), 2012-2016
Table 25: Sri Lankan General Insurance - Total Assets (LKR Billion and US$ Billion), 2016-2021
Table 26: Sri Lankan General Insurance - Total Investment Income (LKR Billion and US$ Million), 2012-2016
Table 27: Sri Lankan General Insurance - Total Investment Income (LKR Billion and US$ Million), 2016-2021
Table 28: Sri Lankan General Insurance - Investment Portfolio (LKR Billion), 2012-2016
Table 29: Sri Lankan General Insurance - Investment Portfolio (LKR Billion), 2016-2021
Table 30: Sri Lankan Property Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-2016
Table 31: Sri Lankan Property Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-2021
Table 32: Sri Lankan Property Insurance - Number of Active Policies (Thousand), 2012-2016
Table 33: Sri Lankan Property Insurance - Number of Active Policies (Thousand), 2016-2021
Table 34: Sri Lankan Property Insurance - Loss Ratio (%), 2012-2016
Table 35: Sri Lankan Property Insurance - Loss Ratio (%), 2016-2021
Table 36: Sri Lankan Motor Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-2016
Table 37: Sri Lankan Motor Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-2021
Table 38: Sri Lankan Motor Insurance - Number of Active Policies (Thousand), 2012-2016
Table 39: Sri Lankan Motor Insurance - Number of Active Policies (Thousand), 2016-2021
Table 40: Sri Lankan Motor Insurance - Loss Ratio (%), 2012-2016
Table 41: Sri Lankan Motor Insurance - Loss Ratio (%), 2016-2021
Table 42: Sri Lankan Liability Insurance - Gross Written Premium (LKR Million and US$ Million), 2012-2016
Table 43: Sri Lankan Financial Lines Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-2016
Table 44: Sri Lankan Marine, Aviation and Transit Insurance - Gross Written Premium (LKR Billion and US$ Million), 2012-2016
Table 45: Sri Lankan Marine, Aviation and Transit Insurance - Gross Written Premium (LKR Billion and US$ Million), 2016-2021
Table 46: Sri Lankan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2012-2016
Table 47: Sri Lankan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2016-2021
Table 48: Sri Lankan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016
Table 49: Sri Lankan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021
Table 50: Sri Lankan Personal Accident and Health Insurance by Category -Gross Written Premium (LKR Billion), 2012-2016
Table 51: Sri Lankan Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2012-2016
Table 52: Sri Lankan Personal Accident and Health Insurance - Loss Ratio (%), 2012-2016
Table 53: Sri Lankan Miscellaneous - Gross Written Premium (LKR Billion and US$ Million), 2012-2016
Table 54: Sri Lankan Miscellaneous - Gross Written Premium (LKR Billion and US$ Million), 2016-2021
Table 55: Sri Lankan Miscellaneous - Number of Active Policies (Thousand), 2012-2016
Table 56: Sri Lankan Miscellaneous - Number of Active Policies (Thousand), 2016-2021
Table 57: Sri Lankan Miscellaneous - Loss Ratio (%), 2012-2016
Table 58: Sri Lankan Miscellaneous - Loss Ratio (%), 2016-2021
Table 59: Sri Lankan Reinsurance - Premium Ceded by Insurance Segment (LKR Billion), 2012-2016
Table 60: Sri Lankan Reinsurance - Premium Ceded by Insurance Segment (LKR Billion), 2016-2021
Table 61: Sri Lankan Insurance Industry - Market Share of Leading Insurers (%), 2016
Table 62: Sri Lankan Life Insurance Segment - Market Share of Insurers (%), 2016
Table 63: Sri Lankan General Insurance Segment - Market Share of Insurers (%), 2016
Table 64: Sri Lanka Insurance Corporation Ltd - Key Facts
Table 65: Ceylinco General Insurance Ltd - Key Facts
Table 66: Ceylinco Life Insurance Ltd - Key Facts
Table 67: AIA Insurance Lanka Plc - Key Facts
Table 68: Sri Lanka - Insurance Regulatory Framework Key Features
Table 69: Sri Lanka - Life Insurance Regulatory Framework
Table 70: Sri Lanka - Property Insurance Regulatory Framework
Table 71: Sri Lanka- Motor Insurance Regulatory Framework
Table 72: Sri Lanka - Liability Insurance Regulatory Framework
Table 73: Sri Lanka - Benefits of Mandatory Crop Insurance
Table 74: Sri Lanka - Corporate Tax Rates for the Financial Year 2018
Table 75: Sri Lankan Life Insurance - Policies and Premium, 2012-2016
Table 76: Sri Lankan Life Insurance - Policies and Premium, 2016-2021
Table 77: Sri Lankan Life Insurance - Claims and Expenses, 2012-2016
Table 78: Sri Lankan Life Insurance - Claims and Expenses, 2016-2021
Table 79: Sri Lankan Life Insurance - Assets and Investments, 2012-2016
Table 80: Sri Lankan Life Insurance - Assets and Investments, 2016-2021
Table 81: Sri Lankan General Insurance - Policies and Premium, 2012-2016
Table 82: Sri Lankan General Insurance - Policies and Premium, 2016-2021
Table 83: Sri Lankan General Insurance - Claims and Expenses, 2012-2016
Table 84: Sri Lankan General Insurance - Claims and Expenses, 2016-2021
Table 85: Sri Lankan General Insurance - Assets and Investments, 2012-2016
Table 86: Sri Lankan General Insurance - Assets and Investments, 2016-2021
Table 87: Sri Lankan General Insurance - Property Insurance, 2012-2016
Table 88: Sri Lankan General Insurance - Property Insurance, 2016-2021
Table 89: Sri Lankan General Insurance - Property Insurance by Category, 2012-2016
Table 90: Sri Lankan General Insurance - Property Insurance by Category, 2016-2021
Table 91: Sri Lankan General Insurance - Motor Insurance, 2012-2016
Table 92: Sri Lankan General Insurance - Motor Insurance, 2016-2021
Table 93: Sri Lankan General Insurance - Motor Insurance by Category, 2012-2016
Table 94: Sri Lankan General Insurance - Motor Insurance by Category, 2016-2021
Table 95: Sri Lankan General Insurance - Liability Insurance, 2012-2016
Table 96: Sri Lankan General Insurance - Financial Lines Insurance, 2012-2016
Table 97: Sri Lankan General Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 98: Sri Lankan General Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 99: Sri Lankan General Insurance - Marine Aviation and Transit Insurance by Category, 2012-2016
Table 100: Sri Lankan General Insurance - Marine Aviation and Transit Insurance by Category, 2016-2021
Table 101: Sri Lankan General Insurance - Personal Accident and Health Insurance, 2012-2016
Table 102: Sri Lankan General Insurance - Personal Accident and Health Insurance by Category, 2012-2016
Table 103: Sri Lankan General Insurance - Miscellaneous, 2012-2016
Table 104: Sri Lankan General Insurance - Miscellaneous, 2016-2021
Table 105: Insurance Industry Definitions

List of Figures
Figure 1: Sri Lankan Real GDP (LKR Trillion), 2012-2021
Figure 2: Sri Lankan Exchange Rate (LKR per US$), 2012-2021
Figure 3: Sri Lankan Consumer Price Inflation (%), 2012-2021
Figure 4: Sri Lankan Current Account Balance as Percentage of GDP (%), 2012-2015
Figure 5: Sri Lankan Unemployment Rate, 2012-2021
Figure 6: Sri Lankan Population by Age Group, 2012-2021
Figure 7: Sri Lankan Insurance Industry - Gross Written Premium (LKR Billion), 2012-2021
Figure 8: Sri Lankan Insurance Industry - Density (LKR), 2012-2021
Figure 9: Sri Lankan Insurance Industry - Number of Active Policies (Thousand), 2012-2021
Figure 10: Sri Lankan Life Insurance - Gross Written Premium (LKR Billion), 2012-2021
Figure 11: Sri Lankan Life Insurance - Number of Active Policies (Thousand), 2012-2021
Figure 12: Sri Lankan Life Insurance - Penetration (%), 2012-2016
Figure 13: Sri Lankan Life Insurance - Penetration (%), 2016-2021
Figure 14: Sri Lankan Life Insurance - Total Assets (LKR Billion), 2012-2021
Figure 15: Sri Lankan Life Insurance - Total Investment Income (LKR Billion), 2012-2021
Figure 16: Sri Lankan Life Insurance - Investment Portfolio (LKR Billion), 2012-2021
Figure 17: Sri Lankan Life Insurance - Investment Portfolio Dynamics (LKR Billion), 2012-2021
Figure 18: Sri Lankan General Insurance - Gross Written Premium (LKR Billion), 2012-2021
Figure 19: Sri Lankan General Insurance - Number of Active Policies (Thousand), 2012-2021
Figure 20: Sri Lankan General Insurance - Penetration (%), 2012-2016
Figure 21: Sri Lankan General Insurance - Penetration (%), 2016-2021
Figure 22: Sri Lankan General Insurance - Loss Ratio (%), 2012-2016
Figure 23: Sri Lankan General Insurance - Loss Ratio (%), 2016-2021
Figure 24: Sri Lankan General Insurance - Total Assets (LKR Billion), 2012-2021
Figure 25: Sri Lankan General Insurance - Total Investment Income (LKR Billion), 2012-2021
Figure 26: Sri Lankan General Insurance - Investment Portfolio (LKR Billion), 2012-2021
Figure 27: Sri Lankan General Insurance - Investment Portfolio Dynamics (LKR Billion), 2012-2021
Figure 28: Sri Lankan Property Insurance - Gross Written Premium (LKR Billion), 2012-2021
Figure 29: Sri Lankan Property Insurance - Number of Active Policies (Thousand), 2012-2021
Figure 30: Sri Lankan Property Insurance - Penetration (%), 2012-2016
Figure 31: Sri Lankan Property Insurance - Penetration (%), 2016-2021
Figure 32: Sri Lankan Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (LKR Billion and %), 2012-2021
Figure 33: Sri Lankan Motor Insurance - Gross Written Premium (LKR Billion), 2012-2021
Figure 34: Sri Lankan Motor Insurance - Number of Active Policies (Thousand), 2012-2021
Figure 35: Sri Lankan Motor Insurance - Penetration (%), 2012-2016
Figure 36: Sri Lankan Motor Insurance - Penetration (%), 2016-2021
Figure 37: Sri Lankan Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (LKR Billion and %), 2012-2021
Figure 38: Sri Lankan Liability Insurance - Penetration (%), 2012-2016
Figure 39: Sri Lankan Financial Lines Insurance - Penetration (%), 2012-2016
Figure 40: Sri Lankan Marine, Aviation and Transit Insurance - Gross Written Premium (LKR Billion), 2012-2021
Figure 41: Sri Lankan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2012-2021
Figure 42: Sri Lankan Marine, Aviation and Transit Insurance - Penetration (%), 2012-2016
Figure 43: Sri Lankan Marine, Aviation and Transit Insurance - Penetration (%), 2016-2021
Figure 44: Sri Lankan Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (LKR Billion and %), 2012-2021
Figure 45: Sri Lankan Personal Accident and Health Insurance by Category - Gross Written Premium (LKR Billion), 2012-2021
Figure 46: Sri Lankan Personal Accident and Health Insurance - Penetration (%), 2012-2016
Figure 47: Sri Lankan Miscellaneous - Gross Written Premium (LKR Billion), 2012-2021
Figure 48: Sri Lankan Miscellaneous - Number of Active Policies (Thousand), 2012-2021
Figure 49: Sri Lankan Miscellaneous - Penetration (%), 2012-2016
Figure 50: Sri Lankan Miscellaneous - Penetration (%), 2016-2021
Figure 51: Sri Lankan Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (LKR Billion and %), 2012-2021
Figure 52: Sri Lankan Reinsurance - Premium Ceded by Insurance Segment (LKR Billion), 2012-2021
Figure 53: Sri Lankan General Insurance - Percentage of Reinsurance Ceded (%), 2012-2021
Figure 54: Sri Lankan Insurance Industry - Market Shares of Leading Insurers (%), 2016
Figure 55: Sri Lankan Life Insurance Segment - Market Share of Insurers (%), 2016
Figure 56: Sri Lankan General Insurance Segment - Market Share of Insurers (%), 2016
Figure 57: Sri Lanka - Insurance Supervision and Control at Various Levels
Figure 58: Sri Lanka - Insurance Regulatory Frameworks for Company Registration and Operation