Sri Lanka Life & Non-Life Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.87 Billion |
| Market Size (2029) | USD 1.09 Billion |
| CAGR (2024 - 2029) | 4.53 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sri Lanka Life & Non-Life Insurance Market Analysis
The Sri Lanka Life & Non-Life Insurance Market size in terms of gross written premiums value is expected to grow from USD 0.87 billion in 2024 to USD 1.09 billion by 2029, at a CAGR of 4.53% during the forecast period (2024-2029).
The life and non-life insurance market of Sri Lanka has been growing steadily over the past few years, with several new players entering the market and offering innovative products to meet the changing needs of consumers. The industry is largely dominated by life insurance, although there has been a recent increase in demand for general insurance products such as motor and health insurance.
One of the key challenges facing the insurance industry in Sri Lanka is a low level of awareness among consumers about the benefits of insurance and the various products available. This has resulted in a relatively low penetration rate for insurance products in the country, with many people still relying on traditional forms of savings and investment.
Despite these challenges, the industry is poised for growth, driven by rising incomes, urbanization, and the increasing importance of the middle class. The government has also been supportive of the industry, with a number of initiatives aimed at increasing access to insurance and improving the regulatory framework.
Sri Lanka Life & Non-Life Insurance Market Trends
Rising Digital Personalization in Life and Non-Life Insurance at Sri Lanka
More individualized and targeted products could be created through a more symbiotic relationship on data exchange between customers and insurers. Insurers can better unbundle products, breaking them down into different risk components and only pricing individuals or businesses for the relevant components. The customer gets a more personalized cover, and the insurer will be able to price it more accurately. Turning toward the broker community, the lack of digital enablement has become more apparent during the COVID-19 situation.
Rising Per-Capita GDP Witnessing Growth in Life & Non-Life Insurance Market of Sri Lanka
A strong positive correlation exists between the life insurance GWPs (gross written premiums) and real GDP (gross domestic product) growth as the rising per capita income drives life insurance penetration. The pandemic-induced demand for more life protection will receive further impetus from the envisaged growth in the Sri Lankan economy, which is poised to grow from the current year. Further, the rising incidence of non-communicable diseases and related deaths, which currently account for 83% of total deaths in Sri Lanka, is also expected to provide further momentum for people to sign up for health and life coverage.
Sri Lanka Life & Non-Life Insurance Industry Overview
The Sri Lankan life and non-life insurance market is competitive and led by a few strong players, offering a handsome number of competitive insurance companies dominating the market, grabbing the market more powerfully by innovations and partnerships. The Sri Lankan life and non-life insurance market is one of the growing and low-in-demand markets. People prefer the insured lifestyle and innovative platforms for which Sri Lankan life and non-life insurance are getting efficient at a growing pace. The major players in the Sri Lankan life and non-life insurance market are Sri Lanka Insurance, Allianz, Ceylinko, Continental Insurance Lanka, and MSB National.
Sri Lanka Life & Non-Life Insurance Market Leaders
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Sri Lanka Insurance
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Allianz
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Ceylinko
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Continental Insurance Lanka
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MSB National
*Disclaimer: Major Players sorted in no particular order
Sri Lanka Life & Non-Life Insurance Market News
- March 2023: Sri Lanka Insurance partnered with SLIM Agrisaviya to nurture the agriculture sector. The Certificate in Agri-Business and Entrepreneurship (CABE) program is a first-of-its-kind qualification available in Sri Lanka to transform farmers into “Agriprenuers.”
- January 2022: Ceylinco General Insurance launched ‘Drive Thru Claims.’ Customers who do not opt to obtain claims using the on-the-spot facility will be notified via SMS of the pending items and the documents required. Once the papers are handed over at the Dive Thru Centre, the customer will receive the cheque or cash within a few minutes.
Sri Lanka Life & Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Investments by Insurance Companies in Sri Lanka
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4.3 Market Drivers
- 4.3.1 Guaranteed Protection Drives The Market
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4.4 Market Restraints
- 4.4.1 Long and Costly Legal Procedures
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4.5 Market Opportunities
- 4.5.1 Technological Innovations In Insurance Market
- 4.6 Consumer Need and Behaviour Analysis- From Insurtech Perspective
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4.7 Porter's Five Forces Analysis
- 4.7.1 Threat of New Entrant
- 4.7.2 Bargaining Power of Buyer/ Consumer
- 4.7.3 Bargaining Power of Suppliers
- 4.7.4 Threat of Substitute Product
- 4.7.5 Intensity of Competitive Rivalry
- 4.8 Government Regulations and Industry Policies
- 4.9 Impact of COVID-19 on the market
5. MARKET OPPORTUNITIES AND FUTURE TRENDS
6. MARKET SEGMENTATION
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6.1 By Type
- 6.1.1 Life Insurances
- 6.1.1.1 Individual
- 6.1.1.2 Group
- 6.1.2 Non-Life Insurances
- 6.1.2.1 Motor
- 6.1.2.2 Home
- 6.1.2.3 Other Non-Life Insurance
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6.2 By Distribution Channel
- 6.2.1 Direct
- 6.2.2 Agency
- 6.2.3 Banks
- 6.2.4 Other Distribution Channels
7. COMPETITIVE LANDSCAPE
- 7.1 Market Concentration Overview
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7.2 Company Profiles
- 7.2.1 Sri Lanka Insurance
- 7.2.2 Allianz Insurance
- 7.2.3 MSBL Insurance
- 7.2.4 Arpiko
- 7.2.5 Ceylinco Insurance
- 7.2.6 AIA Insurance
- 7.2.7 AssetLine
- 7.2.8 Janashakthi Insurance
- 7.2.9 Union Assurance
- 7.2.10 Continental Insurance Lanka*
- *List Not Exhaustive
8. MARKET FUTURE TRENDS
9. DISCLAIMER AND ABOUT US
** Subject To AvailablitySri Lanka Life & Non-Life Insurance Industry Segmentation
Life insurance is a contract between a life insurance company and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to one or more named beneficiaries when the insured person dies in exchange for premiums paid by the policyholder during their lifetime. Non-life insurance plans are traditional insurance plan that only aims to offer comprehensive financial protection to your family in case of your unfortunate demise during the policy tenure. The Sri Lanka life and non-life insurance market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, and other non-life insurances), and distribution channel (direct, agency, banks, and other distribution channels). The report offers market size and forecasts for Sri Lanka's life & non-life insurance market in value (USD) for all the above segments.
| By Type | Life Insurances | Individual |
| Group | ||
| By Type | Non-Life Insurances | Motor |
| Home | ||
| Other Non-Life Insurance | ||
| By Distribution Channel | Direct | |
| Agency | ||
| Banks | ||
| Other Distribution Channels |
Sri Lanka Life & Non-Life Insurance Market Research FAQs
How big is the Sri Lanka Life & Non-Life Insurance Market?
The Sri Lanka Life & Non-Life Insurance Market size is expected to reach USD 0.87 billion in 2024 and grow at a CAGR of 4.53% to reach USD 1.09 billion by 2029.
What is the current Sri Lanka Life & Non-Life Insurance Market size?
In 2024, the Sri Lanka Life & Non-Life Insurance Market size is expected to reach USD 0.87 billion.
Who are the key players in Sri Lanka Life & Non-Life Insurance Market?
Sri Lanka Insurance, Allianz, Ceylinko, Continental Insurance Lanka and MSB National are the major companies operating in the Sri Lanka Life & Non-Life Insurance Market.
What years does this Sri Lanka Life & Non-Life Insurance Market cover, and what was the market size in 2023?
In 2023, the Sri Lanka Life & Non-Life Insurance Market size was estimated at USD 0.83 billion. The report covers the Sri Lanka Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Sri Lanka Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sri Lanka Life & Non-Life Insurance Industry Report
Statistics for the 2024 Sri Lanka Life & Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sri Lanka Life & Non-Life Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
