Kathmandu. Despite the political turmoil, Sri Lanka’s insurance business has grown by 54.6 percent in the last five years.
Despite the unexpected political turmoil in August and July 2022, the Sri Lankan government has been able to achieve significant growth in the growth of the insurance sector as a result of financial stability.
According to Insurance Asia, the total written premiums of Sri Lanka’s insurance companies increased by 54.6% to $1.1 billion in five years. In 2020, it was worth $700 million.
The growth rate continues in 2025. Total written insurance revenue for the first quarter of 2025 increased at an annual rate of 10.6% to $300 million.
According to the Sri Lankan regulator, the life insurance industry has also achieved a significant growth rate. In the first quarter, trade increased by 21.4 percent to $200 million. The non-life insurer’s growth rate is 0.4 percent, while the insurance premium income is $ 100 million.
In the first quarter, the total assets of the insurance sector increased by 14.2 percent compared to the previous year. Of this, life insurers increased by 15.7 percent to $3.2 billion and non-life insurers by 9.6 percent to $1 billion.
Just as Prime Minister KP Sharma Oli was ousted from the post of Prime Minister of the Nepali Congress-UML coalition government on the strength of the GenG movement in Nepal, President Gotabaya Rajapaksa had to flee the country after the anti-corruption movement intensified in Sri Lanka and protesters started occupying the presidential palace. Rajapaksa, who comes from a military background, served as the country’s president from 2019 to July 2022.
