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The consolidated premium income from Sri Lanka's long term insurance business and general insurance business has grown by 20.3 percent to Rs. 20.2 billion, up from Rs. 16.6 billion a year ago, according to the Annual Report 2002 of the Insurance Board of Sri Lanka.

The major contribution of Rs. 11,599 million or 57.2 percent of the premium income was generated from the general insurance business and the balance premium income Rs. 8,682 million came from the long term insurance business which shows a higher growth in premium in general insurance business than the long term insurance business, the report said.

A total premium income of Rs. 8,682 million ( 2001: Rs. 7494 million) for the year showed a lower growth rate of 15.99 percent in respect of long term insurance business when compared with the growth rate of 19.9 percent for the previous year.

Sri Lanka Insurance Corporation Ltd.(SLICL) with a premium income of Rs. 2789 million accounted for Rs. 32.12 percent (2001: 33.72 million) of the market share and is continuing to be the leader, though it is gradually losing its market share and takes the lead among the private insurance companies, closely followed by Eagle Insurance Company with a market share of 21.5 percent (2001: 21.57 percent) based on the premium income of Rs. 1,827 million (2001: Rs. 1,617 million). The other eight insurers account for 19.65 percent of the market share along with the premium income of Rs. 1,706 million.

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Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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