Forty-five companies contribute 25 percent to
Sri Lanka has potential to grow in insurance brokering
There is a huge demand for local Insurance brokers internationally.
Sri Lanka Insurance Brokers’ Association, President Joachim Caspersz
told Daily News, Business that there is a big demand for Insurance
Broker Companies in the international market. The share of business held
by the Insurance Brokers in Canada is 80 percent whereas in UK the total
insurance business is operated through Broker Companies.
He said that Sri Lanka has the potential to grow in insurance
brokering in the industry further.
Forty-five Insurance Brokering Companies operate in Sri Lanka and
contribute 25 percent to the insurance industry.
Many insurance brokers find it difficult to sustain in the industry
since there is a regulatory requirement to be fulfilled as there is a
lack of new business. For the past two years 10 new companies including
medium and small scale have joined the Insurance Broker industry.
Several large-scale companies joined the industry.
Life insurance and general insurance are the two segments of the
insurance industry and insurance brokers contribute the service to the
latter. The industry has not been able to improve the sales policies
among individuals effectively and the premium growth rate declined.
There is intense competition since there is a lack of new business, he
Sri Lanka Insurance Brokers Association, Vice President Sanjiv
Keerthiratne said that a few companies had withdrawn from the industry
during the past two years and a growth can be expected with the post war