Life insurance sector expanding well

The life insurance sector is expanding commendably when compared to the general insurance sector, Insurance Board of Sri Lanka Chairperson Indrani Sugathadasa said.

Indrani Sugathadasa

The pension insurance scheme which was recently introduced by insurance companies has been identified as one of the main reasons for the life insurance industry to expand.

In addition to that, the general insurance sector will also record a marked growth with the expansion of development activities in the country, she said.

Sugathadasa said the country's total registered insurance companies is 19. Forty one insurance brokering companies are also operating in the country.

In addition to these 19 registered insurance companies, more than 1,000 micro insurance organizations are operating without registering in the Insurance Board of Sri Lanka (IBSL) and they are also engaged in selling insurance products.

She said currently eight applications which have been submitted by insurance brokering companies to obtain licences and most of these applications need to fulfill the main requirements to obtain the required licence.

"There is huge competition among the insurance companies and these companies are taking every possible step to follow every one by introducing various insurance products.

The country's insurance sector is small in registered sense when compared to India as India is operating a large number of insurance companies and it also has a large population," Sugathadasa said. IH