Insurance industry recording impressive growth

Sanjeevi JAYASURIYA

The insurance industry is recording impressive growth and is expected to continue the growth momentum.

The country’s insurance industry has achieved good progress and the interest from the potential customers is encouraging. There is new business growth and strong performance is expected this year, Insurance Association Sri Lanka President Ramal G. Jasinghe told Daily News Business.

“The industry is ready to take the challenges of the regulatory framework.

The future augurs well and the industry is set to grow. We have a world class insurance industry, he said.

The insurance companies are required to operate general and life insurance activities separately in four years time. This will ensure the industry will move forward with focus and function according to the best international practices.

“There will be more emphasis on product design through this practice. However, there are pros and cons and we need to consider the positive aspects and to work out challenges, he said. This change is supportive in building the market. The local insurance industry is looking forward to micro insurance where the poorer segment of society will benefit. This social security cover has tremendous scope for growth. The insurance industry is looking inward to capture this market. The insurance companies comply with the regulations and will be falling in line with international standards. The industry is preparing for this transformation at present, Jasinghe said.