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SL general insurance market grows by 21%

Sri Lanka Insurance major player:

Sri Lanka’s general insurance (GI) market has grown by 21%, which is the highest in the recent times. Apart from the growth in % terms, the increase in absolute figures is a staggering Rs 7.8 billion which is a record for the industry since privatization, a report said, Sri Lanka Insurance Corporation is the major player to this growth with a contribution of Rs 2.3 billion (30%) followed by People’s Insurance (PLC) of Rs 1.5 billion 19%. SLIC is the number one in the general insurance market and the closet contender, Ceylinco is trailing by a huge Rs 1.5 billion. Most of the players have lost their market share in 2011 compared to 2010 as a result of stiff competition, including Ceylinco lost their market share from 25% to 22%.

However, SLIC had been able to increase it market share from 25% in 2010 to 26% in 2011. Asian Alliance was able to increase its GI market share upto 1.39 in 2011 as against 1.15 in 2010, while the market share of HNB assurance and Continental assurance increased to 3.80 and 2.70 in 2011 respectively. SLIC is the leading contributor for the motor market growth with Rs 1.6 billion followed by PLC Rs 1.3 billion.

The growth in the motor business has fuelled the industry motor ratio to increase from 65% to 73%. SLIC is at a healthy ratio of 57% when compared to highest motor ratio recorded by PLC 83%. SLIC is the number one in the non-motor market as well and the closet competitor Ceylinco is lagging behind with more than Rs 870 million, SLIC has been the largest contributor for the non motor growth with Rs 730 million followed by Ceylinco’s Rs 427 million.

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