Market Size of Sri Lanka Life & Non-Life Insurance Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.87 Billion |
| Market Size (2029) | USD 1.09 Billion |
| CAGR (2024 - 2029) | 4.53 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sri Lanka Life & Non-Life Insurance Market Analysis
The Sri Lanka Life & Non-Life Insurance Market size in terms of gross written premiums value is expected to grow from USD 0.87 billion in 2024 to USD 1.09 billion by 2029, at a CAGR of 4.53% during the forecast period (2024-2029).
The life and non-life insurance market of Sri Lanka has been growing steadily over the past few years, with several new players entering the market and offering innovative products to meet the changing needs of consumers. The industry is largely dominated by life insurance, although there has been a recent increase in demand for general insurance products such as motor and health insurance.
One of the key challenges facing the insurance industry in Sri Lanka is a low level of awareness among consumers about the benefits of insurance and the various products available. This has resulted in a relatively low penetration rate for insurance products in the country, with many people still relying on traditional forms of savings and investment.
Despite these challenges, the industry is poised for growth, driven by rising incomes, urbanization, and the increasing importance of the middle class. The government has also been supportive of the industry, with a number of initiatives aimed at increasing access to insurance and improving the regulatory framework.
