www.ft.lk ·
Roadmap targets tripling insurance penetration by 2035 with mandatory cover State backed schemes
The full article is on the original publisher site. This page only shows the headline and a very short excerpt.
AI insight
AI-generatedSri Lanka's insurance industry is pursuing aggressive growth to increase penetration from low levels, supported by regulatory reforms and mandatory coverage. The roadmap aligns with broader economic development goals, leveraging digitalization and data sharing to expand access and efficiency.
Signals our AI researcher identified
Extracted by our AI model from this article and related public sources — not direct quotes from the publisher.
- Insurance penetration in Sri Lanka is just above 1% of GDP, targeting triple by 2035.
- Total premiums reached Rs. 380 billion in 2025, targeting over Rs. 700 billion by 2030.
- Roadmap includes mandatory insurance products, digitalization, and collaboration with Credit Information Bureau.
- Industry manages over Rs. 1.4 trillion in assets and supports over 69,000 jobs.
- Initiatives include digital insurance card and tighter credit practices in motor insurance.
The regulatory roadmap and mandatory insurance initiatives are expected to enhance sentiment for Sri Lankan insurers in the near term. However, potential political opposition and implementation delays could temper immediate gains.
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Sector impact at a glance
- BIST_INSURANCEmid
- BIST_INSURANCEshort