Sri Lanka insurance sector seen recovering more rapidly than expected

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Beira Lake in Colombo. The insurance industry is recovering much more quickly than expected from the impact of the COVID-19 pandemic - worldfinance.com
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COLOMBO – The insurance industry is recovering much more quickly than expected from the impact of the COVID-19 pandemic, Amana Takaful Life CEO, Gehan Rajapakse, said  at an event last week, ahead of the September 1 National Insurance Day in Sri Lanka.

Despite the doldrums faced by the global economy, the insurance industry in Sri Lanka reported a recovery faster than expected in June and July this year.

“We did not expect a turnaround so quickly which could be attributed to the need for protection and risk mitigation from health hazards,” Rajapakse said.

He added that the insurance sector is still in the early stages in its life cycle and is expected to record an increase in penetration from the current level of around 1.3% to around 2% in the next five years, according to a local media report..

“We are confident the current penetration level in life and general insurance will grow to a satisfactory level in the coming years as people have realized the importance of insurance with the outbreak of the global pandemic that has wreaked havoc on economies across the globe increasing risk to life,” Rajapakse said.

Industry experts say that National Insurance Day since its inaugural year in 2017 has helped raise awareness of insurance as a means of protection and risk mitigation. However, the question of how the industry could increase insurance penetration has been a recurrent issue. The lack of adequate cover due to income level and affordability of insurance has created an insurance gap which the industry will need to bridge with more convenient and innovative products that will suit the earning capacity of customers.

“The industry will come up with new strategies to increase penetration among the low income segment with new distribution models,” Rajapakse said.

-Asian Insurance Review

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