SRI-LANKA LIFE & NON-LIFE INSURANCE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Sri Lanka Life & Non-Life Insurance Market Analysis:

The insurance market in Sri Lanka, both life and non-life, has been facing significant challenges for an extended period of time due to its lack of customization compared to other products. The insurance options available are relatively standardized, and customers often purchase coverage infrequently, sometimes indirectly through an agent or broker. For many customers, insurance is not considered a worthwhile investment, as they are reluctant to spend their money on it, but recognize its importance.

The COVID-19 pandemic has had a severe impact on the Sri Lankan insurance market, resulting in a significant decrease in cash flows and premiums. However, this crisis has also presented insurers with a unique opportunity to reassess and innovate their offerings as they adapt and respond to the situation. Some insurers have already begun exploring the development of products that would provide coverage in the event of pandemics or epidemics. Additionally, there has been an increased demand for usage-based insurance (UBI) products, where premiums are based on the extent of a particular activity.

Many individuals have experienced significant stress and anxiety due to sudden and severe income disruptions, leading them to question their insurance holdings. Finally, the digital landscape presents insurers with opportunities beyond customer and broker interactions at the point of sale. The COVID-19 pandemic has highlighted the need for insurers to streamline, improve, and digitize their operations and claims functions. Insurers are recognizing the importance of linking customer experience, digital strategy, transformation approach, and operational improvement.

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