The Property Insurance market in Sri Lanka is experiencing significant growth and development in recent years. Customer preferences in the Sri Lankan Property Insurance market are shifting towards comprehensive coverage that not only protects against natural disasters but also includes coverage for theft and other risks. Customers are increasingly looking for customizable insurance plans that suit their specific needs and provide a sense of security for their properties. Trends in the market indicate a rise in demand for property insurance due to an increase in property ownership and construction activities in Sri Lanka. The growing awareness about the importance of insurance coverage, coupled with regulatory changes promoting insurance penetration, is driving the market growth. Additionally, the rise in disposable income among the middle-class population is fueling the demand for property insurance as people seek to safeguard their valuable assets. Local special circumstances in Sri Lanka, such as the country's vulnerability to natural disasters like floods and landslides, play a significant role in shaping the Property Insurance market. The frequent occurrence of such disasters has made property insurance a necessity rather than a choice for many individuals and businesses in Sri Lanka. This unique risk profile has led to an increased focus on property insurance products that offer comprehensive coverage against natural calamities. Underlying macroeconomic factors, including stable economic growth and increasing urbanization in Sri Lanka, are also contributing to the development of the Property Insurance market. As more people move to urban areas and invest in real estate, the demand for property insurance is expected to continue growing. Furthermore, regulatory reforms aimed at strengthening the insurance sector and increasing transparency are creating a favorable environment for the growth of the Property Insurance market in Sri Lanka.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
