The Non-life insurance market in Sri Lanka has been experiencing significant growth and development in recent years. Customer preferences in the non-life insurance market in Sri Lanka are shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection. Customers are increasingly seeking policies that offer a wider range of coverage, including property, motor, and health insurance, to safeguard themselves against various risks and uncertainties. Trends in the market indicate a rise in demand for innovative insurance products tailored to the specific needs of customers in Sri Lanka. Insurers are adapting their offerings to cater to evolving customer requirements, such as introducing new add-on covers, flexible payment options, and digital insurance solutions. This trend is driven by increasing competition in the market, prompting insurers to differentiate themselves through unique product offerings and enhanced customer experiences. Local special circumstances in Sri Lanka, such as the country's vulnerability to natural disasters like floods and landslides, have played a significant role in shaping the non-life insurance market. The frequency of such events has heightened awareness among individuals and businesses about the importance of having adequate insurance coverage to mitigate financial losses. As a result, there is a growing emphasis on property and disaster insurance products in the market. Underlying macroeconomic factors, including steady economic growth, rising disposable incomes, and increasing urbanization, have also contributed to the development of the non-life insurance market in Sri Lanka. As the country's economy continues to expand, there is a greater need for insurance products to protect assets and investments, driving the overall growth of the non-life insurance sector. Overall, the non-life insurance market in Sri Lanka is witnessing a transformation driven by changing customer preferences, market trends, local circumstances, and macroeconomic factors. Insurers are responding to these dynamics by innovating their product offerings and expanding their market presence to capitalize on the growing demand for insurance protection in the country.
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.
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