Sri Lanka Archives - InsuranceAsia News https://insuranceasianews.com/country/sri-lanka/ Thu, 12 Sep 2024 03:44:49 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Continental Insurance Lanka’s good underwriting performance to sustain: Fitch Ratings https://insuranceasianews.com/continental-insurance-lankas-good-underwriting-performance-to-sustain-fitch-ratings/ Thu, 12 Sep 2024 03:44:49 +0000 https://insuranceasianews.com/?p=162617 Fitch has revised its outlook to "positive" from "stable", reflecting the company's underwriting performance, improving market franchise and satisfactory regulatory capital position.

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Sri Lanka-based Continental Insurance Lanka's (CIL) consistently good underwriting performance is expected to continue, despite near-term pressure from higher claims from its newly expanded health seg...

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]]> Sri Lankan People’s Insurance pressured by underwriting profitability: Fitch Ratings https://insuranceasianews.com/sri-lankan-peoples-insurance-expected-to-face-weaker-underwriting-performance-fitch/ Tue, 10 Sep 2024 07:00:56 +0000 https://insuranceasianews.com/?p=162506 The rating agency has affirmed its financial strength rating of “A-” and “stable” outlook, reflecting its favourable regulatory capital position compared to other domestic non-life insurers.

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People's Insurance is likely to face pressure in its underwriting profitability in the medium term due to growing administrative costs from its expansion efforts and Sri Lanka’s new insurance guidelin...

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]]> Sri Lanka’s insurance watchdog outlines reinsurance, risk-based capital reforms https://insuranceasianews.com/sri-lankas-insurance-watchdog-outlines-reinsurance-risk-based-capital-reforms/ Thu, 15 Aug 2024 07:35:21 +0000 https://insuranceasianews.com/?p=160519 The regulator also plans to introduce a legal framework for the sale of micro-insurance products, and issue revised guidelines on reinsurance in an attempt to improve the country's low insurance penetration rate.

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Sri Lanka’s insurance regulator is planning to introduce reforms aimed at strengthening the sector's stability and resilience, as insurance penetration in the country has dropped to 1.1% in 2023 from ...

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]]> Sri Lanka central bank chief expects economic recovery to boost insurance demand: report https://insuranceasianews.com/sri-lanka-central-banker-chief-expects-recovery-to-boost-insurance-demand-report/ Tue, 13 Aug 2024 08:11:50 +0000 https://insuranceasianews.com/?p=160346 With the sector contributing just 0.8% to the country’s GDP and penetration rates hovering below 2% over the past decade, there is much room for further growth, according to governor Nandalal Weerasinghe.

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The Sri Lankan insurance industry would benefit from the country's economic recovery and improved business conditions, its central bank governor Nandalal Weerasinghe said during an industry summit.
Th...

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]]> Allianz Insurance Lanka promotes Prashant Grover to CEO https://insuranceasianews.com/allianz-insurance-lanka-promotes-prashant-grover-to-ceo/ Tue, 27 Feb 2024 04:37:55 +0000 https://insuranceasianews.com/?p=147278 Grover assumed his new role from February 1, taking over from Alan Smee who is leaving the company for personal reasons.

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Prashant Grover has been appointed as chief executive officer and principal officer of Allianz Insurance Lanka. Grover (pictured) will assume the role from Alan Smee, who was the CEO and country manag...

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]]> Sri Lankan insurers’ profitability to worsen by new motor directive: Fitch Ratings https://insuranceasianews.com/sri-lankan-insurers-profitability-to-worsen-from-new-motor-directive-fitch-ratings/ Thu, 01 Feb 2024 09:49:27 +0000 https://insuranceasianews.com/?p=145347 A new directive for insurers to remit 100% strike, riot, civil commotion and terrorism premiums to a state agency will raise COR by 5-10 percentage points.

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A new directive for Sri Lankan non-life insurers to remit 100% of motor insurance strike, riot, civil commotion and terrorism (SRCCT) premiums to state-owned National Insurance Trust Fund Board wo...

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]]> WTW, Axa Climate roll out Asia’s first 4-peril parametric cover https://insuranceasianews.com/wtw-axa-climate-roll-out-asias-first-4-peril-parametric-cover/ Wed, 12 Jul 2023 09:56:12 +0000 https://insuranceasianews.com/?p=129257 The policy offers Sri Lankan shrimp farms protection against earthquake, typhoon, excess rainfall and heat stress.

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Global broker WTW has rolled out Asia’s first four-peril parametric cover provided by Axa Climate to protect Sri Lanka’s shrimp farms against weather risks, according to a company announcement.
The po...

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]]> Sri Lankan insurers’ profits to be hit by inflation, currency devaluation: Fitch https://insuranceasianews.com/sri-lankan-insurers-profits-threatened-by-inflation-currency-devaluation-fitch/ Thu, 08 Jun 2023 08:42:54 +0000 https://insuranceasianews.com/?p=127037 Underwriting profit for P&C insurers to be squeezed by rising motor spare-part costs, while sparse foreign-currency liquidity is hampering firms.

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As Sri Lanka’s state-owned entities’ credit profiles have deteriorated, domestic insurers face further downside risks going forward including to underwriting profits, according to Fitch Ratings.
In a...

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]]> Sri Lanka Insurance to hive off general insurance arm as it readies for sale: report https://insuranceasianews.com/sri-lanka-insurance-to-hive-off-general-insurance-arm-as-it-readies-for-sale-report/ Wed, 03 May 2023 10:07:31 +0000 https://insuranceasianews.com/?p=124102 The state-owned insurer's portfolio includes more than one million general and life policyholders each, with a combined GWP of US$131m.

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State-owned Sri Lanka Insurance could segregate its life and general insurance businesses before a potential sale, a local media report said, quoting information given at a pre-bid meeting of prospect...

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]]> Licence of Sri Lanka’s Co-operative Insurance suspended, Fitch downgrades again https://insuranceasianews.com/licence-of-sri-lankas-co-operative-insurance-suspended-fitch-downgrades-again/ Thu, 27 Apr 2023 07:31:30 +0000 https://insuranceasianews.com/?p=123757 The downgrade to BB from BBB comes after a governance breach saw all new business stopped until May 2.

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The Insurance Regulatory Commission of Sri Lanka has temporarily suspended Co-operative Insurance Company’s (CICPL) licence from carrying out insurance operations, except servicing existing customers,...

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