Insurance Industry records 9.9% growth in GWP

November 25, 2024

political Current Affairs

Insurance Industry records 9.9% growth in GWP

January 17, 2019

Sri Lanka Insurance industry was able to achieve a growth of 9.96% in terms of overall Gross Written Premium (GWP), during the third Quarter of 2018,recording an increase of Rs. 11,757 million when compared to the same period in the year 2017. The GWP for Long Term Insurance and General Insurance Businesses for the period ending September 30, 2018 was Rs. 129,773 million compared with the same period in 2017 amounting to Rs. 118,016 million posting a growth of 9.96% (Q3, 2017: 15.53%).

The GWP of Long Term Insurance Business amounted to Rs. 58,150 million (Q3, 2017:Rs. 51,893 million) recording a growth of 12.06% (Q3, 2017: 11.50%). The GWP of General Insurance Business amounted to Rs. 71,622 million (Q3, 2017: Rs. 66,123million) recording a growth of 8.32% (Q3, 2017: 18.89%).
The value of total assets of insurance companies has increased to Rs. 588,746million as at 30th September2018, when compared to Rs. 548,361millionrecorded as at end of 30th September 2017, reflecting a growth of 7.36% (Q3, 2017: 10.14%). The assets of Long Term Insurance mounted to Rs. 417,347 million (Q3, 2017:Rs. 387,461 million) indicating a growth rate of 7.71% year-on-year.
However, the growth of assets of long term insurance business has significantly dropped compared to 13.27% growth recorded during3rd quarter of 2017. The assets of General Insurance Business amounted to Rs. 171,400 million (Q3, 2017: Rs. 160,900 million) depicting a growth rate of 6.53%(Q3, 2017: 3.28%) at the end of 3rd quarter 2018. Accordingly, the growth of assets of general insurance business has shown a significant increase compared to the same period of 2017.