Motor Leading General Insurance Market in Sri Lanka

In Sri Lanka, motor insurance is the leading sector among the general insurance industry in the country and accounts for more than half of the total general insurance premiums. In 2011, motor insurance premiums grew by around 30% compared to the previous year. The country has introduced several laws that mandate owners of motor vehicles to buy insurance cover in respect of third party bodily injury. The number of cars, which were covered under the compulsory insurance, has increased during the past few years.

According to a latest research report by RNCOS, “Sri Lankan Insurance Industry Analysis”, the Insurance Industry in Sri Lanka is dominated by general insurance segment with 23% growth in its gross written premium in 2011, compared to the previous year. Based on our analysis and the response from the market, the industry is expected to grow at a significant rate in the coming years with GWP) growing at a CAGR of around 21% during 2012-2015. Our report also entails detailed analysis of industry segments including long term and general insurance along with their forecast.

Besides, Sri Lanka has become an emerging market for the sale of insurance products through Internet and mobile phones. As per our research, consumers in the nation are increasingly moving towards direct purchasing methods, owing to growing internet penetration and smartphones sales in the country. The report also says that, attracted by this thriving market, many international insurance companies are trying to enter the Sri Lanka Insurance Industry.

Our report, “Sri Lankan Insurance Industry Analysis”, covers all the key aspects that depict the complete picture of the insurance industry of Sri Lanka. It offers an in-depth analysis of market performance of insurance by segments covering the long-term insurance and general insurance market. It also drills into general insurance segments including Fire, Marine, Motor & Miscellaneous insurance along with their future forecast. In addition to that, the report also covers the market performance by insurance companies.

Our research also provides the study of reinsurance market of Sri Lanka coupled with its segment-wise growth. To provide better insight of market, it studies the existing distribution channel of insurance industry in the country which includes Broker, Agents and Bancassurance. In addition, it describes the potential growth areas of Sri Lankan insurance industry such as rising opportunities in the field of Takaful & Health insurance, etc.

For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM461.htm

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