Sri Lanka’s insurance industry grew by 23.38 % in term of premium income for general and long term insurance business in the first half of 2011, according to the Insurance Board of Sri Lanka (IBSL).
In a statement, the IBSL said, the overall Gross Written Premium (GWP) Income for General Insurance and Long Term Insurance Businesses was Rs. 38.59 billion, up 23.38% from the same period last year.
The overall Gross Written Premium Income of General Insurance Business amounted to Rs. 21.56 billion (1st Half 2010: Rs. 18.18 billion) while the overall Gross Written Premium Income of Long Term Insurance Business amounted to Rs. 17.04 billion (1st Half 2010: Rs. 13.12 billion) during the 1st six months of 2011.
The total assets of the insurance companies increased to Rs. 241.86 billion at the end of the first six months of 2011 when compared to the total assets valued at Rs. 222.24 billion at the end of year 2010, the IBSL said.
Of the 20 insurers registered with (and regulated by) the IBSL, one company registered to carry on General Insurance Business has been barred from engaging in the insurance business since 5th August 2009, the IBSL said without giving the name.