Silver tsunami approaching, making insurance more pronounced
Sri Lanka is experiencing a significant demographic change, with projections indicating that by the next decade, one in four Sri Lankans will be over 60 years old, resulting in a “silver tsunami”.
“This ageing population will naturally lead to higher healthcare utilisation, increased prevalence of chronic illnesses, and greater demand for long -term medical protection,” Iftikar Ahmed, Managing Director of SoftLogic Life Insurance, said. An ageing population leads to higher medical utilisation, greater prevalence of chronic illnesses, and longer treatment cycles. For individuals, this means health insurance should no longer be treated as something to “add later”, but rather as a foundational financial decision made earlier in working life, when premiums are lower and coverage options broader, Mr. Ahmed noted. “Waiting until later years will likely result in higher costs, exclusions, or limited coverage.”
The Sri Lankan insurance and healthcare landscape is entering a period of significant structural change, driven by demographic shifts, regulatory reform, and rising healthcare needs has positioned Softlogic Life as a clear market leader in health insurance, with an estimated 35 per cent share of the health insurance market, placing it in a unique position to shape and respond to these changes at scale, he told the Sunday Times Business. “This leadership brings both responsibility and opportunity, particularly as healthcare costs continue to rise and long-term protection needs become more pronounced.”
He said that it’s important to recognise adjusting to changes in insurance in the coming decade, from nice to have to a core element of household financial security.
As the insurance industry matures and regulatory standards tighten, products will become more technically structured, and outcomes will depend heavily on understanding policy terms, coverage limits, and claims processes. People will need to read policy documentation more carefully, understand exclusions and waiting periods and make better-informed and deliberate choices rather than reactive purchases, Mr. Ahmed said.
With longer life expectancy and rising post-retirement medical needs, insurance and retirement planning can no longer be treated separately. “Health expenses are likely to be one of the largest financial risks in retirement, alongside longevity risk itself. Households should therefore integrate health insurance, protection and retirement savings into a coherent long-term financial plan. This shift becomes even more important as the state’s capacity to absorb healthcare costs remains limited relative to demographic pressures, Mr. Ahmed added.
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