Sri Lanka Archives - InsuranceAsia News https://insuranceasianews.com/country/sri-lanka/ Thu, 18 Dec 2025 03:09:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 Sri Lanka flood claims manageable for insurers, reinsurers to absorb non-motor losses: Fitch https://insuranceasianews.com/sri-lanka-flood-claims-manageable-for-insurers-reinsurers-to-absorb-non-motor-losses-fitch/ Thu, 18 Dec 2025 03:05:08 +0000 https://insuranceasianews.com/?p=207252 National Insurance Trust Fund, as Sri Lanka's sole reinsurer, faces greater exposure amid lack of retrocession cover from recent flooding due to Cyclone Ditwah.

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Insured losses arising from recent flooding due to Cyclone Ditwah are likely to be limited for most rated insurers in Sri Lanka because of low retention levels in the non-motor segment and reinsurance...

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]]> Over half of US$10bn losses from recent Southeast Asian floods attributable to business interruption: Moody’s https://insuranceasianews.com/over-half-of-us10bn-losses-from-recent-southeast-asian-floods-attributable-to-business-interruption-moodys/ Tue, 09 Dec 2025 09:57:53 +0000 https://insuranceasianews.com/?p=206424 Modelling specialist noted that some atmospheric indicators suggest that parts of Southeast Asia are already experiencing La Niña-like conditions.

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More than 50% of the estimated over US$10 billion losses from the recent devastating flooding across Thailand, Malaysia, and Indonesia were attributed to business interruption, according to a report b...

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The post Over half of US$10bn losses from recent Southeast Asian floods attributable to business interruption: Moody’s appeared first on InsuranceAsia News.

]]> Storms batter Southeast, South Asia, inflicting over US$20bn in economic losses: Aon https://insuranceasianews.com/storms-batter-southeast-south-asia-inflicting-over-us20bn-in-economic-losses-aon/ Fri, 05 Dec 2025 08:34:06 +0000 https://insuranceasianews.com/?p=206185 Thailand estimates Cyclone Senyar to be among its costliest, while Indonesia is reporting billions of dollars in damages and Cyclone Ditwah in Sri Lanka is projected to be the country's deadliest since 1978.

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Tropical Storm Senyar, which followed a rare track through the Strait of Malacca, has triggered and contributed to widespread flooding in Thailand and Indonesia, with combined economic losses estimate...

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The post Storms batter Southeast, South Asia, inflicting over US$20bn in economic losses: Aon appeared first on InsuranceAsia News.

]]> Marine insurance rates may rise following Sri Lanka’s US$1bn plastic spill ruling: report https://insuranceasianews.com/marine-insurance-rates-may-rise-following-sri-lankas-us1bn-plastic-spill-ruling-report/ Tue, 14 Oct 2025 09:32:45 +0000 https://insuranceasianews.com/?p=201919 A cargo ship owned by Singapore’s X-Press Feeders, insured by London P&I Club, spilt tens of billions of petrochemical pellets and burnt plastic, oil and chemicals into the ocean off Colombo in 2021.

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Insurers could raise the premiums of cover for cargo ships operating in jurisdictions that do not agree to limit shipowners’ liability for plastic spills, according to a report by the Financial Times....

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]]> Policybazaar for Business expands to UAE, Qatar, Oman, Sri Lanka https://insuranceasianews.com/policybazaar-for-business-expands-to-uae-qatar-oman-sri-lanka/ Tue, 02 Sep 2025 02:01:41 +0000 https://insuranceasianews.com/?p=198888 Indian reinsurance broker, which offer fac and treaty placements spanning property, marine, liability, cyber and climate-linked risks, seeks to build a pan-Asian and Middle Eastern reinsurance presence, as first reported by IAN.

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Policybazaar for Business, the (re)insurance broking business of Indian insurtech Policybazaar, launches operations in the United Arab Emirates, Qatar, Oman and Sri Lanka, according to a company annou...

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]]> Sri Lankan insurers to improve underwriting profitability amid key shifts: Fitch https://insuranceasianews.com/sri-lankan-insurers-to-improve-underwriting-profitability-amid-key-shifts-fitch/ Wed, 08 Jan 2025 05:03:20 +0000 https://insuranceasianews.com/?p=172970 Insurers are looking to enhance practices and shift focus to more profitable non-motor segments, global rating agency says.

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Sri Lanka’s non-life insurers could improve their underwriting profitability as they start to refine underwriting practices and focus on expanding non-motor segments in a more profitable manner, Fitch...

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]]> 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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