Insurance Industry records 9.9% growth in GWP in Q3, 2018 | Daily News

Insurance Industry records 9.9% growth in GWP in Q3, 2018

Total assets
Total assets

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.




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Sri Lanka is a stunning island paradise in the Indian Ocean with white sandy beaches lavish plant, amazing experiences, incredible wildlife, cascading waterfalls and an abundant heritage. The island of Sri Lanka is approximately pear-shaped. In the 19s and 20s centuries, Sri Lanka wound up being a plantation economy, popular for its production and export of cinnamon, rubber and Ceylon tea, which remains a trademark across the country export. By 1996 plantation crops comprised just 20% of export, and even more decreased to 16.8% in 2005 (compared to 93% in 1970), while fabrics and garments have actually reached 63%. Sri Lanka, with earnings per head of $1,350, still drags a few of its next-door neighbors consisting of Maldives and Mauritius however leads its huge next-door neighbor India. Its economy grew by approximately 5% throughout the 1990s throughout the War for Peace period. According to the Sri Lankan reserve bank stats, the economy was approximated to have actually grown by 7% in 2015, although inflation had actually reached 20%.

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