Shirajiv Sirimane (shirajivs@gmail.com)
Insurance Board of Sri Lanka (IBSL) estimates that value of Lift insurance polices is likely to increase to Rs.50 billion by end of 2015. This was at Rs. 43 billion in 2014.
IBSL Director General Damayanthi Fernando speaking at the Life Insurance Month launch from September 1 to 30 organized by Insurance Association of Sri Lanka (IASL) said 92% of these are being channelled by insurance advisers. “We have also seen a sharp 11% increase of them and we estimate that currently there are over 43,000 insurance advisers.” The life insurance market is highly under-penetrated with the total life insurance premium to Gross Domestic Product ratio standing at only 0.46% in 2014. According to statistics 12.6% Sri Lankan’s are protected with life insurance. Among the working class this is at 29.6%.
“With the ever-changing socio-economic landscape and shifting demographics in our country, we encourage the industry to pursue such forward-thinking programmes which will educate and create a greater awareness about Life insurance among the general public.”
IASL President Dirk Pereira said that Life Insurance Month launch from September 1 to 30 is a joint initiative by all Insurance companies to woo more policy holders. “This is a significant initiative which brings together all life insurance companies to address a national need. The campaign will also address issues which will have a long term positive impact not only for the industry, but for the country as a whole.”
He said that they are targeting around 75, 000 new policy holders from this initiative.
IASL Marketing and Sales Forum Chairman Samitha Hemachandra said the coming together of life insurance advisors from all companies for the common cause of improving awareness in the market regarding the value of life insurance is a noteworthy development for the industry.
www.dailynews.lk
Insurance Board of Sri Lanka (IBSL) estimates that value of Lift insurance polices is likely to increase to Rs.50 billion by end of 2015. This was at Rs. 43 billion in 2014.
IBSL Director General Damayanthi Fernando speaking at the Life Insurance Month launch from September 1 to 30 organized by Insurance Association of Sri Lanka (IASL) said 92% of these are being channelled by insurance advisers. “We have also seen a sharp 11% increase of them and we estimate that currently there are over 43,000 insurance advisers.” The life insurance market is highly under-penetrated with the total life insurance premium to Gross Domestic Product ratio standing at only 0.46% in 2014. According to statistics 12.6% Sri Lankan’s are protected with life insurance. Among the working class this is at 29.6%.
“With the ever-changing socio-economic landscape and shifting demographics in our country, we encourage the industry to pursue such forward-thinking programmes which will educate and create a greater awareness about Life insurance among the general public.”
IASL President Dirk Pereira said that Life Insurance Month launch from September 1 to 30 is a joint initiative by all Insurance companies to woo more policy holders. “This is a significant initiative which brings together all life insurance companies to address a national need. The campaign will also address issues which will have a long term positive impact not only for the industry, but for the country as a whole.”
He said that they are targeting around 75, 000 new policy holders from this initiative.
IASL Marketing and Sales Forum Chairman Samitha Hemachandra said the coming together of life insurance advisors from all companies for the common cause of improving awareness in the market regarding the value of life insurance is a noteworthy development for the industry.
www.dailynews.lk
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