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Ceylinco
Insurance consolidates No 1 status
Company
says its General Insurance commands 37% market share
Ceylinco
Insurance, the undisputed leader in the Sri Lankan Insurance Industry,
came out on top yet again, when the Annual Report of the Insurance
Board of Sri Lanka was released recently. According to the IBSL
Annual Report, Ceylinco Insurance now commands a staggering 36.87%
market share in General Insurance (Non Life), while, with regard
to Life Insurance, their market share stands at an equally impressive
33.4%.
The report went on to indicate that in General Insurance, Ceylinco
has increased its’ market share from 35.9% in 2005, to 36.9%
in 2006. Similarly, the Life Insurance portfolio of Ceylinco has
increased its’ share of the market from 32.4% in 2005 to 33.4%
in 2006.
Meanwhile, overall, as a composite Insurance Company, Ceylinco Insurance
commands a market share of 35.4%, while the second placed player
– Sri Lanka Insurance Corporation’s ( SLIC) market share
stands at 24.5%. Further, the General Insurance market share of
SLIC stood at 25.6% in 2006, from 29.8% in 2005; a significant decline,
while Janashakthi Insurance also recorded a decline, with 11.9%
in 2006, from 12.7% in 2005. Furthermore, in Life Insurance too,
the market share of SLIC slipped, registering 22.7% in 2006, from
24.3% in 2005.
The IBSL Annual Report went on further to report that the overall
Insurance Industry in Sri Lanka had grown by 15.61%, a significant
decline when compared with the previous year’s 25.9% growth,
adding that the Insurance Industry recorded an overall, gross turnover
of Rs.43,035 million (43 billion) for 2006, of which General Insurance
accounted for the major share, with Rs.25,931 million (60%), whilst
Life Insurance accounted for 40%, with Rs.17,104 million (17.1 billion).
With regard to General Insurance, out of a total of fifteen insurance
companies, the top five players had accounted for 89% of the total
gross written premium.
The IBSL Annual Report added that the contribution of the Insurance
Sector to the Gross Domestic Product (GDP), stood at 1.54% in 2006,
which ranked Sri Lanka in the 70th position, with regard to global
rankings.
Taiwan ranks highest in Asia, with an insurance contribution to
GDP of 14.5%, while the average for Asia is 6.6%, with the world
average at 7.5%.
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