Country: Sri Lanka Page 1 / 3
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- January 8 2025
Sri Lankan insurers to improve underwriting profitability amid key shifts: Fitch
Insurers are looking to enhance practices and shift focus to more profitable non-motor segments, global rating agency says.
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- September 12 2024
Continental Insurance Lanka’s good underwriting performance to sustain: Fitch Ratings
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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- September 10 2024
Sri Lankan People’s Insurance pressured by underwriting profitability: Fitch Ratings
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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- August 15 2024
Sri Lanka’s insurance watchdog outlines reinsurance, risk-based capital reforms
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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- August 13 2024
Sri Lanka central bank chief expects economic recovery to boost insurance demand: report
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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- February 27 2024
Allianz Insurance Lanka promotes Prashant Grover to CEO
Grover assumed his new role from February 1, taking over from Alan Smee who is leaving the company for personal reasons.
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- February 1 2024
Sri Lankan insurers’ profitability to worsen by new motor directive: Fitch Ratings
A new directive for insurers to remit 100% strike, riot, civil commotion and terrorism premiums to a state agency will raise COR by 5-10 percentage points.
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- July 12 2023
WTW, Axa Climate roll out Asia’s first 4-peril parametric cover
The policy offers Sri Lankan shrimp farms protection against earthquake, typhoon, excess rainfall and heat stress.
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- June 8 2023
Sri Lankan insurers’ profits to be hit by inflation, currency devaluation: Fitch
Underwriting profit for P&C insurers to be squeezed by rising motor spare-part costs, while sparse foreign-currency liquidity is hampering firms.
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- May 3 2023
Sri Lanka Insurance to hive off general insurance arm as it readies for sale: report
The state-owned insurer's portfolio includes more than one million general and life policyholders each, with a combined GWP of US$131m.
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- April 27 2023
Licence of Sri Lanka’s Co-operative Insurance suspended, Fitch downgrades again
The downgrade to BB from BBB comes after a governance breach saw all new business stopped until May 2.
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- January 25 2023
Fitch downgrades Sri Lankan Co-operative Insurance
CICPL's investment and liquidity risks have increased.
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- November 21 2022
Allianz appoints Alan Smee as Sri Lanka CEO
Smee will replace Gany Subramaniam, who moves to Singapore as head of commercial sales
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- November 16 2022
Government proposes Sri Lanka Insurance restructure
The idea is to help improve the firm’s operational performance and efficiency.
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- September 6 2022
Sri Lanka Insurance’s underwriting profits to suffer from inflation: Fitch
The P&C insurer has limited ability to reprice policies due to the economic crisis in the country.
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- April 26 2022
Dangers rise for reinsurers in Sri Lanka: Fitch
Changes to renewals could add to costs and undermine insurers' ability to write new business.
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- April 25 2022
Fitch downgrades Sri Lanka Insurance as crisis bites
The country's financial crisis is slowing down premium growth.
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- February 16 2022
Sri Lankan P&C claims spike 22%
Claims rebounded from a Covid slump in 2020 pushing underwriting profits down.
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- January 25 2022
Sri Lanka Insurance sees GI book grow 5.4% in 2021
The insurer's overall premiums hit US$213.2m, an increase of 9.7% over 2020.
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- January 3 2022
Sri Lanka’s HNB General Insurance picks new CEO: report
Sithumina Jayasundara was previously the COO and is president of the Sri Lanka Insurance Institute.
